Business
Nemaura Medical Inc. Reports First Quarter 2017 Financial Results
Nemaura Medical Inc. Reports First Quarter 2017 Financial Results.
About this update from Nemaura Medical, Inc.
[{"type":"text","content":"\n \n Nemaura Medical Inc. (OTC: NMRD), a medical technology company focused \n on the development and commercialization of sugarBEAT®, a wireless \n disposable adhesive skin-patch for adjunctive use by diabetics as a \n non-invasive and needle-free continuous glucose monitoring (CGM) system, \n yesterday reported financial results for the first quarter ended June \n 30, 2017.\n \n \n Recent Highlights and Accomplishments:\n \n \n • R&D expenditure reduced by 51% and comprehensive losses by 80% over \n same quarter in 2016\n \n \n • Appointed three independent directors to the Board to strengthen \n corporate governance\n \n \n • Signed Distribution Rights Heads of Terms for sugarBEAT® for the GCC \n region which covers six countries in Middle East\n \n \n • Successfully developed rechargeable sugarBEAT® transmitter\n \n \n \"As the sugarBEAT® disposable skin patch, rechargeable transmitter and \n mobile phone app development nears completion, our product development \n related R&D expenditure have halved and losses narrowed sharply for the \n first quarter of 2017 as compared to same period last year, thereby \n maintaining our well capitalised financial position as we progress \n towards final clinical development and anticipated UK launch later this \n year,” commented Dr Faz Chowdhury, CEO of Nemaura Medical.\n \n \n First Quarter 2017 results:\n \n \n Research and development expenses fell to $149,198 over the quarter \n ending June 2017, a decrease of 51% from $306,081 for the same quarter \n in 2016. This decrease of $156,883 is due to sugarBEAT® product \n development nearing completion.\n \n \n General and administrative expenses increased to $268,122 for the \n quarter ending June 2017, compared to $188,102 for same quarter in 2016.\n \n \n At June 30, 2017, the Company’s combined cash and bank fixed deposits \n was $7,111,493.\n \n \n The Company's comprehensive loss fell to $205,032 for the three months \n ended June 30, 2017, a decrease of 80% from $1,024,198 for the same \n quarter in 2016.\n \n \n About Nemaura Medical, Inc.\n \n \n Nemaura Medical is a medical technology company developing the wireless \n sugarBEAT® disposable adhesive skin-patch as a non-invasive, \n needle-free, pain-free and affordable continuous glucose monito...