Reference is made to previous investor communication, i.e. September 23, 2021 and later. Lifecare is engaged with Sanofi in a Product Development Agreement aimed at advancing the miniaturization of Lifecare’s sensor technology for integration into Lifecare’s Sencell Continuous Glucose Monitoring system.
Under the terms of the agreement, Sanofi has committed to provide funding contributions, supporting the further development of Lifecare’s technology. In return, Lifecare has granted Sanofi a right of first refusal to negotiate, allowing them an exclusive opportunity to license and globally exploit the technology.
– Today, we are pleased to announce that Lifecare has submitted a phase-end report in line with the agreement. This event triggers the release of development funding from Sanofi, while the Product Development Agreement continues. This phase-end report does not directly activate commercial rights as per agreement, but it signifies Lifecare’s commercial progress based on previously reported technology milestone achievements, says CEO Joacim Holter at Lifecare.
Subject to the continued development progress, Lifecare expect to report additional phase-end reports under the Product Development Agreement within the next upcoming calendar quarters.