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Nemaura Medical Reports Fiscal Second Quarter 2023 Results and Provides Business Update

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Loughborough, England, Nov. 15, 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 releases its financial results for the quarter ending September 30, 2022 and provides a business update.

Recent Corporate Highlights:

  • Entered into a term sheet with Eversana to begin strategy development and subsequent launch of the BEATdiabetes program and the Company’s unique daily wear proBEAT sensors in the U.S. The launch is expected in the first calendar quarter of 2023 and will target insurers and corporate clients. Eversana is a pioneer of next-generation commercial services to the global life sciences industry with its 6,500-person sales force.
  • Received a provisional purchase order from TPMENA, the Company’s Middle East/North Africa licensee for the Company’s sugarBEAT® system, for 1.7 million sensors and 17,500 devices. The purchase order is contingent on the regulatory approval in the Kingdom of Saudi Arabia, which is expected in the coming months.
  • Entered into an amendment of an existing $20 million note purchase agreement whereby the maturity date was extended from February 2023 to July 2024, increasing the Company’s cash runway without requiring additional immediate capital raises.

“Our commercial and manufacturing scale-up activities accelerated in the fiscal second quarter, as we continue to scale operations to support commercialization of our non-invasive glucose monitoring devices and sensors” said Nemaura CEO Dr. Faz Chowdhury. “We are looking forward to a product launch in the coming months in the Middle East through our licensee TPMENA, whilst we continue to support our UK licensee with their operations.

“Meanwhile, our relationship with Eversana should allow us to penetrate the U.S. market on a large scale with our BEATdiabetes program in an efficient manner. Eversana is widely regarded as the leader in digital therapeutic commercialization and has deep experience with product launches. We are eager to enter this next chapter of our corporate development,” concluded Dr. Chowdhury.

2Q23 Financial Summary:

  • Reported revenue based on delivery of product from the purchase order from its UK licensee in 2021 with an anticipated gradual ramp of revenue expected in coming quarters.
  • Total cash-operating expenses for the quarter were approximately $1.5 million. Additional headcount was added to support the operational scale-up process, to continue building product inventory to fulfil existing purchase orders, and to support ongoing and future commercial sales activities.
  • Cash and cash equivalents at September 30, 2022 were approximately $10.1 million.

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. proBEAT combines 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.

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:

Investors

Bret Shapiro
CORE IR
561-479-8566
[email protected]

Media

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

NEMAURA MEDICAL INC.
Condensed Consolidated Balance Sheets

    As of September 30,
2022
(Unaudited)
    As of March 31, 2022

 

 
             
ASSETS                
Current assets:                
Cash   $ 10,109,650     $ 17,749,233  
Prepaid expenses and other receivables     1,934,164       750,167  
Accounts receivable – related party           101,297  
Inventory     1,909,967       1,487,771  
Total current assets     13,953,781       20,088,468  
                 
Property and equipment, net of accumulated depreciation     521,817       532,508  
Intangible assets, net of accumulated amortization     1,427,150       1,480,980  
Total other assets     1,948,967       2,013,488  
Total assets   $ 15,902,748     $ 22,101,956  
                 
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY                
Current liabilities:                
Accounts payable   $ 301,104     $ 136,310  
Other liabilities and accrued expenses     397,764       998,622  
Foreign currency contract     2,177,458       440,196  
Due to related party     122,381        
Notes payable, current portion     17,398,654       19,188,724  
Deferred revenue     70,980       259,256  
Total current liabilities     20,468,341       20,582,912  
                 
Notes payable, net of current portion     3,490,589        
Deferred revenue, net of current portion     955,916       1,052,960  
Total liabilities     24,914,846       21,635,872  
                 
Commitments and contingencies:                
                 
Stockholders’ (deficit) equity:                
Common stock, $0.001 par value, 42,000,000 shares authorized and 24,102,866                
shares issued and outstanding at September 30, 2022 and March 31, 2022     24,103       24,103  
Additional paid-in capital     38,295,775       38,295,775  
Accumulated deficit     (45,789,250 )     (37,731,476 )
Accumulated other comprehensive loss     (1,542,726 )     (122,318 )
Total stockholders’ (deficit) equity     (9,012,098 )     466,084  
Total liabilities and stockholders’ (deficit) equity   $ 15,902,748     $ 22,101,956  

See notes to the unaudited condensed consolidated financial statements.

