Bergen, Norway, 27 August 2024: Today, Lifecare AS (LIFE) (the “Company”), a clinical stage medical sensor company developing the next generation Continuous Glucose Monitor (CGM), publishes Q2 financial report and operational update.
In the second quarter Lifecare continued to build positive momentum towards automatic production by delivering milestones on a continuous basis over a long period. The successful completion of the rights issue in Q2 has laid a solid foundation for advancing the upcoming automated production and further studies of the Sencell sensor.
– As the diabetes pandemic continues unabated, our commitment to providing innovative solutions for continuous glucose monitoring in both human and veterinary markets remains steadfast, says CEO Joacim Holter.
In June, the Company initiated longevity studies in dogs using wireless data readout. This study is crucial for confirming the long-term functionality of our sensor in live tissue. Previously, the Sencell sensor had been tested in human clinical trials for up to three days with wired readout. It is groundbreaking for the Company’s technology to now observe a functional lifespan exceeding two months in vivo. This suggests that Lifecare’s osmotic sensor principle outperforms the longevity of the commercially available CGM sensors.
Another significant milestone this quarter was the filing of a new patent application with the European Patent Office. Lifecare has developed an innovative chemical composition featuring modular receptor molecules capable of detecting a wide range of diseases and conditions. This invention aims to identify and monitor acute or chronic disorders such as cardiovascular disease, metabolic disorders, infections, and immune diseases, in addition to Lifecare’s primary focus on diabetes. This advancement is expected to enhance our glucose measurement capabilities and open new opportunities for measurements in other areas with high commercial potential.
– Strategically, we also acquired an 80% stake in RemovAid this quarter. RemovAid’s medical device plays a critical role in the life cycle of our glucose sensor. Our CGM sensor is designed for subcutaneous injection, and with some modifications, we anticipate that RemovAid’s technology will be suitable for the removal of the Sencell sensor from both humans and animals. Additionally, our recent partnership with OneTwo Analytics, established in August, will enable us to offer software specifically designed to analyze glucose data from our sensors. This software will provide essential insights into glucose deviations and fluctuations, which are crucial for the diagnosis, treatment, and management of diabetes, says Holter.
– We appreciate the confidence demonstrated by both existing and new shareholders in the successful completion of the rights issue in June. This rights issue has been a strategically vital financial move for Lifecare, ensuring we can maintain the momentum towards automated production. Furthermore, the rights issue has been instrumental in meeting the financial requirements for uplisting on Euronext Oslo Børs main list, a process we aim to finalize in the fourth quarter, says Holter.
CEO Joacim Holter will today 12:00 CEST present the results live at Carnegie AS, Fjordalleen 16, Aker Brygge in Oslo.
Link to assess the live webcast and register for presentation: ENROLL