Lifecare floats on Oslo stock exchange
Norwegian diabetes expert Lifecare AS has gone public on the Oslo stock exchange. The sensor maker plans to fund the next phase of development for its implantable glucose sensor.
Lifecare AS was admitted to start trading outstanding shares on Merkur Market on July 10. The Bergen-based life-science company researches and develops miniature sensors for convenient glucose monitoring. Named Sencell, the device is meant to be implanted under the skin on the arm, where it detects changing glucose levels by osmotic pressure. These will then be transmitted wirelessly to your watch or phone. “We are going to finalize the clinical trials, apply for European approval and develop a working prototype within the next three years,” says Rune Frisvold, CEO.
“People with diabetes must watch closely their glucose levels to get the right amount of insulin at the right time,” added Christian Saure, Chairman of the Board. “Diabetics deserve a modern tool with new features for glucose monitoring that is more convenient, more precise and more trustworthy. Going public, we expect that Lifecare will give additional momentum and contribute to address diabetes, one of the biggest lifestyle diseases that we are facing.”
With more than 425 million people worldwide suffering from diabetes mellitus, the diabetes treatment market is large: Global healthcare spend related to diabetes is expected to reach approximately US$800bn in 2040. Lifecare states that it is estimated that around 37% of people with diabetes should monitor their glucose levels.