Bergen, Norway, April 9th, 2024: Today, Lifecare AS (LIFE) (the “Company”), a clinical stage medical sensor company developing the next generation Continuous Glucose Monitor (CGM), publishes Annual Report 2023.
– The technology development and company progress were fantastic in 2023. We expect nothing less in 2024, in our mission to make life easier for patients and pets with diabetes, says CEO Joacim Holter at Lifecare.
– Lifecare’s focus in 2023 was to continue the core product development, achieve ISO 9001 and ISO 13485 certifications and to progress production preparations. Furthermore, we disclosed the intention to initiate new development projects, says Holter. The entire Lifecare organization has executed the core development focus and preparations in accordance with the communicated plan.
Lifecare continued to strengthen the organization in 2023, with additional human resources, including key personnel for transformation of the company towards production and commercialization.
In October 2023 Lifecare successfully closed a capital increase of 42.5 MNOK ensuring financing to bring the company into the production and product ready phase. In November 2023, Lifecare published a commissioned technology valuation report from the Danish Life Science Valuation company Xplico. The report concludes that Lifecare’s technology have a risk-adjusted Net Present Value of 247 MEUR.
– 2023 was paved with important milestones at Lifecare, due to a strategic increase of activities in the organization. We have invested in increased activities for a successful outcome of our commitment to make life easier for patients and pets with diabetes. These strategic investments have obviously increased our financial costs, while building shareholder values, says Holter.
OUTLOOK
The CEO says the main focus for 2024 is to continue the trans- formation towards marked readiness based on establishing automated production by end of Q2 2024. On this basis Lifecare aim to launch its first product in the veterinary market in 2024, as well as to initiate our longevity study in dogs (LFS-SEN-002) and our next clinical study (LFS-SEN-003).
– The clinical study LFS-SEN-003 will be the first of a sequence of activities specifically aimed towards obtaining the CE mark for launch in the humane market. In parallel with the production and product preparations we will intensify our efforts to take advantage of our technology’s platform potential. We aim to exploit product potential in new markets, including sensing and/ or monitoring of analytes beyond glucose. It is likely that our veterinary initiative will play a major role in the additional business developments, says Holter.
CEO Joacim Holter concludes by saying that the Lifecare Group is better positioned than ever before as we prepare to execute on our mission to make life for patients and pets with diabetes easier, better, and more predictable.