Lifecare ASA

Report Publication Announcement • Apr 9, 2024

LIFE - Lifecare s Annual Report 2023

LIFE - Lifecare s Annual Report 2023

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.

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 2024-04-09 23:03 CEST.