Nemaura Medical Inc (NASDAQ:NMRD), a medical technology company focused on developing and commercializing non-invasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, has obtained a $20 million non-dilutive, non-convertible loan secured by company assets.
The loan does not include warrants or other equity securities, the company said in a statement Thursday.
“This loan significantly strengthens our financial position and brings our cash to more than $34M, far in excess of our current burn rate of less than $1.5M per quarter,” said CEO Dr Faz Chowdhury.
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“Importantly, this financing does not dilute shareholders, yet still provides significant runway to accelerate our overall growth. We appreciate the continued strong support from our lender, Chicago Venture Partners,” Dr Chowdhury added.
The company, based in Loughborough, UK, is currently commercializing sugarBEAT - the world’s first non-invasive continuous glucose monitor (CGM) for people with diabetes and pre-diabetes. And its proBEAT device collects glucose profiles and develop artificial intelligence-based prompts on how a range of lifestyle, dietary, and health factors affect glucose levels to help people make good choices.
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