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Nemaura Medical Reports Financial Results and Provides Business Update for the Fiscal Year Ended March 31, 2022

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Loughborough, England, June 30, 2022 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing a daily disposable, wearable glucose sensor and supporting personalized lifestyle coaching programs, today provides a business update and releases its financial results for the fiscal year ended March 31, 2022.

Corporate Highlights for FY2022:

  • Commenced shipments of sugarBEAT® continuous glucose monitor (CGM) devices to its UK licensee, MySugarWatch Limited (“MSWL”), previously DB Ethitronix Limited. MSWL commenced mass educational and awareness campaigns to physicians in the UK via a leading professional publication and direct to consumer via national papers with daily circulation exceeding 1.2 million
  • Recognized $503,906 in revenue for the fiscal year ending March 31, 2022
  • Signed a global commercial contract with MySugarWatch DuoPack Limited. Under terms of the deal, the Nemaura’s CGMs and sensors will be provided as Duo-Packs with prescription-only medicines that are widely prescribed for people with Type 2 diabetes. The initial Duo-Pack presentation will be launched as the first of these medicines loses its patent protection in the UK in the calendar fourth quarter of 2022. Over 2 million prescriptions are written for these medicines in the top 3 EU countries (by GDP) alone, representing a significant opportunity
  • Launched beta trials of a metabolic health program using a body-worn glucose sensor along with an AI mobile application, intended for employers and insurers as well as direct to consumer, as a form of wellness and preventative medicine platform
  • Tiger Partners Trading LLC, an investment advisor to Julian Robertson’s Tiger Management family office, acquired a 3.1% equity stake in the Company in February 2022
  • Appointed Dr. Arash Ghadar as Chief Operating Officer. Dr. Ghadar has taken the lead in supporting the commercial supply of product to our current and future licensees and global distributors
  • Completed two FDA audits in relation to the Company’s previous PMA submission and is continuing the dialogue with the FDA in relation to the PMA submission

“On the heels of successfully commercializing sugarBEAT® in fiscal 2022 and recognizing our first revenue from our UK licensee MySugarWatch Limited, our primary goal in fiscal 2023 is to expand our revenue by supporting the launch effort of MySugarWatch Limited in the UK. We expect additional purchase orders to support the UK launch, as well as the anticipated Duo-Pack launch later in calendar 2022. MySugarWatch Limited has already begun mass advertising through education and awareness campaigns to healthcare professionals and direct to consumers through the national press,” commented Dr. Faz Chowdhury, CEO of Nemaura.

“Furthermore, we are exploring additional new channels in other territories with our technology platform. We have also started to engage with large scale manufacturers to enable us to meet the strong worldwide diabetic monitoring demand, and any appreciable scale we can build in our business should be meaningful to shareholder value. We look forward to updating investors with additional corporate highlights as they unfold,” concluded Dr. Chowdhury.

FY2022 Financial Summary:

  • The fiscal year ended March 31, 2022 marked a pivotal milestone for the Company, as it commenced deliveries of sugarBEAT® to MSWL pursuant to the initial order placed in April 2021
  • Research and development expenses were consistent with the prior year at approximately $1.5 million. The Company’s historically more significant research and development expenses relating to clinical trials and improvements made to the sugarBEAT® device began to flatten out over the 2022 fiscal year
  • General and administrative expenses were $6,173,049 and $3,032,138 for the fiscal years ended March 31, 2022 and 2021, respectively. These expenses consisted of fees for legal, professional, consultancy, audit services, investor relations, insurance, advertising, and general and operational wages. The year-over-year increase in expenses were driven predominantly by increased wages, as the Company has increased headcount to support the operational scale-up process across both its UK and U.S. teams

About Nemaura Medical, Inc.

Nemaura Medical, Inc. is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently commercializing sugarBEAT® and proBEAT. sugarBEAT®, 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 glucose measurements and daily glucose trend data, which may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEATcombines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT®diabetes program that is currently undergoing pilot studies.

