Bergen, Norway, 20 February 2025: Today, Lifecare ASA (LIFE) (the "Company"),
a clinical stage medical sensor company developing the next generation
Continuous Glucose Monitor (CGM), publishes its Q4 2024 financial report and
operational update.
Highlights:
* Lifecare ASA listed on Euronext Oslo Børs
* First implant in longevity study confirms durability and biocompatibility
* Optimizing implant design for manufacturability
* New sensor chemistry boosts glucose sensitivity fivefold, promising improved
accuracy and performance pending in-vivo validation
* Product Development Agreement with Sanofi supports sensor miniaturization
After thorough preparations, Lifecare ASA had the honor of ringing the stock
exchange bell and opening the trading day as a listed company on Euronext Oslo
Børs on 22 October 2024. On this solemn occasion, we gathered employees, the
Board of Directors and valued partners to celebrate being one of the few
medical technology companies operating and listed in Norway. The listing on
Euronext Oslo Børs marks an important step for the company in the progress
towards commercialization of our product, particularly in light of upcoming
clinical studies aimed at improving the lives of diabetes patients. This step
brings the company closer to profitability and delivering return for our
valued shareholders.
- The basic science has now been completed and the ongoing work to realize
products is about engineering. To reach this phase, we have built an
organization that mainly consists of highly skilled scientists. To take the
product development onwards to the final phase of product development, we have
engaged TTP plc ("The Technology Partnership"), says Holter.
In this collaboration, the company gains access to world-leading expertise in
product development of medical implants and sensors. Assisted by TTP, Lifecare
has accelerated improved versions of our Minimal Viable Product, as used in
our ongoing long-term studies, into further stable product prototypes designed
for manufacturing.
On this basis, the company has made great progress focusing on optimizing
product and production tolerances. While Lifecare's core competence of
development through scientific research remains in the forefront of our work,
our collaboration facilitates a holistic review of component adjustments for
an improved implant designed for manufacturing. This improved implant will be
ready for validation in Q1 2025, ensuring an enhanced basis for our longevity
study and upcoming clinical studies.
A recent example of Lifecare's R&D capacities was demonstrated in January 2025
when we announced a potential significant improvement in glucose sensor
sensitivity, based on a new generation of Lifecare's proprietary chemistry.
The new chemistry is expected to improve both performance and production, with
the potential to deliver increased accuracy and reduced complexity for users.
- Our current product development and design for manufacturability trigger a
somewhat higher cost level than planned. However, these investments reflect
our commitment to ensuring a high-quality, market-ready product, and will
position us to initiate human trials in 2025, as well as the expected market
approach in the veterinary market. To sustain our progress and successfully
bring our innovations to market, we look forward to continued support from our
investors in the planned and upcoming exercise period 2-13 June 2025 for
warrants issued as part of our oversubscribed capital increase in June 2024.
Investor commitment remains crucial in helping us navigate the final steps
toward market entry and long-term success, imperative steps towards company
profitability and return of investments, says CEO Joacim Holter.
About us
Lifecare ASA is a clinical stage medical sensor company developing technology
for sensing and monitoring of various body analytes. Lifecare's main focus is
to bring the next generation of Continuous Glucose Monitoring ("CGM") systems
to market. Lifecare enables osmotic pressure as sensing principle, combined
with the ability to manipulate Nano-granular Tunnelling Resistive sensors
("NTR") on the sensor body for read-out of pressure variations. Lifecare's
sensor technology is referred to as "Sencell" and is suitable for identifying
and monitoring the occurrence of a wide range of analytes and molecules in the
human body and in pets.
Contacts
For further information, please contact:
Joacim Holter, CEO, joacim.holter@lifecare.no, +47 40 05 90 40
Renete Kaarvik, CFO, renete.kaarvik@lifecare.no, +47 94 83 82 42
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-02-20 07:00 CET.