Lifecare’s Annual Report 2022: Important milestone achievements

28 Mar 2023 21:32 CEST

For Lifecare 2022 was characterized by confirmation of the technology, Clinical
Development Study, and building an organization that makes us even more robust
and competent to face upcoming challenges. - Important milestone achievements
naturally provide a good basis for the ongoing work related to the glucose
sensor, CEO Joacim Holter states.

- Our organization proved its capacity in full strength as we initiated our
first-in-human Clinical Development Study (LFS-SEN-001) in the end of June 2022.
This very important milestone was met within the planned timeline, and even more
important the milestone achievement was based on capacities and knowledge within
the now robust Lifecare Group, Holter says.

The CEO thinks it is also worth mentioning that Lifecare met an even more
important milestone some weeks in advance of the LFS-SEN 001. On June 1st, 2022,
the team at Lifecare NanoBioSensors managed to reproduce stable signals and
measurements in vitro with the developed miniaturized sensor prototype. This was
a groundbreaking science achievement for Lifecare, proving the technology
functionality on the nanoscale and confirming the platform sensing potential of
the technology.

Despite very rough and unpredictable global capital markets, Lifecare managed to
raise 45 MNOK in net proceeds in a private placement in October 2022. The
private placement was based on the continued financial support from our main
shareholders, as well as new investors with interest in our project. - This
strong shareholder support is essential for Lifecares development project, and
we are committed to ensure return of investments as we move ahead with increased
believe in our mission, Holter says.

The capital increase and our growing organization led to a strengthened balance
sheet with total assets in the Lifecare Group of 70MNOK for 2022, up from
32,2MNOK in 2021.

The acquisition of Lifecare Laboratories and its operational activities led to
all-time-high Group revenue of 22,1 MNOK, up from 1,6MNOK in 2021. The Group
annual net profits ended at -17,5MNOK, compared to -15,8MNOK in 2021, despite
activity driven increase in the expenses concluded at 39,5MNOK compared to
17,5MNOK in 2021.

- Based on our development achievements, we ended 2022 with even higher
confidence in our plan for further development. 2022 was the first full year of
operations with the integrated organization based on strategic acquisitions
initiated in 2021. Going forward we will focus on additional strengthening of
the organization based on various measures, to establish an increasingly solid
fundament for growth based on quality and compliance, CEO Joacim Holter
concludes, Holter says.

- Without reducing the necessary focus on the important task related to the
glucose sensor, Lifecare will in addition increase the focus on new markets for
our technology. We will also consider additional strategic measures, with the
purpose to strengthen the Company and shareholder values, CEO Joacim Holter
concludes.

Link to Lifecare's Annual Report 2022: https://lifecare.no/reports/

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Further information
Joacim Holter, CEO, Lifecare AS, joacim.holter@lifecare.no, +47 40 05 90 40

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act. This stock exchange announcement was
published by Joacim Holter, CEO at Lifecare AS, 28 Mars 2023 at 21:32 CET.

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