Lifecare - Sanofi Product Development Agreement Update

29 Oct 2024 07:00 CET

Bergen, Norway, 29 October 2024: Lifecare ASA (LIFE), a clinical stage medical
sensor company developing the next generation Continuous Glucose Monitor
(CGM), announces the finalization of a new development phase under the
Company's Product Development Agreement with Sanofi.

Reference is made to previous investor communication, dated 23 September 2021
and subsequent updates. Lifecare is engaged in a Product Development Agreement
to advance the miniaturization of Lifecare's sensor technology for integration
into Lifecare's Sencell Continuous Glucose Monitoring system.

Under the terms of the agreement, Sanofi has committed to providing financial
contributions to support further development of Lifecare's technology. In
return, Lifecare has granted Sanofi a right of first refusal to negotiate a
global and exclusive license (for human application) to Lifecares patented and
proprietary glucose monitoring technology.

Upon completion of a defined development phase, Lifecare will today submit a
phase-end report to Sanofi. This event triggers the release of funding
contribution, while the Product Development Agreement continues in accordance
with the development progress. This phase-end report does not directly
activate commercial rights, but it highlights Lifecare's commercial progress,
demonstrating the achievement of previously reported technological milestones.

Subject to the continued development progress, Lifecare expects to submit the
next phase-end report under the Product Development Agreement after completing
its longevity study in dogs, targeted for Q1 2025. This report could
potentially activate commercial rights, however, Lifecare has no indication at
this stage as to whether these commercial rights will be triggered.

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

More information:
Access the news on Oslo Bors NewsWeb site

630573_Lifecare - Sanofi Product Development Agreement Update.pdf