NEMAURA MEDICAL INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in Dollars, except Share Amounts)

    Three Months Ended
September 30,
    Six Months Ended
September 30,
 
    2022     2021     2022     2021  
                         
Sales   $ 74,027     $     $ 74,027     $  
Cost of Sales     (72,357 )           (72,357 )      
Gross Profit     1,670             1,670        
                                 
Operating expenses:                                
Research and development     257,061       286,886       587,116       575,370  
General and administrative     2,319,972       1,427,916       4,200,910       2,760,102  
Total operating expenses     2,577,033       1,714,802       4,788,026       3,335,472  
                                 
Loss from operations     (2,575,363 )     (1,714,802 )     (4,786,356 )     (3,335,472 )
                                 
Interest expense     (1,503,114 )     (1,779,462 )     (3,271,418 )     (3,502,517 )
Net loss     (4,078,477 )     (3,494,264 )     (8,057,774 )     (6,837,989 )
                                 
Other comprehensive loss:                                
Foreign currency translation adjustment     (957,471 )     (107,151 )     (1,420,408 )     (117,857 )
Comprehensive loss   $ (5,053,948 )   $ (3,601,415 )   $ (9,478,182 )   $ (6,955,846 )
                                 
Net loss per share, basic and diluted   $ (0.17 )   $ (0.15 )   $ (0.33 )   $ (0.29 )
Weighted average number of shares outstanding, basic and diluted     24,102,866       23,308,049       24,102,866       23,209,514  

See notes to the unaudited condensed consolidated financial statements.

NEMAURA MEDICAL INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

    Six Months Ended
September 30,
 
    2022           2021  
                   
Cash Flows From Operating Activities:                        
Net loss   $ (8,057,774 )      $       (6,837,989 )
                         
Adjustments to reconcile net loss to net cash used in operating activities:                        
Depreciation and amortization     172,680               81,691  
Amortization of debt discount     3,271,419               3,502,517  
Change in fair value of foreign currency contract     1,737,263               270,400  
Changes in assets and liabilities:                        
Prepaid expenses and other receivables     (1,183,997 )             (94,945 )
Inventory     (422,197 )             (264,604 )
Accounts payable     164,794               (102,302 )
Due (from) related parties     223,678               (652,349 )
Other liabilities and accrued expenses     (160,662 )             151,717  
Deferred revenue     (294,288 )             469,785  
Net cash used in operating activities     (4,549,084 )             (3,476,079 )
                         
Cash Flows From Investing Activities:                        
Capitalized patent costs     (144,343 )             (47,426 )
Capitalized software development costs     (27,879 )             (418,794 )
Purchase of property and equipment     (208,945 )             (220,035 )
Net cash used in investing activities     (381,167 )             (686,255 )
                         
Cash Flows From Financing Activities:                        
Proceeds from issuance of notes payable     4,700,000                
Proceeds from warrant exercise                   2,963,658  
Repayments of note payable     (6,274,282 )             (3,800,000 )
Net cash used in financing activities     (1,574,282 )             (836,342 )
                         
Effect of exchange rate changes on cash     (1,135,050 )             (98,499 )
                         
Net decrease in cash     (7,639,583 )             (5,097,175 )
                         
Cash at beginning of period     17,749,233               31,865,371  
Cash at end of period     10,109,650               26,768,196  
                         
Supplemental disclosure of non-cash financing activities:                        
Release of prepayment from equity compensation                   50,000  
Monitoring fees added to notes payable     1,108,896                

See notes to the unaudited condensed consolidated financial statements.

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Picus Security Launches Security Validation for Kubernetes

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Teams can eliminate container security exposures with the new enhancements in Picus’ platform for multi-cloud
SAN FRANCISCO, May 23, 2024 /PRNewswire/ — Picus Security, the Security Validation company, today announced security validation for Kubernetes. This new capability allows Security and DevOps teams to realize the benefits of containers securely by proactively measuring and optimizing the resilience of clusters. It is the latest innovative addition to the Picus Security Validation Platform, which empowers users to consistently validate their security posture and measure risk across on-premises and multi-cloud environments.

