Nemaura Medical (NSDQ:NMRD) said this week that it priced a public offering of the company’s common stock and warrants, hoping to reel in $2.5 million in proceeds.
The offering is slated to close today. Nemaura plans to use the offering’s proceeds to support the launch of its wearable glucose monitor in Europe, as well as the development of its second-generation system and a clinical trial in the U.S.
The company’s sugarBeat device features a disposable, adhesive patch that connects to a rechargeable transmitter. The system sends glucose readings to a mobile app at five-minute intervals for up to 24 hours.
Also this week, Nemaura published clinical data from a trial designed to support a de novo submission to the FDA for its sugarBeat device.
In the 75-person study, investigators took blood samples via a catheter every 15 minutes over a 12-hour period for 3 non-consecutive days for a total of 225 patient days. The samples were measured using an Architect c8000 laboratory instrument, Nemaura said.
More than 12,000 paired data points were analyzed using 1-point and 2-point calibration. MARD +/- 20% was 8.02% for the single finger prick calibration and 7.96% for the 2-point calibration, the company reported.
Nemaura said that the data are in line with company expectations and compare well with competitive products. The company is gearing up for a de novo application to the FDA in the first quarter of 2019.
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