Nemaura Medical Inc., Sign Letter of Intent with Shenzen CAS Health Corp, for Potential JV and Manufacture of Their sugarBEAT® System

LOUGHBOROUGH, England–(BUSINESS WIRE)–Nemaura Medical Inc. (OTC BB: NMRD),(“Nemaura” or the
“Company”), a medical device company developing a minimally
invasive, needle-free, wireless CGM (Continuous Glucose Monitoring)
patch known as sugarBEAT®, today announced that it has signed a letter
of intent (LOI) with a Chinese Corporation, Shenzen CAS Health
Corporation Limited, which is a partially owned subsidiary of the
Chinese Academy of Science.
The letter of intent covers three potential joint venture arrangements
relating specifically to sugarBEAT® including (a) setting up a joint
venture company to distribute in China, (b) setting up a manufacturing
facility in China and (c) obtaining CFDA approval. Nemaura Medical
recognises the size and importance of the Chinese market. As a result,
the Company has prioritized obtaining CFDA regulatory approvals as the
next step in fulfilling a primary objective under the LOI.
Nemaura Medical anticipates a sugarBEAT® product launch in Europe in
2017, where it has previously obtained CE approval. In the US, Nemaura
Medical has had discussions with the FDA and anticipates completing its
clinical program and submitting a PMA application around mid 2017.
SugarBEAT® differs from existing CGM’s given it comprises an adhesive
daily-disposable skin-patch which does not require insertion of a
needle-like sensor inside the skin. SugarBEAT® also provides users with
tremendous flexibility as to when and how often they choose to wear the
patch. Both of these factors are expected to empower users in a way
current CGM’s cannot.
About Nemaura Medical, Inc.
Nemaura Medical is developing the sugarBEAT® System as a
minimally-invasive, needle-free, wireless, continuous glucose monitoring
system for use as an adjunct device for blood glucose monitoring.
Further opportunity may exist for use of the device in intensive care
hospital settings, where continuous glucose monitoring is critical.
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® CGM 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 the sugarBEAT® System, 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 its
sugarBEAT® System. 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.