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LOUGHBOROUGH, ENGLAND, Oct. 12, 2022 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical know-how firm centered on creating and commercialising noninvasive wearable diagnostic gadgets and supporting personalised way of life teaching applications, as we speak introduced it has obtained a provisional buy order from TPMENA, its MENA (Middle East/North Africa) licensee for the Company’s sugarBEAT® system.
TPMENA issued the provisional buy order with Nemaura following its regulatory registration submission for sugarBEAT® within the Kingdom of Saudi Arabia (KSA). Registration in KSA is anticipated within the first quarter of 2023. The provisional buy order is for 17,500 gadgets, and 1.7 million sensors, with 7,500 gadgets and 700,000 sensors within the first yr following launch in KSA and 10,000 models and 1 million sensors within the second yr. The buy order is contingent on receipt of KSA registration.
“We believe the Middle East, and Saudi Arabia in particular, represents a significant opportunity for Nemaura and its partner TPMENA, given the high rates of Type II diabetes in the region,” stated Nemaura CEO, Dr. Faz Chowdhury. “We have worked closely with TPMENA over the past year to get all language translations and packaging ready and are eager to launch our affordable and patient-friendly monitoring solution for diabetes in the region.”
Based in Dubai, TPMENA is a full-service distributor that markets premium worldwide manufacturers within the Middle East area and brings important experience in logistics, advertising and marketing, distribution, and gross sales. Founded in 2011, it has constructed a fame as a dependable associate in rising manufacturers throughout quite a few classes. According to the International Diabetes Federation there have been over 4.1 million folks with diabetes in Saudi Arabia alone in 2021, a quantity predicted to develop to five.6 Million by 2030.
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical know-how firm creating and commercialising noninvasive wearable diagnostic gadgets. The firm is at the moment commercialising sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark permitted Class IIb medical system, is a noninvasive and versatile steady glucose monitor (CGM) offering actionable insights derived from actual time glucose measurements and every day glucose pattern knowledge, which can assist folks with diabetes and prediabetes to higher handle, reverse, and stop the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines noninvasive glucose knowledge processed utilizing synthetic intelligence and a digital healthcare subscription service that has been launched within the U.S. as a basic wellness product as a part of its BEAT® diabetes program that’s at the moment present process pilot research.
The Company sits on the intersection of the worldwide Type 2 diabetes market that’s anticipated to succeed in practically $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight reduction and wellness functions that’s estimated to succeed in $60 billion by 2023.
For extra data, please go to www.NemauraMedical.com.
Cautionary Statement Regarding Forward-Looking Statements:
The statements on this press launch that aren’t historic details could represent forward-looking statements which are primarily based on present expectations and are topic to dangers and uncertainties that might trigger precise future outcomes to vary materially from these expressed or implied by such statements. Those dangers and uncertainties embody, however aren’t restricted to, the launch of proBEAT™ within the U.S., dangers associated to regulatory standing and the failure of future growth and preliminary advertising and marketing efforts, Nemaura’s capability to safe further industrial partnering preparations, dangers and uncertainties referring to Nemaura and its companions’ capability to develop, market and promote proBEAT™, the supply of considerable further fairness or debt capital to help its analysis, growth and product commercialization actions, and the success of its analysis, growth, regulatory approval, advertising and marketing and distribution plans and methods, together with these plans and methods associated to each proBEAT™ digital well being, and sugarBEAT®. There might be no assurance that the corporate will be capable of attain part of or any of the worldwide marketplace for CGM with its merchandise/providers. The U.S. Food and Drug Administration (the “FDA”) reserves the appropriate to re-evaluate its choice that proBEAT™ qualifies as a basic wellness product ought to it grow to be conscious of any points similar to pores and skin irritation or different opposed occasions from the system, in addition to any misuse impacting affected person security, and another motive because the FDA may even see match at its discretion to find out the product doesn’t match the definition of a basic wellness product. There might be no assurance that the KSA will approve the registration for sugarBEAT in Saudi Arabia.These and different dangers and uncertainties are recognized and described in additional element in Nemaura’s filings with the United States Securities and Exchange Commission, together with, with out limitation, its Annual Report on Form 10-Okay for probably the most not too long ago accomplished fiscal yr, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-Okay. Nemaura undertakes no obligation to publicly replace or revise any forward-looking statements.
Contact:
Jules Abraham
CORE IR
+1 917-885-7378
[email protected]
