LOUGHBOROUGH, England--(BUSINESS WIRE)--Nemaura Medical Inc. (OTC: NMRD), a medical technology company focused on the development and commercialization of sugarBEAT®, a wireless disposable adhesive skin-patch for adjunctive use by diabetics as a non-invasive and needle-free continuous glucose monitoring (CGM) system, reported financial results for the full year ended March 31, 2017.
Recent Highlights and Accomplishments:
- June 2017 - latest version of the sensor component of sugarBEAT® achieved a more than 300% improvement in glucose detection.
- April 2017 - completion of the development of second-generation sugarBEAT®.
“We are pleased with the progress made over the past year culminating in the completion of the development of our second generation wireless sugarBEAT® disposable adhesive skin-patch” commented Dr Faz Chowdhury, CEO of Nemaura Medical. “We expect to commence our clinical trial programme shortly, involving up to 75 patients over 525 days, and are on track to launch sugarBEAT® before the end of 2017 in the UK.”
Summary of full year 2017 results:
R&D expenses were $1,035k and $1,028k for the years ended March 31, 2017 and 2016, respectively. This amount consisted primarily of expenditure on sub-contractor activities, consultancy fees and wages and demonstrated continuing expenditure for improvements made to the sugarBEAT device.
G&A expenses were $517k and $511k for the years ended March 31, 2017 and 2016, respectively.
Despite the expenses above being similar year on year, comprehensive loss applicable to common shareholders was $2.3m in 2017 compared to $1.4m in 2016. This difference is due to the foreign translation currency adjustments from the UK operations.
As of March 31, 2017, cash and cash equivalents and fixed rate cash accounts were $7.1m compared with cash and cash equivalents of $9.4m for 2016.
There was no revenue recognized in the years ended March 31, 2017 and March 31, 2016.
About Nemaura Medical, Inc.
Nemaura Medical is a medical technology company developing the wireless sugarBEAT® disposable adhesive skin-patch as a non-invasive, needle-free, pain-free and affordable continuous glucose monitoring (CGM) system for adjunctive use by diabetics. For more information, please visit www.nemauramedical.com.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts, and may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Nemaura Medical’s ongoing studies, including the safety and efficacy of Nemaura Medical’s sugarBEAT® CGM system, the failure of future development and preliminary marketing efforts, Nemaura Medical’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura Medical and its partners’ ability to develop, market and sell sugarBEAT®, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to sugarBEAT®. These and other risks and uncertainties are identified and described in more detail in Nemaura Medical’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the current year, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Nemaura Medical undertakes no obligation to publicly update or revise any forward-looking statements.
NEMAURA MEDICAL INC.
CONSOLIDATED BALANCE SHEETS
|As of March 31,||As of March 31,|
|Fixed rate cash account||1,867,950||-|
|Prepaid expenses and other receivables||51,086||148,274|
|Total Current Assets||2,830,395||9,552,239|
|Property and equipment, net||9,161||7,649|
|Intangible assets, net of accumulated amortization||203,800||172,895|
|Long Term Assets:|
|Fixed rate cash account||4,358,550||-|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Liability due to related party||687,609||494,145|
|Other liabilities and accrued expenses||87,232||90,853|
|Total current liabilities||852,371||658,013|
|Commitments and contingencies|
|Common stock, $0.001 par value, 420,000,000 shares authorized and 205,000,000 shares issued and outstanding (205,000,000 at March 31, 2016)||205,000||205,000|
|Additional paid in capital||12,919,672||12,919,672|
|Accumulated other comprehensive income/(loss)||(605,539)||155,460|
|Total stockholders’ equity||5,366,500||7,678,765|
|Total liabilities and stockholders’ equity||7,401,906||9,732,783|
NEMAURA MEDICAL INC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
|Year Ended March 31,|
|Research and development||1,034,605||1,028,224||824,503|
|General and administrative||516,661||511,413||495,337|
|Total operating expenses||1,551,266||1,539,637||1,319,840|
|Loss from operations||(1,551,266)||(1,539,637)||(1,319,840)|
|Other comprehensive income/ (loss)|
|Foreign currency translation adjustment||(760,999)||135,813||28,529|
|Loss per share|
|Basic and diluted||*||*||*|
|Weighted average number of shares outstanding||205,000,000||201,726,027||200,000,000|