Lifecare ASA

Regulatory Filings • Apr 3, 2024

LIFE - Breakthrough: Reaching target for pilot production

LIFE - Breakthrough: Reaching target for pilot production

Bergen, Norway, 3rd April 2024: Lifecare AS (LIFE), a clinical stage medical

sensor company developing the next generation Continuous Glucose Monitor

(CGM), has successfully reached the target for pilot production of the Sencell

sensor. Reports show a breakthrough, and this will pave the way for the

automated production by end of Q2 as scheduled.

Reference is made to Lifecare's list of trigger events, as presented at the Q4

report of February 27th, 2024. Finalizing pilot production in Q1 and the

launch of an automated production line by end of Q2 2024 are set as major

milestones.

Commercialization is anticipated for Lifecare in the near future as the

company now continues the processes of setting up automated production by the

end of the second quarter.

- This milestone is in many ways more important to us than regulatory

approval. This confirms that we can mass-produce our sensor that can measure

glucose levels in humans and animals. The milestone means that we are a

significant step closer to the goal of bringing this ground-breaking

innovation from Norway to the global diabetes technology market. It will also

strengthen our expectations of taking a position as a significant

international manufacturer of continuous glucose monitors, says CEO Joacim

Holter.

- We must admit that we have faced very complex technical challenges over

time. We have been aggressive, but realistic regarding the plan for trigger

events. I am therefore incredibly happy that we have kept what we promised the

shareholders, says Holter.

Lifecare has gone from production by hand to pilot production with machines.

This will naturally make the company far more efficient and increase the

production quality of the sensors.

IMPORTANT STEPS DUE TO PRODUCTION ARE SOLVED

Our team in Reutlingen, Germany, used a Scanning Electron Microscope (SEM)

with customized software to produce the Sencell - Lifecare's unique sensor for

Continuous Glucose Monitoring applying osmotic pressure as the sensing

principle.

Sophisticated 3D-printing processes carried out in a SEM enables Lifecare to

obtain the precision necessary to apply pressure sensing elements of a size as

small as 40 nanometers (one nanometer corresponding to a millionth of a

millimeter).

An essential part of the production preparations has been the programming of

the software. The steps of comprehensive coding and customization went

according to plan. Hence the software program was able to successfully handle

the part of the pilot production used by the SEM. This part of the production

is considered as step one.

Step two of the pilot production is also considered as finalized. This part of

the production is the automated process of filling Lifecare's proprietary and

patented glucose-reactive chemical solution in the nanosized chambers of the

sensors. This will also apply the nano-porous membranes to seal the chambers

after filling. To solve this part of the production we use automated

production components; a BioScaffolder ("BS 3.3) and a customized Nano-Plotter

("NP 2.1") from the German supplier GeSiM mbH.

OUTLOOK

- In theory, we can start automated serial production tomorrow. It does,

however, remain important details to finally prepare for volume production.

Based on the pilot production, we are confident about the further process.

This is definitely a major breakthrough for the company, but not least for a

product in a global market. We will launch the sensor for the veterinary

market first, says Joacim Holter.

About us

Lifecare AS 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, Lifecare AS, joacim.holter@lifecare.no, +47 40 05 90 40

Asle Wingsternes, Head of Communications & Public Affairs,

asle.wingsternes@lifecare.no, +47 41 61 42 52

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

5-12 and MAR Article 19 no. 3. The information was submitted for publication

at 2024-04-03 07:55 CEST.