Development and preparations for first-in-human pilot study is on track as Lifecare successfully has manufactured nanogranular tunneling strain (NTR) sensors on the prototype Sencell electrodes at the new Lifecare NanoBioSensors laboratory. The manufacturing of NTR sensors is a major technical achievement for Lifecare.
On the operational side, the Lifecare Board of Directors has approved the Share Purchase Agreement for the strategic acquiring of the laboratory business of Pfützner Science and Health Institute in Mainz. In this context we find it encouraging that the laboratory recently received a Eurostar Grant of 388.000 EUR for the years 2022–2025.
Other operational news: Lifecare has established new offices in Bergen and Oslo Børs has revoked the previously imposed fine as a result of Lifecares appeal. All in all, we have repositioned Lifecare throughout 2021, straightened out important open development issues and are now confidently looking ahead towards the development and clinical studies planned for 2022.
Progress development
Throughout 2021 Lifecare has invested in tangible and intangible assets, as well as hiring highly skilled key personnel to ensure sensor development and production directly controlled by Lifecare. Based on these efforts, Lifecare recently passed a major technical and organizational milestone as the Lifecare NanoBioSensors laboratory has successfully printed NTR sensors directly on electrodes of the prototype Sencell sensors. As shown on the picture the printed NTR was of the size of approximately 1 micron = 0,001 millimeter.
The successful operation confirms previous development result and our development schedule. The achievement is also important for our internal documentation of sensor functionality. The next task in this development is to optimize the NTR sensor printing and define and produce new wafers of Sencell sensors with electrodes to ensure in-vitro testing at Lifecare prior to the first-in-human pilot studies.
Ownership of PSHI lab
Another important operational milestone for Lifecare is to formalize the acquisition of the laboratory business of Pfützner Science and Health Institut GmbH (PSHI). In a meeting December 15th the Lifecare Board of Directors approved the Share Purchase Agreement, bringing Lifecare a leap closer to the formal ownership of the PSHI Lab. The PSHI Lab is a company with advanced competence in blood-glucose measurement technologies, as well as validation and evaluation of other diabetes related medical equipment. In addition to
commercial contracted research generating revenue, the Lab is part of several pan-European R&D consortiums receiving public research-funding. The Lab recently received confirmation of a new Eurostar grant, amounting up to 388.000 EUR confirmed in November 2021 with duration until 2025. The goal of this Eurostar project is to develop an insulin pump for kids. This grant, as well as two additional active grants, are part of the assets included in the acquisition of the PSHI Lab.
New office space
In Norway, Lifecare has established new offices in Bergen with effect from December 1st. The new headquarter is situated 2 minutes from the airport in Bergen.
Operational update webcast
November 10th Lifecare hosted a webcast and presented the Q3 2021 operational update. The presentation given is published and available on Lifecare’s webpage.
Revoked fine from Oslo Børs
As previously informed, Oslo Børs imposed a fine of NOK 100,000 on Lifecare October 5th, 2021, for violating the duty to immediately disclose inside information. Alongside the original decision from Oslo Børs, Lifecare received documentation that was previously not disclosed for the current management of Lifecare. This documentation shed new light on the process leading to the information Oslo Børs considered as inside information, and on this base Lifecare decided to appeal the decision from Oslo Børs. Based on Lifecares appeal, the disciplinary committee of Oslo Børs have decided to revoke the decision imposing the fine. The new information and Lifecares argumentation made it clear that the information at matter was not inside information. Consequently, Lifecare has not acted in breach with the rules or regulations for listed companies. Lifecare is happy that this matter is straightened out, as we also have identified several learning-points from the process.
We wish you all a merry Christmas and a healthy and happy New Year. May this Christmas bring you many reasons to smile. We look forward to continuing this journey together.