Business
Nemaura Medical Inc. Reports Full Year Financial Results
Nemaura Medical Inc. Reports Full Year 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 reported financial results for the full year ended March 31, 2017.\n \n \n Recent Highlights and Accomplishments:\n \n \n \n June 2017 - latest version of the sensor component of sugarBEAT® \n achieved a more than 300% improvement in glucose detection.\n \n \n April 2017 - completion of the development of second-generation \n sugarBEAT®.\n \n \n \n “We are pleased with the progress made over the past year culminating in \n the completion of the development of our second generation wireless \n sugarBEAT® disposable adhesive skin-patch” commented Dr Faz Chowdhury, \n CEO of Nemaura Medical. “We expect to commence our clinical trial \n programme shortly, involving up to 75 patients over 525 days, and are on \n track to launch sugarBEAT® before the end of 2017 in the UK.”\n \n \n Summary of full year 2017 results:\n \n \n R&D expenses were $1,035k and $1,028k for the years ended March 31, 2017 \n and 2016, respectively. This amount consisted primarily of expenditure \n on sub-contractor activities, consultancy fees and wages and \n demonstrated continuing expenditure for improvements made to the \n sugarBEAT device.\n \n \n G&A expenses were $517k and $511k for the years ended March 31, 2017 and \n 2016, respectively.\n \n \n Despite the expenses above being similar year on year, comprehensive \n loss applicable to common shareholders was $2.3m in 2017 compared to \n $1.4m in 2016. This difference is due to the foreign translation \n currency adjustments from the UK operations.\n \n \n As of March 31, 2017, cash and cash equivalents and fixed rate cash \n accounts were $7.1m compared with cash and cash equivalents of $9.4m for \n 2016.\n \n \n There was no revenue recognized in the years ended March 31, 2017 and \n March 31, 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 monitoring \n ...