Nemaura Medical Inc (NASDAQ:NMRD) said Tuesday that it has inked an exclusive licensing and supply agreement for sugarBEAT, described as the world’s first painless non-invasive glucose monitor, with TPMENA.
Saudi Arabia-headquartered TPMENA markets and sells medical devices in the Gulf Cooperation Council (GCC) Region, which includes the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
Investors reacted to the positive development and sent shares in the UK-based medtech company up nearly 4% to $1.06 on the New York Stock Exchange.
The GCC Region has more than 35 million diabetics, according to data from the International Diabetes Federation (IDF).
Specifically, in Saudi Arabia, 3.8 million adults are estimated to be living with diabetes, while 1.2 million adults are estimated to have diabetes in the United Arab Emirates.
“The GCC Region is a key market for SugarBEAT because the prevalence of diabetes is one of the highest in the world,” Nemaura Medical CEO Dr Faz Chowdhury said in a statement. “We are delighted to be involved with TPMENA, which brings an extensive network and proven track record.”
The company said TPMENA has conducted extensive market research and received positive feedback from consumers and physicians.
“We look forward to accelerating the registration processes required for an aggressive GCC commercial launch of SugarBEAT upon receipt of CE Mark approval,” said Chowdhury.
SugarBEAT, which has been honed and perfected over seven years, is expected to receive the CE approval in the UK soon. The CE Mark is also required for sugarBEAT to launch commercially in the GCC region.
SugarBEAT, is a non-invasive continuous glucose monitoring device for use by persons with Type 1 and Type 2 diabetes, as well as for screening prediabetic patients.
SugarBEAT consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings at five-minute intervals for periods of up to 24 hours. The innovation of sugarBEAT lies in its groundbreaking skin-patch technology, which allows for better glucose management.
A predecessor sugarBEAT device from Nemaura that resembled a wristwatch received CE Mark approval in 2016.
Contact Uttara Choudhury at [email protected]