Additionally, Nemaura has launched a beta trial of Miboko, a metabolic health and well-being program using a non-invasive glucose sensor along with an AI mobile application that helps a user understand how certain foods and lifestyle habits can impact one’s overall metabolic health and well-being. Nemaura believes that up to half the population could benefit from a sensor and program that monitors metabolic health and well-being.

The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023.

For more information, please visit www.NemauraMedical.com.

Cautionary Statement Regarding Forward-Looking Statements:

The statements in this press release that are not historical facts 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, the launch of proBEAT in the U.S., risks related to regulatory status and the failure of future development and preliminary marketing efforts, Nemaura Medical’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Nemaura Medical and its partners’ ability 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, marketing and distribution plans and strategies, including those plans and strategies related to both proBEAT digital health, and sugarBEAT®. There can be no assurance that the company will be able to reach a part of or any of the global market for CGM with its products/services. The U.S. Food and Drug Administration (the “FDA”) reserves the right to re-evaluate its decision that proBEAT qualifies as a general wellness product should it become aware of any issues such as skin irritation or other adverse events from the device, as well as any misuse impacting patient safety, and any other reason as the FDA may see fit at its discretion to determine the product does not fit the definition of a general wellness product. These and other risks and uncertainties are identified and described in more detail in Nemaura Medical’s filings with the United States Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the most recently completed fiscal year, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Nemaura Medical undertakes no obligation to publicly update or revise any forward-looking statements.

Contact:

Jules Abraham
CORE IR
917-885-7378
[email protected]

NEMAURA MEDICAL INC.
Consolidated Balance Sheet
    As of March 31,     As of March 31,  
    2022
($)
    2021
($)
 
             
ASSETS                
Current assets:                
Cash     17,749,233       31,865,371  
Prepaid expenses and other receivables     750,167       1,269,513  
Accounts receivable – related party     101,297        
Inventory     1,487,771       850,622  
Total current assets     20,088,468       33,985,506  
                 
Other assets:                
Property and equipment, net of accumulated depreciation     532,508       202,145  
Intangible assets, net of accumulated amortization     1,480,980       1,055,256  
Total other assets     2,013,488       1,257,401  
Total assets     22,101,956       35,242,907  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable     136,310       253,694  
Liability due to related parties           148,795  
Other liabilities and accrued expenses     998,622       180,522  
Notes payable, current portion     19,188,724       5,733,370  
Deferred revenue     259,256       103,470  
Total current liabilities     20,582,912       6,419,881  
                 
Non-current portion of notes payable           19,188,724  
Non-current portion of deferred revenue     1,052,960       1,276,130  
Total liabilities     21,635,872       26,884,735  
                 
Commitments and contingencies                
                 
Stockholders’ equity:                
Common stock, par value $0.001 – authorized: 42,000,000 shares; issued and outstanding: 24,102,866 and 22,941,157 as of March 31, 2022 and 2021, respectively     24,103       22,941  
Additional paid-in capital     38,295,775       32,044,335  
Accumulated deficit     (37,731,476 )     (23,844,671 )
Accumulated other comprehensive (loss) income     (122,318 )     135,567  
Total stockholders’ equity     466,084       8,358,172  
Total liabilities and stockholders’ equity     22,101,956       35,242,907  
                 

See notes to the consolidated financial statements.

