Medical technology company Nemaura Medical Inc. priced the registered public offering of its common shares and coupled warrants at $1.04 apiece.

Loughborough, England-based Nemaura expects to raise $2.5 million in the offering.

The company plans to use the proceeds for a clinical trial of its noninvasive glucose monitor sugarBEAT. Proceeds will also be used to launch the product in Europe and to develop a second generation of sugarBEAT.

Each warrant in the offering can be exercised within five years for 1 common share of the company at $1.04. The company's closing share price Dec. 18 was 84 cents.

Dawson James Securities is acting as the sole placement agent for the offering.

The securities sale is expected to close on or about Dec. 20, subject to closing conditions.