Lifecare AS (LIFE) announced the finalization of a new development phase under the Company?s Product Development Agreement with Sanofi. Reference is made to previous investor communication and Lifecare Stock Exchange Notification September 19th, 2023. Lifecare is engaged with Sanofi in a Product Development Agreement aimed at advancing 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 provide funding contributions, supporting the further development of Lifecare?s technology. In return, Lifecare has granted Sanofi a right of first refusal to negotiate, allowing them an exclusive opportunity to license and globally exploit the technology. Following the finalization if the development phase, Lifecare will submit a phase end report to Sanofi.

This event triggers the release of funding contribution from Sanofi, while the Product Development Agreement continues in accordance with the development progress as indicated in the Stock Exchange Notification released September 19th, 2023. This phase-end report does not directly activate commercial rights as per agreement, but it signifies Lifecare?s commercial progress based on previously reported technology milestone achievements. Subject to the continued development progress, Lifecare expect to report the next phase-end report under the Product Development Agreement in first quarter of 2023.