NEMAURA MEDICAL INC.
Consolidated Statement of Operations and Comprehensive Loss
    Years Ended March 31,  
    2022
($)
    2021
($)
 
Sales     503,906        
Cost of Sales     (344,300 )      
Gross Profit     159,606        
Operating expenses:                
Research and development     1,556,988       1,554,603  
General and administrative     6,173,049       3,032,138  
Total operating expenses     7,730,037       4,586,741  
                 
Loss from operations     (7,570,431 )     (4,586,741 )
                 
Interest expense     (6,666,630 )     (2,007,687 )
Loss before income tax benefit     (14,237,061 )     (6,594,428 )
                 
Provision for income tax benefit     350,256       335,832  
Net loss     (13,886,805 )     (6,258,596 )
                 
Other comprehensive income:                
Foreign currency translation adjustment     (257,885 )     472,559  
Comprehensive loss     (14,144,690 )     (5,786,037 )
                 
Net loss per share, basic and diluted   $ (0.59 )   $ (0.28 )
Weighted average number of shares outstanding     23,383,758       22,283,377  

See notes to the consolidated financial statements.

NEMAURA MEDICAL INC.
Consolidated Statement of Cash Flows
    Year Ended March 31,  
    2022
($)
    2021
($)
 
Cash Flows from Operating Activities:                
Net loss     (13,886,805 )     (6,258,596 )
                 
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     229,810       98,075  
Accretion of debt discount     6,666,630       2,007,687  
Mark-to-market foreign exchange revaluation     440,196        
Stock-based compensation     220,917       113,171  
                 
Changes in assets and liabilities:                
Prepaid expenses and other receivables     519,346       (767,050 )
Inventory     (637,149 )     (564,313 )
Accounts payable     (117,384 )     (39,914 )
Accounts receivable – related party     (250,092 )     (681,298 )
Other liabilities and accrued expenses     310,490       94,141  
Net cash used in operating activities     (6,504,041 )     (5,998,097 )
                 
Cash Flows from Investing Activities:                
Capitalized patent costs     (83,691 )     (81,952 )
Purchase of property and equipment     (481,718 )     (90,730 )
Capitalized software development costs     (391,073 )     (663,758 )
Net cash used in investing activities     (956,482 )     (836,440 )
                 
Cash Flows from Financing Activities:                
Proceeds from issuance of common stock     3,118,792       15,750,672  
Costs incurred in relation to equity financing     (50,765 )     (957,193 )
Proceeds from warrant exercise     2,963,658       400,503  
Proceeds from issuance of notes payable           25,000,000  
Debt issuance costs paid           (1,525,035 )
Repayments of notes payable     (12,400,000 )     (600,000 )
Repayments of insurance financing           (82,555 )
Net cash (used in) provided by financing activities     (6,368,315 )     37,986,392  
                 
Net (decrease) increase in cash     (13,828,838 )     31,151,855  
Effect of exchange rate changes on cash     (287,300 )     607,409  
Cash at beginning of year     31,865,371       106,107  
Cash at end of year     17,749,233       31,865,371  
Supplemental disclosure of non-cash financing activities:                
Prepayment of equity compensation         $ 50,000  
Licenses acquired through stock issuance         $ 100,000  
Monitoring fees added to notes payable   $ 2,764,775     $ 718,661  
                 

See notes to the consolidated financial statements.

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Artificial Intelligence

Military Cybersecurity Market to Reach $68.5 Billion, Globally, by 2033 at 15.4% CAGR: Allied Market Research

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PORTLAND, Ore., May 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Military Cybersecurity Market by Type (Endpoint Security Solutions, Network Security Solutions, Content Security Solutions), Deployment (On-Premises, Cloud), and Solution (Threat Intelligence and Response Management, Identity and Access Management, Data Loss Prevention Management, Security and Vulnerability Management, Unified Threat Management, Enterprise Risk and Compliance, Managed Security, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033”. According to the report, the military cybersecurity market was valued at $15.7 billion in 2023, and is estimated to reach $68.5 billion by 2033, growing at a CAGR of 15.4% from 2024 to 2033.

