Artificial Intelligence
Nemaura Medical Reports Fiscal Third Quarter 2023 Results and Provides Business Update
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Loughborough, England, Feb. 24, 2023 (GLOBE NEWSWIRE) — Nemaura Medical, Inc. (Nasdaq: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercializing non-invasive wearable sensors and supporting personalized lifestyle and weight reduction programs, today releases its financial results for the quarter ending December 31, 2022 and provides a business update.
Recent Corporate Highlights:
- Announced initial patient data from UK NHS Miboko Study that demonstrates weight loss in 100% of participants – study to continue for 12 months.
- Received first U.S.-based purchase order for 5,000 proBEAT™ subscriptions from HealthFleet Inc., a leading telehealth provider focusing on care, coaching, and health recommendations. The purchase order consists of 75,000 proBEAT glucose sensors over an initial five month period and is valued at $500,000 in revenue.
- Entered into a Registered Direct Offering and concurrent Private Placement for gross proceeds of approximately $8.4 million (before expenses) in January 2023.
“We continue to build momentum with our UK programs, while initiating our foothold in the U.S. The recent purchase order from HealthFleet marks the beginning of our commercialization efforts in the U.S., integrating our proBEAT technology into HealthFleet’s RestoreHealth program to potentially improve diabetes management and weight loss. This is a significant step forward towards the integration of our sensor technology into existing diabetes management programs in the U.S.,” commented Nemaura CEO Dr. Faz Chowdhury. “With Miboko, the encouraging early patient data from our UK NHS Miboko study that demonstrated weight loss in 100% of participants is very encouraging and bodes well for the future of that program. There are obviously many weight loss programs on the market, but this early Miboko data exceeds the results seen in some of these other programs. With our balance sheet strengthened by the recent capital raise, we are better positioned to execute on our commercialization efforts and strategic goals in 2023.”
3Q23 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.
- Net loss for the quarter was approximately $1.7million. 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 December 31, 2022 were approximately $7.3 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:
Jules Abraham
CORE IR
917-885-7378
[email protected]
NEMAURA MEDICAL INC.
Condensed Consolidated Balance Sheets
| December 31, 2022 (Unaudited) |
March 31, 2022
|
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 7,340,840 | $ | 17,749,233 | ||||
| Prepaid expenses and other receivables | 1,217,237 | 750,167 | ||||||
| Accounts receivable – related party | 25,320 | 101,297 | ||||||
| Inventory | 2,352,407 | 1,487,771 | ||||||
| Total current assets | 10,935,804 | 20,088,468 | ||||||
| Property and equipment, net of accumulated depreciation | 581,903 | 532,508 | ||||||
| Intangible assets, net of accumulated amortization | 1,443,991 | 1,480,980 | ||||||
| Total other assets | 2,025,894 | 2,013,488 | ||||||
| Total assets | $ | 12,961,698 | $ | 22,101,956 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 171,207 | $ | 136,310 | ||||
| Other liabilities and accrued expenses | 390,858 | 558,426 | ||||||
| Foreign currency contract | 1,075,692 | 440,196 | ||||||
| Notes payable, current portion | 11,512,711 | 19,188,724 | ||||||
| Deferred revenue | 69,681 | 259,256 | ||||||
| Total current liabilities | 13,220,149 | 20,582,912 | ||||||
| Notes payable, net of current portion | 8,557,548 | — | ||||||
| Deferred revenue, net of current portion | 1,042,710 | 1,052,960 | ||||||
| Total liabilities | 22,820,407 | 21,635,872 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ (deficit) equity: | ||||||||
| Common stock, $0.001 par value, 42,000,000 shares authorized and 24,103,196 and 24,102,866 shares issued and outstanding at December 31, 2022 and March 31, 2022 | 24,103 | 24,103 | ||||||
| Additional paid-in capital | 38,296,198 | 38,295,775 | ||||||
| Accumulated deficit | (47,192,364 | ) | (37,731,476 | ) | ||||
| Accumulated other comprehensive loss | (986,646 | ) | (122,318 | ) | ||||
| Total stockholders’ (deficit) equity | (9,858,709 | ) | 466,084 | |||||
