July 11, 2007 — IQ Micro Inc., exclusive licensor of patented electro-osmotic membranes and micro-pumps for the microfluidic technology sector, has entered an agreement in principle with its parent company, Osmolife AS, to acquire all of the issued and outstanding shares of Lifecare AS. A private Norwegian company, Lifecare is developing advanced micro and nanotechnology for the diabetes monitoring market. The proposed transaction is scheduled to close on July 15, 2007.
IQ Micro President and CEO, Johnny Christiansen, said, “With this acquisition, IQ Micro will strengthen its position in the $11 billion worldwide diabetes market by gaining immediate access to the parent company’s proprietary technologies. As we continue to commercialize our licensed microfluidics technologies, Lifecare’s patented technology will create another important building block in the future of diabetes treatment for the company.”
Lifecare has been developing an implantable osmotic sensor for automated, continuous glucose monitoring. The company’s proprietary sensor, SENCELL, promises precision and accuracy beyond existing solutions. SENCELL integrates micro and nanofabrication technologies into a tiny device that provides a platform for development of a long-term, in vivo glucose sensor solution to replace conventional, less efficient glucose monitoring and measurement techniques.