The global military cybersecurity market is driven by factors such as growing demand for end-point security solutions and surge in cyber-attacks which are increasing need for military cybersecurity.
Prime Determinants of Growth
The global military cybersecurity market is driven by factors such as an increase in demand for defense IT expenditure. Adoption of IoT in cyber security technology provides lucrative growth opportunities. On the other hand, limited awareness related to cybersecurity is projected to hinder market growth.
Request Sample of the Report on Military Cybersecurity Market Forecast 2033
https://www.alliedmarketresearch.com/request-sample/A323349
(We are providing Military Cybersecurity Industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
123 – Tables63 – Charts378 – PagesReport coverage & details:
Report Coverage 
Details 
Forecast Period
2023–2033
Base Year
2023
Market Size in 2023
$15.7 Billion
Market Size in 2033
$68.5 Billion
CAGR
15.4 %
No. of Pages in Report
324
Segments covered
Type, Deployment, Solution and Region.
Drivers 
Increase in demand for defense IT expenditure to drive the market growth.
Opportunities
Adoption of IoT in Cyber Security Technology
Restraints
Limited awareness related to cybersecurity is restricting the market growth
Procure Complete Report (323 Pages PDF with Insights, Charts, Tables, and Figures)https://www.alliedmarketresearch.com/checkout-final/military-cybersecurity-market-A323349
The endpoint security solutions segment to maintain its leadership status throughout the forecast period
Based on type, the endpoint security solutions segment held the highest market share in 2023, accounting for more than two-fifths of the global military cybersecurity market revenue and is estimated to maintain its leadership status throughout the forecast period.
Endpoint security solutions are undergoing continuous evolution to combat the ever-changing landscape of cybersecurity threats. One prominent trend is the widespread adoption of Endpoint Detection and Response (EDR) solutions. EDR offers real-time monitoring of endpoint activities, allowing for swift detection and response to advanced threats.
The on-premises segment to maintain its leadership status throughout the forecast period
Based on deployment, the on-premises segment held the highest market share in 2023, accounting for more than half of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. However, the cloud segment is projected to manifest the highest CAGR of 15.88% from 2023 to 2033. Moreover, cloud computing offers advanced security features and capabilities that strengthen military cybersecurity defense. Leading cloud service providers invest heavily in robust security measures, such as encryption, identity and access management, and threat detection, to protect data and applications hosted in the cloud.
The identity and access management segment to maintain its leadership status throughout the forecast period
Based on solution, the identity and access management segment held the highest market share in 2023, accounting for nearly one-fifth of the global military cybersecurity market and is estimated to maintain its leadership status throughout the forecast period. Moreover,
Identity and access management (IAM) plays a crucial role in military cybersecurity by ensuring that only authorized personnel can access sensitive information and critical systems. IAM encompasses processes, policies, and technologies designed to manage digital identities, control access to resources, and protect against unauthorized access and insider threats.
North America to maintain its dominance by 2033
Based on region, North America held the highest market share in terms of revenue in 2023, accounting for more than half of the global military cybersecurity market revenue and is likely to dominate the market during the forecast period. The advancements in sensor technology, artificial intelligence, and communication systems have contributed to the evolution of military cybersecurity, enabling greater autonomy, flexibility, and effectiveness in engaging both stationary and moving targets with reduced collateral damage.
To Talk With Our Industry Expert @ https://www.alliedmarketresearch.com/connect-to-analyst/A323349
Leading Market Players:
AT&TBAE SystemsBoeingCisco Systems, Inc.DXC Technology CompanyEclecticIQ B.V.IBM CorporationIntel CorporationLockheed Martin CorporationNorthrop Grumman CorporationPrivacera, Inc.SentineIOneSecureworks, Inc.Thales GroupThe report provides a detailed analysis of these key players in the global military cybersecurity market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.USA/Canada (Toll Free):+1-800-792-5285UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: [email protected] Web: www.alliedmarketresearch.com AMR Resource Center: https://www.alliedmarketresearch.com/resource-center
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Dahua Network Camera Series Obtains CC EAL 3+ Certificate

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HANGZHOU, China, May 20, 2024 /PRNewswire/ — Dahua Technology, a world-leading video-centric AIoT solution and service provider, is proud to announce that its network cameras have successfully obtained Common Criteria (CC) EAL 3+ certificate. This achievement demonstrates Dahua’s dedication to delivering secure and reliable solutions that comply with the industry’s highest information security standards and best practices.

