Bergen, Norway, October 20th, 2023: Lifecare AS (LIFE) (the "Company"), aclinical stage medical sensor company developing the next generation ContinuousGlucose Monitor (CGM), has successfully completed a capital increase of NOK42,500,000 in a private placement.
The equity raised ensures Lifecare's financing needs to establish automatedproduction, as well as further product development. The company's statedobjective is to establish automated production of the Sencell CGM system by theend of Q2 2024 and on this basis launch the Company's first product in theveterinary market.
- This is a very good result for Lifecare, as we now have ensured the funds, weneed to continue the targeted transformation of the Company into the industrialand commercial phase. The general investment climate is under continuouspressure, and investors are in general acting very cautiously. On this basis Iam very pleased to welcome Jostein Tjelta as a new major shareholder through hisinvestment company Tjelta AS, as well as humble to that fact that Lars OttoHestness and his family once again increase their investment in Lifecare throughtheir investment company Lacal AS, says Joacim Holter, Lifecare CEO.
In parallel with production preparations and product development intended forthe 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 themain priority. The most important task in the development towards the humanmarket is to fulfill regulatory requirements and to carry out the necessarystudies to obtain regulatory approval. The company will carry out an audit forISO 13485 approval in November 2023 and, on this basis, expects to achievecertification by the end of January 2024. Furthermore, Lifecare plan to start astudy (LFS-SEN-002) to document biocompatibility and subcutaneous (under theskin) longevity, in 2023.
Lifecare's development is focused towards two parallel markets. The primaryproduct is the Sencell CGM for humans, while the secondary product is theSencell CGM for animals, although the two products are essentially identical.This market approach entails significant market potential. The global incidenceof diabetes in humans includes more than 540 million people, of whomapproximately 1/6 need or should monitor their body's glucose levels. In theveterinary market, more than 3 million dogs and cats in Europe and the USA arediagnosed with diabetes and in need of glucose monitoring.
The Gross proceeds of the Capital Increase (including the issue premium) amountto NOK 42,000,000 and result in the issuance of 17,000,000 new shares the "NewShares" at a subscription price of NOK 2,50 per new Share.
Lifecare AS is a clinical stage medical sensor company developing technology forsensing and monitoring of various body analytes. Lifecare's main focus is tobring the next generation of Continuous Glucose Monitoring ("CGM") systems tomarket. Lifecare enables osmotic pressure as sensing principle, combined withthe ability to manipulate Nano-granular Tunnelling Resistive sensors ("NTR") onthe sensor body for read-out of pressure variations. LifecareŽs sensortechnology is referred to as "Sencell" and is suitable for identifying andmonitoring the occurrence of a wide range of analytes and molecules in the humanbody.
For further information, please contact:
Joacim Holter, CEO, Lifecare AS, email@example.com, +47 40 05 90 40
This information is subject to the disclosure requirements pursuant to Section5-12 the Norwegian Securities Trading Act.