Lifecare ASA

Earnings Release • Aug 30, 2024

Correction: LIFE: Lifecare ASA Q2 2024

Correction: LIFE: Lifecare ASA Q2 2024

Reference is made to the Q2 2024 report published by Lifecare ASA (the

"Company") on 27 August 2024. In connection with the uplisting to Euronext

Oslo Børs, the Company has conducted new assessments of its financial

statements and, in collaboration with its auditor, concluded to recognize the

warrants issued in connection with the previously announced rights issue as an

equity instrument in its Q2 2024 financial statements. As a result, the Board

of the Company has today approved an amended Q2 2024 report reflecting these

corrections. The result as of 30 June 2024 remains unchanged. Updated Q2 2024

report is attached to this notice, together with the Q2 2024 presentation.

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

(https://edge-iqy.carnegie.se/Events/Index?parm2=erKtL1HSUQo4+P+rQnACuAvbWnIaYSsrDJtV2aUs/NDzQv+X6DP+Nqmh8NUn8GknSbJoPbdNOQbHCfn91MrxIxp3e4YINWulEkye+KW1VCg=)

About us

Lifecare ASA is a clinical stage medical sensor company developing technology

for sensing and monitoring of various body analytes. Lifecare's main focus is

to bring the next generation of Continuous Glucose Monitoring ("CGM") systems

to market. Lifecare enables osmotic pressure as sensing principle, combined

with the ability to manipulate Nano-granular Tunnelling Resistive sensors

("NTR") on the sensor body for read-out of pressure variations. Lifecare's

sensor technology is referred to as "Sencell" and is suitable for identifying

and monitoring the occurrence of a wide range of analytes and molecules in the

human body and in pets.

Contacts

For further information, please contact:

Joacim Holter, CEO, joacim.holter@lifecare.no, +47 40 05 90 40

Renete Kaarvik, CFO, renete.kaarvik@lifecare.no, +47 94 83 82 42

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2024-08-30 15:50 CEST.