Wearable diagnostic device developer Nemaura Medical (NSDQ:NMRD) announced today that it secured a $5 million non-convertible loan.
The Loughborough, England–based company currently commercializing the SugarBeat continuous glucose monitor (CGM) received the 24-month loan, which does not include warrants or other equity securities, from Chicago Venture Partners, according to a news release.
“This loan strengthens our financial position without diluting shareholders and provides additional resources to accelerate our commercial strategy for SugarBeat in Europe, as well as support our planned launch of ProBeat in the U.S.,” Nemaura CEO Dr. Faz Chowdhury said in the release. “We appreciate the favorable terms and strong support from our lender, Chicago Venture Partners.”
SugarBeat, which had its app launched last month, is designed for glucose monitoring on smart devices. Earlier this month, Nemaura announced that the CGM is set to be repurposed for continuous temperature monitoring (CTM) to match with the SugarBeat patch, which is CE-marked in Europe and commercially available.
Nemaura has repurposed the device’s usage capabilities to aid in diagnosing fevers in potential cases of COVID-19 during the ongoing pandemic.