Nemaura Medical Inc. closed its offering of 1,942,061 units for gross proceeds of about $2 million.

Each unit consisted of a common share and a five-year common share purchase warrant exercisable at $1.04 per share. The units were priced at $1.04 apiece.

The company plans to use the proceeds for a U.S. Food and Drug Administration 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.

Dawson James Securities Inc. acted as the sole placement agent for the offering.

Loughborough, U.K.-based Nemaura is a medical technology company that develops specialty medical devices.