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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Lifecare AS    LIFE-ME   NO0010591191

LIFECARE AS

(LIFE-ME)
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Lifecare : participating in research project awarded EUR 3,9 million from the EU Commission for development of a bionic invisible pancreas to FORGETDIABETES.

10/05/2020 | 02:01am EST
Lifecare participating in research project awarded EUR 3,9 million from the EU
Commission for development of a bionic invisible pancreas to FORGETDIABETES. 

Lifecare (LIFE-ME) is a Bergen-based technology company developing a miniature
sensor for correct and continuous monitoring of diabetics' blood sugar. Its
patented technology is also used as a central component in a rapid test for
Covid-19 and as a measurement unit for reading out different biomarkers.

In collaboration with six academic in Italy, France, and Germany, Lifecare has
established the project "FORGETDIABETES". Its goal is to develop an
immuno-optimized, fully implantable, fully automated, artificial pancreas for
intraperitoneal hormone delivery, enabling an optimal glycaemic control for
type-1 diabetes patients. With the support of Lifecares sensor technology, the
user of the artificial pancreas will be supplied with the correct amount of
insulin based on continuous measuring of blood sugar. 


"This is a very ambitious and exciting research project. If it succeeds, it
eliminates the need for the user to measure blood sugar several times a day and
control insulin intake. The entire process will happen automatically, and be a
huge improvement to today's alternatives," says Lifecare Chief Medical Officer
Kåre Birkeland.

FORGETDIABETES has received EUR 3,9 million, just over NOK 43 million, from a
FET-Proactive announcement under the EU funding programme for research and
innovation, Horizon 2020. The funds are partitioned on the seven parties, where
Lifecare received EUR 570.000, close to NOK  6,3 million. Development,
implementation and testing of the technology is estimated to take around 4,5
years. 

"Besides the great recognition of the innovative work Lifecare and its
co-workers represent, the allocation of funds from EU funding programme for
research and innovation constitute the beginning of a new potential development
of a product based on our core technology," says Lifecare CEO Joacim Holter. 

Lifecare is the only Norwegian company receiving funds from the EU in this
round. Previous years only two other Norwegian companies have received funding
from this program. 

"To receive funding through FET is very difficult, so the application that
Lifecare delivered to the EU was excellent. The consortium that Lifecare is part
of, FORGETDIABETES, is working with an exciting nano-technology with the
potential of changing the lives of millions of people if it succeeds, " says
Kristin Danielsen, Executive Director - Internationalisation and the research
system at The Research Council of Norway. 

For more information, please contact:
Joacim Holter
CEO, Lifecare
joacim.holter@lifecare.no
+47 40 05 90 40

Rune Frisvold
COO, Lifecare
rune.frisvold@lifecare.no
+47 90 13 60 63

Information is available at Lifecare.no; 

https://lifecare.webflow.io/lifecares-sensorteknologi-er-sentral-i-et-forsknings
prosjekt-som-far-43-millioner-kroner-i-eu-stotte

Participants in FORGETDIABETES are:
University of Padova, Italy (coordinator), Sant' Anna School of Advanced
Studies, Italy, Lifecare AS, Norway, Pfützner Science & Health Institute,
Germany, Centre Hospitalier Universitaire de Montpellier, France,
Forschungsinstitut der Diabetes-Akademie Bad Mergentheim, Germany, and WaveComm,
Italy.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2019 - - -
Net income 2019 -6,55 M -0,74 M -0,74 M
Net cash 2019 14,6 M 1,65 M 1,65 M
P/E ratio 2019 -40,7x
Yield 2019 -
Capitalization 358 M 40,5 M 40,4 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 100%
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Managers
NameTitle
Joacim Holter Chief Executive Officer & Director
Christian Hysing-Dahl Chairman
Rune Frisvold Managing Director & Chief Operating Officer
Andreas Pfützner Chief Scientific Officer
Konstantin Kloppstech Vice President-Technology
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