Nemaura Medical Announces Exclusive License and Supply Agreement for SugarBEAT® in the GCC Region
Loughborough, England , March 12, 2019 (GLOBE NEWSWIRE) -- Loughborough, England – March 12, 2019 – Nemaura Medical, Inc. (NASDAQ: NMRD), a medical technology company focused on the development of SugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) for use by diabetics and pre-diabetics, today announced that it has signed an exclusive license and supply agreement for SugarBEAT® with TPMENA in the Gulf Cooperation Council (GCC) Region, which includes Bahrain, Kuwait, Saudi Arabia, Oman and United Arab Emirates. See http://www.tpmena.com/
TPMENA is a distributor of medical devices in the GCC Region, backed by Cigalah group. See https://naghi-group.com/ . TPMENA is headquartered in Saudi Arabia, which markets and sells many of the leading brands of medicines and medical devices. The GCC Region has more than 35 million diabetics, with data from the International Diabetes Federation showing prevalence of the disease has reached 23.9% of the adult population in Saudi Arabia and 23.1% in Kuwait, which is more than twice the global average of 8.3%.
Dr. Faz Chowdhury, CEO of Nemaura Medical, commented, “The GCC Region is a key market for SugarBEAT® because the prevalence of diabetes is one of the highest in the world. We are delighted to be involved with TPMENA, which brings an extensive network and proven track record. Over the past year, we have established a strong relationship with senior management of TPMENA and have full confidence that TPMENA is an exceptional partner for SugarBEAT®. Prior to entering into the agreement, TPMENA conducted extensive market research, with very positive feedback from both consumers and key opinion leaders. We look forward to accelerating the registration processes required for an aggressive GCC commercial launch of SugarBEAT® upon receipt of CE Mark approval.”
About Nemaura Medical, Inc.:
Nemaura Medical, Inc. (NASDAQ: NMRD), is a medical technology company developing SugarBEAT® as a non-invasive, affordable and flexible Continuous Glucose Monitor (CGM) designed to help people with diabetes and pre-diabetics better manage their glucose levels by spending more time in range. Insulin users can adjunctively use SugarBEAT® when calibrated by a finger stick reading. SugarBEAT® consists of a daily, disposable adhesive skin-patch connected to a small form factor rechargeable transmitter, connected via Bluetooth to a specially designed mobile application, which displays glucose readings at five-minute intervals throughout the day.
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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’s ongoing studies, including the safety and efficacy of Nemaura’s SugarBEAT® system, the failure of future development and preliminary marketing efforts, Nemaura’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura 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’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 undertakes no obligation to publicly update or revise any forward-looking statements.
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