OSLO: Lifecare AS announced an exciting joint venture (JV) to further develop Lifecare’s technology and digitize medical diagnostics. The joint venture with IMS Capital Partners will establish Digital Diagnostics AG, a company co-owned by IMS Capital Partners, Lifecare AS and employees.
The deal will take effect from today and Digital Diagnostics AG will become operational within the next week.
Based on the agreement between IMS Capital Partners and Lifecare AS, the remaining Sencell Glucose Sensor technology development will be fully funded up to and including CE-approval and Lifecare AS will therefore not need to implement a planned capital increase in H2 2020. The initial capital infusion in Digital Diagnostics AG will be NOK 75,000,000 which will be fully paid by IMS Capital Partners. Lifecare’s technology is critical for Digital Diagnostics and will therefore fully fund the remaining development of Lifecare’s Sencell device.
In addition to the economic benefit of the fully funded Sencell development Lifecare will receive 25 % of the shares in Digital Diagnostics AG.
With the partnership, Lifecare and Digital Diagnostics will be able to explore how the technology and IP can be used outside the field of glucose monitoring and data collection, such as in e-health, big data, and lifestyle technologies and other fields. It will be the base to later combine different sensor solutions in one measuring unit that reads multiple biomarkers.
The aim is to further digitize medical diagnostics and related services, such as digital medicine, and AI based data analysis. Establishing the joint venture will provide access to new markets outside Lifecare’s core business and strengthen the Lifecare organization
Edited by Kazim Rizvi