Lifecare’s Annual Report 2022: Important milestone achievements

For Lifecare 2022 was characterized by confirmation of the technology, ClinicalDevelopment Study, and building an organization that makes us even more robustand competent to face upcoming challenges. - Important milestone achievementsnaturally provide a good basis for the ongoing work related to the glucosesensor, CEO Joacim Holter states.

- Our organization proved its capacity in full strength as we initiated ourfirst-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 moreimportant the milestone achievement was based on capacities and knowledge withinthe now robust Lifecare Group, Holter says.

The CEO thinks it is also worth mentioning that Lifecare met an even moreimportant milestone some weeks in advance of the LFS-SEN 001. On June 1st, 2022,the team at Lifecare NanoBioSensors managed to reproduce stable signals andmeasurements in vitro with the developed miniaturized sensor prototype. This wasa groundbreaking science achievement for Lifecare, proving the technologyfunctionality on the nanoscale and confirming the platform sensing potential ofthe technology.

Despite very rough and unpredictable global capital markets, Lifecare managed toraise 45 MNOK in net proceeds in a private placement in October 2022. Theprivate placement was based on the continued financial support from our mainshareholders, as well as new investors with interest in our project. - Thisstrong shareholder support is essential for Lifecares development project, andwe are committed to ensure return of investments as we move ahead with increasedbelieve in our mission, Holter says.

The capital increase and our growing organization led to a strengthened balancesheet with total assets in the Lifecare Group of 70MNOK for 2022, up from32,2MNOK in 2021.

The acquisition of Lifecare Laboratories and its operational activities led toall-time-high Group revenue of 22,1 MNOK, up from 1,6MNOK in 2021. The Groupannual net profits ended at -17,5MNOK, compared to -15,8MNOK in 2021, despiteactivity driven increase in the expenses concluded at 39,5MNOK compared to17,5MNOK in 2021.

- Based on our development achievements, we ended 2022 with even higherconfidence in our plan for further development. 2022 was the first full year ofoperations with the integrated organization based on strategic acquisitionsinitiated in 2021. Going forward we will focus on additional strengthening ofthe organization based on various measures, to establish an increasingly solidfundament for growth based on quality and compliance, CEO Joacim Holterconcludes, Holter says.

- Without reducing the necessary focus on the important task related to theglucose sensor, Lifecare will in addition increase the focus on new markets forour technology. We will also consider additional strategic measures, with thepurpose to strengthen the Company and shareholder values, CEO Joacim Holterconcludes.

Link to Lifecare's Annual Report 2022:


Further informationJoacim Holter, CEO, Lifecare AS,, +47 40 05 90 40

This information is subject to the disclosure requirements pursuant to Section5-12 the Norwegian Securities Trading Act. This stock exchange announcement waspublished by Joacim Holter, CEO at Lifecare AS, 28 Mars 2023 at 21:32 CET.