For organizations that want an agile way to deploy, run and scale applications, Kubernetes offers considerable benefits. However, security is often the biggest barrier to its adoption. The dynamic and complex nature of Kubernetes means that containers are often misconfigured due to human error. Without a hands-on approach to governance, security gaps can easily emerge over time, increasing the risk of incidents. This situation is exacerbated by the high level of expertise required to secure Kubernetes and the use of default settings which are inherently insecure. According to The State of Kubernetes Report, more than two-thirds of Kubernetes users (67%) have delayed deployments due to security concerns.* 
The addition of Kubernetes validation extends the Picus platform’s existing validation capabilities, which are powered by attack simulation and GenAI. It enables organizations to proactively identify and mitigate security misconfigurations, such as weak policies and settings that could allow containers to run with insecure privileges and facilitate lateral movement. Now security teams can automatically assess the security of their workloads wherever they are located – on-premises, in containers, and also in cloud platforms including Amazon Web Services, Google Cloud Platform, and Microsoft Azure.
“Cloud security is perhaps the biggest barrier of entry for organizations that want to take advantage of container orchestration,” said Volkan Erturk, Picus CTO and Co-Founder. “Kubernetes offers incredible opportunities for DevOps teams to deploy and scale new applications, but Security teams can struggle to keep pace.
“With the Picus Security Validation Platform, security concerns won’t slow down an organization’s digital transformation journey. This new offering will allow our users to consistently measure the security of their workloads and vastly reduce the effort needed to address exposures across growing IT environments.”
Additional Information
Read the Kubernetes validation announcement blog.Register for the upcoming webinar on July 11th 2024 at 10.00 EST/ 15.00 BST: Beyond Cloud Security Posture Management: Validating Cloud Effectiveness with Attack Simulation About Picus Security
Picus Security helps security teams consistently and accurately validate their security posture. Our Security Validation Platform simulates real-world threats to evaluate the effectiveness of security controls, identify high-risk attack paths to critical assets, and optimize threat prevention and detection capabilities.
As the pioneer of Breach and Attack Simulation, we specialize in delivering the actionable insights our customers need to be threat-centric and proactive. 
Picus is a Gartner® Peer Insights™ Customers’ Choice for 2024 in the BAS tools category†. The company is recognized as a leader by Frost & Sullivan^.
† Gartner, Voice of the Customer for Breach and Attack Simulation Tools, Peer Contributors, 30 January 2024 ^ Frost and Sullivan, 2022 Frost Radar™ report for the Global Breach and Attack Simulation Market
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Highlights from the Finale: Day Three of the London Blockchain Conference Unravelled

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As the London Blockchain Conference draws to a close, attendees heard from industry experts on Driving Innovation with Blockchain.
LONDON, May 23, 2024 /PRNewswire/ — Attendees at the London Blockchain Conference were in to witness the final day, which featured a line-up of informative and thought-provoking speakers. Throughout the day, there were exciting panels and presentations which featured cutting-edge ideas and insights.

Day 3 kickstarted with BSVA launching a new report focusing on the role of blockchain in safeguarding data and streamlining transactions.
Other sessions included:
The Intersection of Web3, AI, and Emerging Tech – Somi Aran, Founder of InPeak gave the opening keynote which explored the dynamic convergence of Web3, Artificial Intelligence, and emerging technologies. She delved into how these technologies are reshaping industries and redefining the boundaries of innovation and the potential impacts and opportunities these technologies present.
Bridging the gap: Making Web3 technologies user-friendly – Christine Leong, CIO, nChain – discussed some of the innovative strategies and practical solutions aimed at simplifying Web3 technologies. She also discussed how nChain is planning to transform Web3 from a domain exclusive to the tech-savvy, into a user-friendly ecosystem that empowers all users.
Is code law? – Rules applicable to blockchain networks – panel featuring Marcin Zarakowski, CEO of Token Recovery, Akber Datoo CEO of D2 Legal Technology, Jeffrey Golden, King’s Counsel (Hon) at 3 Hare Court Chambers, Andrei Kirilenko, Professor of Finance at Cambridge Judge Business School, Professor Sarah Green, Law Commissioner at Law Commission, where they discussed that rules apply to the nodes and validators which support the particular network and process its transactions. The group also discussed whether the blockchain protocols’ rules and software code are the only sources of regulation in blockchain networks.
An Introduction to nChain Identity – Thomas Moretti, Head of Product Development at nChain. He spoke about the Self Sovereignty Identity concept and showcased the latest project it is working on – nChain Identity.
Reimagining Roles: How regulated industry leaders are shaping the future of finance – a panel featuring, Andrew Mosson (Chief Commercial Officer of OneTrading, Néstor Palao, Head DLT & Corporate Clients at Sygnum Bank, Laurence Lewandowska, CFO/COO at BSV Association and Wojciech Kaszycki Chairman & Founder at Mobilum. The panel discussed how the new era of digital assets, traditional banking institutions, exchanges, and financial services are being reimagined in the context of emerging technologies such as blockchain and AI.
Please register here if you would like to listen to any of the sessions today. 
If you want to interview any speaker from today’s sessions, please email [email protected].
About the London Blockchain Conference NETWORK. LEARN. ENGAGE.  At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 