| Total liabilities and stockholders’ (deficit) equity | $ | 12,961,698 | $ | 22,101,956 | ||||
NEMAURA MEDICAL INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in Dollars, except Share Amounts)
| Three Months Ended December 31, |
Nine Months Ended December 31, |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Sales | $ | 3,017 | $ | 183,628 | $ | 77,044 | $ | 183,628 | ||||||||
| Cost of Sales | (2,971 | ) | (172,393 | ) | (75,327 | ) | (172,393 | ) | ||||||||
| Gross Profit | 46 | 11,235 | 1,717 | 11,235 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 393,747 | 412,341 | 980,862 | 987,711 | ||||||||||||
| General and administrative | 239,628 | 1,391,278 | 4,329,306 | 4,151,380 | ||||||||||||
| Total operating expenses | 633,375 | 1,803,619 | 5,310,168 | 5,139,091 | ||||||||||||
| Loss from operations | (633,329 | ) | (1,792,384 | ) | (5,308,451 | ) | (5,127,856 | ) | ||||||||
| Interest expense | (1,082,949 | ) | (1,639,184 | ) | (4,152,437 | ) | (5,141,701 | ) | ||||||||
| Net loss | (1,716,278 | ) | (3,431,568 | ) | (9,460,888 | ) | (10,269,557 | ) | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Foreign currency translation adjustment | 556,080 | (25,065 | ) | (864,328 | ) | (142,922 | ) | |||||||||
| Comprehensive loss | $ | (1,160,198 | ) | $ | (3,456,633 | ) | $ | (10,325,216 | ) | $ | (10,412,479 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.39 | ) | $ | (0.44 | ) | ||||
| Weighted average number of shares outstanding, basic and diluted | 24,103,196 | 23,313,629 | 24,102,976 | 23,244,345 | ||||||||||||
NEMAURA MEDICAL INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended December 31, |
||||||||
| 2022 | 2021 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (9,460,888 | ) | $ | (10,269,557 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 268,595 | 139,751 | ||||||
| Amortization of debt discount | 4,152,437 | 5,141,701 | ||||||
| Change in fair value of foreign currency contract | 635,494 | 199,522 | ||||||
| Changes in assets and liabilities: | ||||||||
| Prepaid expenses and other receivables | (467,070 | ) | 797,155 | |||||
| Inventory | (864,636 | ) | (533,656 | ) | ||||
| Accounts payable | 34,897 | (77,075 | ) | |||||
| Due to (from) related parties | 75,977 | (301,387 | ) | |||||
| Other liabilities and accrued expenses | (167,568 | ) | 264,786 | |||||
| Deferred revenue | (297,419 | ) | 285,266 | |||||
| Net cash used in operating activities | (6,090,181 | ) | (4,353,494 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Capitalized patent costs | (135,168 | ) | (60,241 | ) | ||||
| Capitalized software development costs | (27,879 | ) | (460,466 | ) | ||||
| Purchase of property and equipment | (275,758 | ) | (359,301 | ) | ||||
| Net cash used in investing activities | (438,805 | ) | (880,008 | ) | ||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from issuance of common stock | 696 | 118,791 | ||||||
| Equity issuance cost paid | (273 | ) | (4,382 | ) | ||||
| Proceeds from issuance of notes payable | 4,700,000 | — | ||||||
| Proceeds from warrant exercise | — | 2,963,658 | ||||||
| Repayments of note payable | (7,974,282 | ) | (6,500,000 | ) | ||||
| Net cash used in financing activities | (3,273,859 | ) | (3,421,933 | ) | ||||
| Effect of exchange rate changes on cash | (605,548 | ) | (163,658 | ) | ||||
| Net decrease in cash | (10,408,393 | ) | (8,819,093 | ) | ||||
| Cash at beginning of period | 17,749,233 | 31,865,371 | ||||||
| Cash at end of period | 7,340,840 | 23,046,278 | ||||||
| Supplemental disclosure of non-cash financing activities: | ||||||||
| Release of prepayment from equity compensation | — | 50,000 | ||||||
| Monitoring fees related to notes payable | 1,522,372 | — | ||||||
Artificial Intelligence
University medical centers in Germany choose Sectra’s radiology solution to streamline workflows and shorten lead times for patients
LINKÖPING, Sweden, April 23, 2024 /PRNewswire/ — International medical imaging IT and cybersecurity company Sectra (STO: SECT B) has signed two contracts to provide the radiology module of its enterprise imaging solution with two university medical centers in Germany—Universitätsklinikum Tübingen and Universitätsmedizin Göttingen. By implementing Sectra’s radiology solution, the hospitals aim to improve and streamline radiology workflows with Sectra’s tools for enhanced reporting efficiency, in turn speeding up diagnostics.
