Nemaura Medical (NSDQ:NMRD) announced that it intends to offer shares of its common stock and warrants in an underwritten public offering.
The Loughborough, England-based wearable diagnostic device developer for people with diabetes said in a news release that it also expects to grant a 45-day option to purchase up to an additional 15% of the shares of common stock and/or warrants to purchase common stock, according to a news release.
Nemaura, which is currently commercializing the SugarBeat continuous glucose monitor and the Beat diabetes health subscription service, did not disclose the amount of shares and/or warrants it plans to sell, the offering price of the shares and/or warrants or the overall expected proceeds from the offering.
Last week, Nemaura commissioned the integration of data to its ProBeat app set for U.S. launch this year. SugarBeat had its app launched last month. In April, the company 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.
The company has also repurposed the device’s usage capabilities to aid in diagnosing fevers in potential cases of COVID-19 during the ongoing pandemic.