LIFE: Lifecare secures funding to establish automated production and further product development.

Bergen, Norway, October 20th, 2023: Lifecare AS (LIFE) (the "Company"), a
clinical stage medical sensor company developing the next generation Continuous
Glucose Monitor (CGM), has successfully completed a capital increase of NOK
42,500,000 in a private placement. 

The equity raised ensures Lifecare's financing needs to establish automated
production, as well as further product development. The company's stated
objective is to establish automated production of the Sencell CGM system by the
end of Q2 2024 and on this basis launch the Company's first product in the
veterinary market.

- This is a very good result for Lifecare, as we now have ensured the funds, we
need to continue the targeted transformation of the Company into the industrial
and commercial phase. The general investment climate is under continuous
pressure, and investors are in general acting very cautiously. On this basis I
am very pleased to welcome Jostein Tjelta as a new major shareholder through his
investment company Tjelta AS, as well as humble to that fact that Lars Otto
Hestness and his family once again increase their investment in Lifecare through
their investment company Lacal AS, says Joacim Holter, Lifecare CEO.   

In parallel with production preparations and product development intended for
the veterinary market, the Company's development course continue without change,
as the Company's aim to launch the Sencell CGM for patients with diabetes as the
main priority. The most important task in the development towards the human
market is to fulfill regulatory requirements and to carry out the necessary
studies to obtain regulatory approval. The company will carry out an audit for
ISO 13485 approval in November 2023 and, on this basis, expects to achieve
certification by the end of January 2024. Furthermore, Lifecare plan to start a
study (LFS-SEN-002) to document biocompatibility and subcutaneous (under the
skin) longevity, in 2023.

Lifecare's development is focused towards two parallel markets. The primary
product is the Sencell CGM for humans, while the secondary product is the
Sencell CGM for animals, although the two products are essentially identical.
This market approach entails significant market potential. The global incidence
of diabetes in humans includes more than 540 million people, of whom
approximately 1/6 need or should monitor their body's glucose levels. In the
veterinary market, more than 3 million dogs and cats in Europe and the USA are
diagnosed with diabetes and in need of glucose monitoring.

The Gross proceeds of the Capital Increase (including the issue premium) amount
to NOK 42,000,000 and result in the issuance of 17,000,000 new shares the "New
Shares" at a subscription price of NOK 2,50 per new Share. 

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Lifecare AS 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. LifecareŽs 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.

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For further information, please contact: 

Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.no, +47 40 05 90 40

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.