Business
Nemaura Medical Inc. Reports Second Quarter 2017 Financial Results
Nemaura Medical Inc. Reports Second Quarter 2017 Financial Results.
About this update from Nemaura Medical, Inc.
[{"type":"text","content":"\n \n Nemaura Medical Inc. (OTCQB: NMRD), a medical technology company \n developing sugarBEAT® as a non-invasive, affordable and flexible glucose \n monitoring system for adjunctive use by persons with diabetes, recently \n reported financial results for the second quarter ended September 30, \n 2017.\n \n \n Recent Highlights and Accomplishments:\n \n \n \n G&A expenditure up by 134% over same quarter in 2016\n \n \n Commenced European clinical trials for sugarBEAT®\n \n \n Successfully developed medical grade sugarBEAT® android app for \n diabetes management“\n \n \n \n Dr Faz Chowdhury, Chairman and CEO of Nemaura commented ”the sharp \n increase in G&A expenditure has been driven by ongoing European clinical \n trials for sugarBEAT®, and scaling-up manufacturing activities to \n support our UK commercial launch. We anticipate publishing clinical \n trial data and submitting for CE approval by the end of next month.”\n \n \n Second Quarter 2017/18 results:\n \n \n Research and development expenses were $209,087 and $220,714 for the \n three months ended September 30, 2017 and 2016, respectively. This \n amount consisted primarily of expenditure on sub-contractor activities, \n consultancy fees and wages and demonstrated continuing expenditure for \n improvements made to the sugarBEAT device. The decrease of $11,627 is \n due to decreases in these costs as the sugarBEAT product is nearing \n completion. Sequentially, there was an increase of $59,889 compared to \n the first quarter of the fiscal year.\n \n \n General and administrative expenses were $238,429 and $101,768 for the \n three months ended September 30, 2017 and 2016, respectively. These \n consisted of fees for legal, professional, audit services, charitable \n donations and wages. The increase of $136,661 was due to increases in \n professional fees as sugarBEAT® enters clinical trials and as the \n company prepares for product launch. On a sequential basis, general and \n administrative expenses were lower than in the first quarter by $29,693.\n \n \n At September 30, 2017, the Company’s combined cash and bank fixed \n deposits was $6,683,518.\n \n \n The Company’s comprehensive loss was $233,722 ...