Bergen, Norway, 13 November 2024: Today, Lifecare ASA (LIFE) (the “Company”), a clinical stage medical sensor company developing the next generation Continuous Glucose Monitor (CGM), publishes its Q3 2024 financial report and operational update.
Lifecare continued to build positive momentum towards market introduction of Sencell, our innovative next- generation Continuous Glucose Monitor (CGM). Apart from significant technical confirmations of longevity and automation of processes, the third quarter was characterized by preparations leading to listing on Euronext Oslo Børs in October.
In the Company´s longevity study, the first Sencell implant was removed after 12 weeks. Comprehensive evaluations, including visual inspection, biopsies, and bacteriological testing, confirmed that no unexpected foreign body reactions or adverse tissue responses occurred, affirming the biocompatibility of the Sencell implant. These findings are based on previous laboratory studies, where Sencell demonstrated an impressive longevity of 172 days, surpassing the operational lifespan of all major CGM systems currently on the market.
A major achievement this quarter has been the automation of critical stages in the Sencell implant production process, a significant step forward in the transition towards automated production. This advancement demonstrates the Company’s capability to scale production for both human and veterinary applications.
– While our primary goal remains delivering a CGM product for the human market, we are also addressing the substantial unmet demand in the veterinary sector. Despite the less stringent regulatory requirements in this market, we are committed to a rigorous development process to achieve human-grade quality standards. Production fine-tuning is underway to achieve optimal consistency, and we are progressing toward completing final testing by early 2025. This approach will enable Lifecare to meet an essential need for pets and pet owners with uncompromising quality as we continue the studies required to obtain CE-mark approval for the Sencell implant in the human market, says CEO Joacim Holter.
– In Q3, we entered into a strategic partnership with OneTwo Analytics, a Swedish data analytics company specializing in diabetes data. This collaboration will grant Lifecare access to OneTwo’s advanced AI- and ML-based software for real-time monitoring and automatic analysis of CGM data. OneTwo will also develop a user-friendly mobile application, supporting both veterinary and future human healthcare applications, says Holter.
Finally, on 22 October, Lifecare was successfully listed on Euronext Oslo Børs. This milestone reflects the Company´s ongoing efforts to balance cutting-edge innovation with commercial readiness, meeting enhanced compliance standards while increasing its visibility and accessibility to institutional and international investors as Lifecare approaches the commercialization phase.
CEO Joacim Holter will today 11:00 CET present the results live at Carnegie AS, Fjordalleen 16, Aker Brygge in Oslo.
To register for physical attendance and 1:1 meeting, please send an email to ca@carnegie.no. To access the live webcast Join the Teams-meeting here