For Lifecare 2022 was characterized by confirmation of the technology, Clinical Development Study, and building an organization that makes us even more robust and competent to face upcoming challenges. – Important milestone achievements naturally provide a good basis for the ongoing work related to the glucose sensor, CEO Joacim Holter states.
Lifecare’s Annual Report 2022 is now available here: Lifecare’s Annual Report 2022
– Our organization proved its capacity in full strength as we initiated our first-in-human Clinical Development Study (LFS-SEN-001) in the end of June 2022. This very important milestone was met within the planned timeline, and even more important the milestone achievement was based on capacities and knowledge within the now robust Lifecare Group, Holter says.
The CEO thinks it is also worth mentioning that Lifecare met an even more important milestone some weeks in advance of the LFS-SEN 001. On June 1st, 2022, the team at Lifecare NanoBioSensors managed to reproduce stable signals and measurements in vitro with the developed miniaturized sensor prototype. This was a groundbreaking science achievement for Lifecare, proving the technology functionality on the nanoscale and confirming the platform sensing potential of the technology.
Despite very rough and unpredictable global capital markets, Lifecare managed to raise 45 MNOK in net proceeds in a private placement in October 2022. The private placement was based on the continued financial support from our main shareholders, as well as new investors with interest in our project. – This strong shareholder support is essential for Lifecares development project, and we are committed to ensure return of investments as we move ahead with increased believe in our mission, Holter says.
The capital increase and our growing organization led to a strengthened balance sheet with total assets in the Lifecare Group of 70MNOK for 2022, up from 32,2MNOK in 2021.
The acquisition of Lifecare Laboratories and its operational activities led to all-time-high Group revenue of 22,1 MNOK, up from 1,6MNOK in 2021. The Group annual net profits ended at -17,5MNOK, compared to -15,8MNOK in 2021, despite activity driven increase in the expenses concluded at 39,5MNOK compared to 17,5MNOK in 2021.
– Based on our development achievements, we ended 2022 with even higher confidence in our plan for further development. 2022 was the first full year of operations with the integrated organization based on strategic acquisitions initiated in 2021. Going forward we will focus on additional strengthening of the organization based on various measures, to establish an increasingly solid fundament for growth based on quality and compliance, Holter says.
– Without reducing the necessary focus on the important task related to the glucose sensor, Lifecare will in addition increase the focus on new markets for our technology. We will also consider additional strategic measures, with the purpose to strengthen the Company and shareholder values, CEO Joacim Holter concludes.
Further information: Joacim Holter, CEO, Lifecare AS, firstname.lastname@example.org, +47 40 05 90 40