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Nord Anglia Education publishes new insights on the role of AI and metacognition in learning

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LONDON, May 23, 2024 /PRNewswire/ — INSIGHTS, the global publication from Nord Anglia Education, has published two new articles taking an in-depth look at AI in education and the role of metacognition in teaching and learning.

Exploring the role of AI in learning
https://www.nordangliaeducation.com/insights/2024/articles/the-generative-generationIn its ‘Generative Generation’ feature, INSIGHTS explores the role of artificial intelligence (AI) in education, and whether the technology is making it easier for children to learn. Speaking to Nord Anglia’s educators as well as leading experts from the world of academia, it also includes real-life examples of how Nord Anglia’s schools are using AI in the classroom.
For example, Nord Anglia’s British International School in Kuala Lumpur has adapted the technology to create an AI-powered teaching assistant that can personalise learning, guide students through content exploration, and deepen their understanding through interactive activities. Learners define the topic they want to explore and the course specification they are working to, and the AI explores the content with them in a conversational way, enabling them to ask questions as they go. 
Dr Bruce Geddes, Deputy Head of Secondary at the school, told INSIGHTS that AI represents “the biggest opportunity we’ve had in our lifetimes, for many, many spheres, but particularly in education”.
Avenues: The World School in New York, which became part of Nord Anglia in 2023, encourages its students to use AI in their work. As an example, in an app development project students use ChatGPT to generate the bulk of the coding, then review, correct and refine it. This saves them “hours of manual work by leveraging the appropriate tool in an academically appropriate way,” says Lia Muschellack, Director of Technology at the school.
The school also has its own generative AI chatbot, Savvy, built in 2019 and now powered by open AI technology. It can answer queries, provide information, and engage in “diverse discussions ranging from academic topics to casual conversations”.
“We understand that our students will be actively leveraging these tools throughout their academic and professional pathways, so we want to make sure they not only understand the potentials and limitations, but that they have tinkered and truly experienced them,” Muschellack explains.
Metacognition: a learning superpower
In its feature ‘Metacognition. Helping Kids Unlock the Power of ‘Thinking about Thinking’, INSIGHTS looks at how students can develop the important skill of metacognition.
“Metacognition is the ability to be aware of our cognitive or thought processes and to monitor, reflect on, and change those processes,” Dr Rose Luckin, Professor of Learner Centred Design at the University College London Knowledge Lab, told INSIGHTS.
Nord Anglia Education is working with Dr Luckin to develop its approach to metacognition and to help teachers introduce metacognitive strategies into classrooms. It has developed a metacognitive framework of six “Learner Ambitions” to help students develop the 6 Cs: to become critical, creative, committed, and curious learners, working compassionately and collaboratively in the classroom and beyond.
As the article explains, Nord Anglia’s deep dive into metacognition has many goals: developing student agency, boosting academic performance, and developing ‘future’ skills that employers want. The framework is being initially applied across 27 Nord Anglia schools around the world and its impact will be measured in independent research in partnership with Boston College, reporting in 2025.
Nord Anglia’s examination of metacognition also involves exploring personalised goals and thinking routines. For instance, students at Nord Anglia International School Hong Kong use the “Step In, Step Out, Step Back” routine to develop empathy and understanding in their studies. “It’s about asking the right questions; those really big questions that lead to even more questions,” says Raquel Thomson, the school’s Deputy Head of Primary. “Thinking strategies like this stay with students and serve a purpose whatever they do in their lives, whether they choose to be a scientist or a teacher or go into business.”
For media enquiries please contact: Francesca Milani Communications Manager, Digital Education Portfolio +44 20 7131 0000 [email protected] 
About Nord Anglia Education:
As the world’s leading international schools organisation, we’re shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.  
Our strong academic foundations combine world-class teaching and curricula with cutting-edge technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.  
No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.  
To learn more or apply for a place for your child, go to nordangliaeducation.com.
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