Nemaura Medical Inc. (NASDAQ: NMRD) was a top gainer in yesterday’s trading session. The stock rallied to close the day with gains of 76.29%. This came after the company announced that it plans to start studies on its glucose monitoring system, SUGARBEAT. The company stated that its studies will be geared towards comparing SUGARBEAT against the highly successful CGM sensor. The goal of the study will be to position SUGARBEAT as the best non-invasive and cheaper alternative to CGM.
The company further announced that the first commercial launch of SUGARRBEAT started in the U.K after the company got approval in 2019. It further announced that during the U.K. trial, the distribution of the devices was limited to a few users. It also announced that the U.K SUGARBEAT licensee is finalizing on the online launch of the product.
CEO Dr, Faz Chowdhury stated that the decision to go toe-to-toe with the successful CGM sensor was done on the basis of positive feedback they got from meetings with public health insurers in Europe. He added that the company believes most diabetics currently do not use the existing products because they are invasive and costly. He further stated that SUGARBEAT will change this, by becoming the first non-invasive and low-cost product in the market. He concluded by saying that, the company believes SUGARBEAT’s flexibility empowers users by giving them powerful data and at much lower costs.
Looking at its price action, NMRD is in a breakout. The stock opened the day at $3.36 and traded between a low of $3.30 and a high of $8.44 before closing at $5.80. Volumes in the day stood at 430.95k.
About Nemaura Medical Inc
Nemaura Medical Inc is a medical technology company. It develops and sells medical devices including SUGARBEAT. It is headquartered in New York, New York.