Nemaura Medical (NSDQ:NMRD) announced today that it entered into multiple verbal non-binding agreements for its SugarBeat continuous glucose monitor as it seeks to secure regional and global partnerships.
The Loughborough, U.K.–based company expects the agreements to lead to discussions over licensing and collaboration, but can’t guarantee that deals will be struck as planned, or at all, according to a news release.
SugarBeat is a non-invasive and flexible CGM designed to pair with BeatDiabetes, the company’s planned health subscription service for people with Type 2 diabetes and prediabetes. Nemaura Medical announced the launch of its SugarBeat app last week and at the time said it plans to launch the BeatDiabetes subscription service with personalized lifestyle coaching next month.
Nemaura Medical won CE Mark approval for SugarBeat last year and supplied devices to a limited cohort of users as it scaled up its manufacturing operations, according to a news release. In July 2019, Nemaura submitted a De Novo medical device applications to the FDA for SugarBeat.
Currently, the company is planning a user study comparing SugarBeat directly against a successful incumbent CGM sensor with the goal of positioning SugarBeat as a non-invasive, daily/flexible, cost-effective alternative to traditionally expensive and invasive CGM sensors.
“Collaborating with highly capable strategic partners as we seek to bring the first-ever non-invasive continuous glucose monitoring system to market, is a key initiative for management,” Nemaura CEO Dr. Faz Chowdhury said in the release. “Given the importance of this initiative, we thought it appropriate to share this update on the progress over the course of the last few months that has been made with potential partners for large scale collaborations that we believe will help us accelerate our speed to market by leveraging off the resources and established networks of multinational companies in this field.”