“When choosing a vendor, we wanted one that could provide us with a stable and fast system. We also wanted one facilitating collaboration among our radiologists. That way we can streamline our radiology workflows and in turn shorten lead times for patients as well as reduce the ever increasing workload for radiologists,” says Dr. Babak Panahi, Managing Senior Physician and Head of CT and CT Intervention, Universitätsmedizin Göttingen.
Universitätsmedizin Göttingen and Universitätsklinikum Tübingen are two university medical centers located in the cities of Göttingen and Tübingen in Germany managing 300,000 and 600,000 radiology exams a year. The two separate contracts for Sectra’s radiology solution were both signed during the third quarter of Sectra’s 2023/2024 fiscal year.
“Radiologists are under a lot of pressure as they are challenged to handle more images and more complex cases with less resources. Having a solution designed to streamline radiology workflows, facilitating reading and reporting of images, is therefore paramount. I am happy and excited to support Universitätsmedizin Göttingen and Universitätsklinikum Tübingen on their journey towards efficient radiology diagnostics,” says Guido Bötticher, Managing Director, Sectra DACH.
The radiology module is part of Sectra’s enterprise imaging solution that provides a unified strategy for all imaging needs while lowering operational costs. The scalable and modular solution, with a VNA at its core, allows healthcare providers to grow from ology to ology and from enterprise to enterprise. Visit Sectra’s website to read more about Sectra and why it’s top-ranked in ‘Best in KLAS’.
About SectraSectra contributes to a healthier and safer society by assisting health systems throughout the world to enhance the efficiency of care, and authorities and defense forces in Europe to protect society’s most sensitive information. The company, founded in 1978, is headquartered in Linköping, Sweden, with direct sales in 19 countries, and distribution partners worldwide. Sales in the 2022/2023 fiscal year totaled SEK 2,351 million. The Sectra share is quoted on the Nasdaq Stockholm exchange. For more information, visit Sectra’s website.
For further information, please contact: Dr. Torbjörn Kronander, CEO and President Sectra AB, 46 (0) 705 23 52 27Marie Ekström Trägårdh, Executive Vice President Sectra AB and President Sectra Imaging IT Solutions, 46 (0)708 23 56 10
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/sectra/r/university-medical-centers-in-germany-choose-sectra-s-radiology-solution-to-streamline-workflows-and,c3965089
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Sectra’s radiology solution
View original content:https://www.prnewswire.co.uk/news-releases/university-medical-centers-in-germany-choose-sectras-radiology-solution-to-streamline-workflows-and-shorten-lead-times-for-patients-302124211.html
TAIPEI, April 23, 2024 /PRNewswire/ — TXOne Networks, a frontrunner in the realm of cyber-physical systems (CPS) security, is set to unveil its groundbreaking CPS security platform, SageOne, at the highly anticipated GISec Global from April 23rd to 25th, 2024. Attendees can find TXOne Networks showcasing SageOne at stand B99 in hall 5. This innovative platform consolidates all CPS security products onto a single, central management platform, promising streamlined operations and optimized threat detection capabilities.
SageOne, aptly named “Wise Man Number One,” serves as a comprehensive management console providing a holistic view of the CPS attack surface within operational technology (OT) environments. By enabling centralized control of TXOne’s three core product lines – Stellar for endpoint protection, Element for security inspection, and Edge for network defense – SageOne facilitates integrated OT security throughout the lifecycle of protected assets, ensuring robust threat detection and response mechanisms.
Key features of SageOne include:
CPS Attack Surface Management: Prioritizing operational security by offering clear visibility into the overall security posture of OT environments, SageOne identifies security focal points, illuminating asset information and security controls.Integrated Lifecycle Protection: Through centralized management, SageOne simplifies cybersecurity governance and fosters collaborative defense. It serves as an abstraction layer, facilitating contextualization and consolidation of data across multiple products, offering tailored, task-oriented consoles for executives, security personnel, and plant leaders.CPS Threat Detection & Response: SageOne aggregates security insights from various solutions to scout for potential risks, enabling early caution and response to both known and unknown threats.SageOne’s foundation rests upon advanced components, including Threat Intelligence, Behavior-Based AI Analytics Engines, Compliance Framework, Data Visualizer, and Ecosystem Integrator, ensuring comprehensive protection and seamless integration of different tools and technologies.
