Nemaura Medical Inc (NASDAQ: NMRD) is flying early on in the trading session this morning, and for good reason. The company announced a management update, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The management update;
- what we’re seeing from the stock; and
- what we’ll be watching for with regard to NMRD ahead.
NMRD Announces Management Update
As mentioned above, Nemaura Medical is having an incredibly strong day in the market today after announcing a management update. In a press release issued early this morning, the company said that Dr. Fred Schaebsdau, MD, PhD, MBA, has joined the team.
According to the release, Dr. Schaebsdau will lead strategy and business development at NMRD. In particular, he will be charged with advancing the commercial strategy for the planned launch of SugarBEAT in Europe. He will also advise the company with regard to its upcoming 510(k) submission to the FDA.
The company said that Dr. Schaebsdau, a key figure with more than 15 years of experience on an executive level in the industry, will also be named to its Scientific Advisory Board.
As an executive, the new member of the team has led mergers and acquisitions, helped Dexcom Germany become the fastest growing organization within the Dexcom Network.
In a statement, Dr. Faz Chowdhury, CEO at NMRD, had the following to offer:
We are moving rapidly towards launch of SugarBEAT® in Europe and we are looking to accelerate our entrance into the United States market and are planning our submission to the FDA Human Factors Premarket Evaluation Team and we are honored that Dr. Schaebsdau has agreed to lead our European launch and assist us with the FDA 510(k) process as a Member of our Scientific Advisory Board. We are confident that Dr. Schaebsdau will help us advance our sales platform in Europe and that his oversight will help us to expedite our FDA submission. We look forward to leveraging his expertise and knowledge as we move towards commercialization and as we navigate the scientific and regulatory environments, and connect to the broad network of respected leaders in the Diabetes space.
The above statement was followed up by Dr. Schaebsdau. Here’s what he had to say:
The non-invasive, flexible and affordable nature of SugarBEAT® has the potential to really open up the CGM market to all diabetics, pre-diabetics and non-diabetics seeking to better manage their diet, weight and physical fitness. Nemaura’s approach is truly innovative and the addressable market is global and enormous. I am honored to be involved in Nemaura’s important mission.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Nemaura Medical, the news proved to be overwhelmingly positive. Not only did the company announce a key addition to its management team, it reminded investors of an upcoming European launch and United States submission. So, it’s not surprising to see that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:53), NMRD is trading at $1.24 per share after a gain of $0.21 per share or 20.41% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NMRD. In particular, we’re interested in following the story surrounding the company’s continued work to bring SugarBEAT to patients in Europe and the United States. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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