LOUGHBOROUGH, ENGLAND, Oct. 12, 2022 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on the development and commercialization of portable non-invasive diagnostics and supporting personalized lifestyle coaching programs, today announced that it has received a provisional purchase order from TPMENA, its MENA (Middle East/North Africa) licensee for the Company’s SugarBEAT® system.
TPMENA has issued the provisional purchase order with Nemaura following its regulatory registration submission for sugarBEAT® in the Kingdom of Saudi Arabia (KSA). Registration in Saudi Arabia is expected in the first quarter of 2023. The tentative purchase order is for 17,500 devices and 1.7 million sensors, with 7,500 devices and 700,000 sensors in the first year after launch in Saudi Arabia and 10 000 units and 1 million sensors per second. year. Purchase order is conditional upon 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,” said Nemaura CEO, Dr Faz Chowdhury. “We have worked closely with TPMENA over the past year to prepare all language translations and packaging and look forward to launching our affordable and patient-friendly diabetes monitoring solution in the region.”
Based in Dubai, TPMENA is a full-service distributor that markets premium international brands to the Middle East region and brings significant expertise in logistics, marketing, distribution and sales. Founded in 2011, it has built a reputation as a reliable partner for growing brands in a number of categories. According to the International Diabetes Federation, there were more than 4.1 million people with diabetes in Saudi Arabia alone in 2021, a number that is expected to reach 5.6 million by 2030.
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company that develops and markets portable, non-invasive diagnostic devices. The company currently markets sugarBEAT® and proBEAT™. BEAT sugar®, a CE Mark-approved Class IIb medical device, is a non-invasive and flexible Continuous Glucose Monitor (CGM) providing actionable insights derived from real-time blood glucose measurements and daily blood glucose trend data, which can help people with diabetes and prediabetes better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the US FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service that was launched in the United States as a general wellness product as part of its BEAT® diabetes program which is currently being piloted.
The company sits at the intersection of the global type 2 diabetes market expected to grow to nearly $59 billion by 2025, the prediabetics market of over $50 billion, and the wearable health technology sector. for weight loss and wellness apps which is expected to reach $60 billion by 2023.
For more information, please visit www.NemauraMedical.com.
Caution Regarding Forward-Looking Statements:
Statements in this press release that are not historical facts may constitute forward-looking statements 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. -understood by these statements. These risks and uncertainties include, but are not limited to, the launch of proBEAT™ in the United States, risks related to regulatory status and the failure of future development and preliminary commercialization efforts, by Nemaura ability to enter into additional commercial partnership agreements, the risks and uncertainties associated with Nemaura and the ability of its partners to develop, market and sell proBEAT™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, commercialization and distribution, including plans and strategies related to both proBEAT™ digital health, and BEAT sugar®. There can be no assurance that the Company will be able to reach any or all of CGM’s global markets with its products/services. The United States Food and Drug Administration (the “FDA”) reserves the right to reassess its decision that proBEAT™ is considered a general wellness product if they become aware of issues such as skin irritation or other adverse device-related events, as well as any misuse that impacts the safety of the device. patient, and any other reason that the FDA may deem appropriate in its discretion to determine the product does not meet the definition of a general wellness product. There is no guarantee that Saudi Arabia will approve the registration of sugarBEAT in Saudi Arabia.These and other risks and uncertainties are identified and further described in by Nemaura documents filed with the United States Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the most recent fiscal year, its quarterly reports on Form 10-Q, and his current reports on Form 8-K. Nemaura assumes no obligation to publicly update or revise any forward-looking statements.