The Evaluation Assurance Level (EAL) 3+ certificate, issued by the Common Criteria for Information Technology Security Evaluation (CC), represents a widely used industry standard for evaluating the security features of IT products and systems. It has been recognized by 31 member countries of the Common Criteria Recognition Arrangement (CCRA) organization, which consists of the United States, Germany, the United Kingdom, the Netherlands, Japan, etc.
As the most authoritative and influential information security standard worldwide, obtaining the CC EAL 3+ certificate verifies Dahua’s robust measures against potential security threats throughout the entire R&D, production, and delivery processes. This also signifies that Dahua’s information security management capabilities meet internationally recognized industry standards.
The certification process involves comprehensive testing and evaluation of Dahua’s development environment, production environment, supply chain, vulnerability assessment, personnel security, as well as many other aspects. The security evaluation is completed by SGS Brightsight, a globally renowned security assessment laboratory in the Netherlands and approved by the Netherlands Scheme for Certification in the Area of IT Security (NSCIB).
“At Dahua, we prioritize the security needs and trust of our customers above all else. With the addition of CC EAL 3+ certificate, customers can be confident that they are investing in a secure and reliable solution that delivers unparalleled peace of mind, safeguarding their assets and ensuring uninterrupted operations,” stated Max Xiang, IPC Product Director at Dahua Technology.
Dahua always follows best industry practices and maintains the highest standards of security across all aspects of the company’s operations. In addition to product security and privacy protection, Dahua implements strict quality control measures to strengthen supply chain security. Forging ahead, Dahua will remain dedicated to advancing the security industry through innovative and secure solutions, further enhancing its cybersecurity and data protection capabilities, and working with industry partners to build a trustworthy AIoT environment.
For more in-depth insights into Dahua’s cybersecurity practices, please visit www. dahuasecurity.com 
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AGI to Debut at COMPUTEX 2024

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TAIPEI, May 20, 2024 /PRNewswire/ — AGI Technology, a pioneering provider of high-performance storage solutions from Taiwan, will make its inaugural appearance at COMPUTEX 2024. This grant event will take place from June 4 to June 7 at the Taipei Nangang Exhibition Center, where AGI will be showcasing its latest innovations at Booth #J0218.

Event DetailsDate: June 4 – 7, 2024Time: 9:30 a.m. – 5:30 p.m.Location: Taipei Nangang Exhibition Center, Hall 1Booth: #J0218
AGI will present cutting-edge technology across three main themes:
Spotlight Innovations
– Supreme Pro TF138 2TB microSD: The world’s first 2TB microSD card, exclusively produced by AGI, sets a new standard in mass production and storage capacity.
– TURBOJET RGB DDR5 Series: This DDR5 series, featuring RGB lighting and a heat sink for overclocking, delivers exceptional performance.
– EDM38 Portable SSD for Mobile: A portable SSD with MagSafe-compatible magnetic attachment that offers lightweight portability.
Ultra-Spec Solutions
– SATA 8TB SSD: This 8TB SATA SSD is pushing the limits of consumer-grade storage, setting a new benchmark for capacity.
– PCIe 16TB SSD: A 16TB PCIe SSD that leads in the HMB domain, providing unmatched performance.
Customization Zone
AGI will showcase tailored storage solutions that meet unique customer needs.
We welcome you to visit AGI at Booth #J0218 to discover these innovations and explore collaboration opportunities.
About AGI
AGI is a leading provider of high-performance storage solutions, offering a range of innovative products that meet the evolving needs of its customers. With a commitment to delivering cutting-edge storage capacities and superior performance, AGI empowers its customers to achieve exceptional digital experiences.
Contact Information
Sales [email protected]+8862-27937256www.agi-gear.com 
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