With its focus on analyzing unexpected behavior and unknown threats, SageOne enables the identification of suspicious events through cross-telemetry analysis within the OT-native XDR engine. This amalgamation of advanced technologies and user-friendly interface ensures the protection of critical infrastructures.
For rapid threat response, SageOne issues early warnings of suspicious behavior and orchestrates cross-telemetry analysis for CPS Threat Detection & Response. Integrated Lifecycle Protection ensures the security of devices and systems throughout their service life, contributing to great cost efficiency.
TXOne Networks reaffirms its commitment to CPS security and continuous advancement in OT security through SageOne. Visit TXOne Networks at the GISec Global from April 23rd to 25th, 2024, at stand B99 in hall 5.
For further updates and information, follow TXOne Networks on the blog, Twitter, and LinkedIn.
About TXOne Networks:
TXOne Networks provides OT security products ensuring reliability and security in industrial control systems and operational technology environments through the OT Zero Trust methodology. Collaborating with leading industrial manufacturers and critical infrastructure operators, TXOne Networks offers practical and business-friendly approaches to OT defense. Its network and endpoint-based products secure OT networks and mission-critical devices in real-time with high security depth.
Website: www.txone.com
Photo – https://mma.prnewswire.com/media/2389611/SageOne_header_3.jpg
View original content:https://www.prnewswire.co.uk/news-releases/new-cps-protection-platform-txone-networks-unveils-sageone-at-gisec-global-302119386.html
LONDON, April 23, 2024 /PRNewswire/ — Imparta Ltd, a global leader in performance improvement for customer-facing teams, has announced the release of i-Coach AI, the world’s first sales methodology-aware AI.
Over the past 18 months, AI has reshaped many industries and professions, with sales being no exception. Yet, generic LLMs such as ChatGPT are poor at coaching, and at selling. Even data-driven AI insights are only as good as the qualitative frameworks that underpin their observations.
i-Coach AI is the first expert Sales AI Coach that follows a proven, structured coaching process, and is fluent in all aspects of sales, account management, negotiation, customer success, commercial and business acumen, sales management and sales leadership. It is powered by Imparta’s award-winning, research-based Agile 3D methodology and complete, modular skills library.
Richard Barkey, Founder and CEO of Imparta, said “GenAI is one of the few truly transformative technologies in our lifetimes, and one that no sales organisation can ignore. We are genuinely excited to introduce i-Coach AI, an enterprise-grade coaching tool for salespeople, managers and leaders. I’m not exaggerating when I say that I’m using i-Coach AI myself, to think through strategies around specific clients, and indeed for the whole business. This tool is designed to integrate seamlessly across various sales ecosystems and tech stacks, and provides targeted, IP-aware coaching and practice simulations of customer conversations, at multiple points of need.”
As part of the launch, Imparta will host a webinar on April 23rd and May 2nd, hosted by Richard Barkey, titled ‘Leveraging Sales Methodology-Aware AI at Scale in the Enterprise’. Click here to learn more.
During this webinar, Richard will announce details of i-Coach AI and Imparta’s upcoming course for sales teams: Leveraging AI for Sales. He will also set out a range of essential use cases that we are rolling out across Imparta’s agile sales ecosystem and across the tech stack.
About Imparta
Imparta is a global leader in performance improvement for Sales, CX and Leadership. Our modular ecosystem includes three elements, developed through 25 years of research and experience with leading global organisations: Agile Sales Methodology, Agile Change Process and AI Sales Technology.
Whether you need to plug a gap in your existing training, provide self-paced learning, or build an entire Sales, CX or Leadership Academy, get in touch at [email protected].
Website: www.imparta.com
Photo: https://mma.prnewswire.com/media/2392278/i_Coach_Imparta_Ltd.jpg
Contact details: Adam [email protected] Tel: +44 (0) 20 7610 8800
View original content:https://www.prnewswire.co.uk/news-releases/imparta-launches-worlds-first-sales-methodology-aware-ai-302123771.html
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