IMS Capital Partners and Lifecare sign joint venture to develop and digitize technologies
Today IMS Capital Partners, a group of high-net worth investors, and Lifecare AS (LIFE-ME), a Norwegian life-science company, announced a new and very exciting joint venture “Digital Diagnostics AG” to further develop and digitize Lifecare’s technology and medical diagnostics. The deal will take effect as of today and Digital Diagnostics AG will become operational within a week with its head office in Mainz / Frankfurt.
Based on the agreement between IMS Capital Partners and Lifecare AS, the remaining Sencell development including CE-approval will be fully funded and Lifecare AS’ second round of funding originally scheduled for H2 2020 will not be necessary. The initial capital infusion in Digital Diagnostics AG will be NOK 75,000,000 which will be fully paid by IMS Capital Partners.
Lifecare is developing an implantable continuous monitoring device and technology, Sencell Glucose Sensor, for glucose assessment. The joint venture will build a broad medical based data pool, initially based on Lifecare’ glucose monitoring device and later on a multi bio-marker platform.
“IMS Capital Partners and Lifecare have identified common interest to develop the Sencell technology further. We will aim to later combine different sensor solutions in one measuring unit that reads different biomarkers. Together we also aim to digitize medical diagnostics and related services, a field with extremely exciting opportunities for digital medicine and AI based data analysis,” said Christian Torp Saure, Chair of the Board, Lifecare.
IMS Capital Partners have a successful track record in e-commerce, technology and mobility.
Lifecare’s technology is critical for Digital Diagnostics’ market penetration and Digital Diagnostics 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.
“The partnership is strategically and economically exciting because Lifecare and Digital Diagnostics will be able to explore how the technology can be used also outside the field of glucose monitoring and data collection, such as in e-health, big data, lifestyle technologies and other fields,” says Saure.
“Establishing the joint venture will in addition further strengthen the Lifecare organization and provide access to new markets outside Lifecare’ core business. It goes without saying that this is a very important day for Lifecare and its shareholders,” says Prof. Dr.med Andreas Pfützner, Chief Scientific Officer, Lifecare