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April 2024 Newsletter

April 24, 2024

Successful oversubscribed bridge funding II towards existing shareholders
Since our last update, InsuLife has completed a successful bridge funding among current shareholders. The target amount was NOK 1 million and more than NOK 3 million was raised.

Update on the activities to raise up to USD 10 million
We remain positive in our work to raise up to USD 10 million, either by issuing shares or by convertible loans. We are in contact with several interested investors both in Europe, USA, and India. These are ‘big ticket’ investors and thus processes are taking time.

Manufacturing and stability testing of technical batch
Manufacturing of INS-2301 by Pharma Production was successful, with the technical batch fulfilling the specifications, and the analytical method issues solved.

However, the stability testing has revealed that concentration of human insulin in the formulation decreased quite fast. We know that the product was effective in lowering blood sugar in diabetic rats 3-4 months after manufacturing of the applicable INS-2301 batch. The animal test undertaken with a product manufactured in the US and transported via UK to Monastir in Tunisia, all the way in ambient temperature.

Thus, we must investigate the chemical processes thoroughly to create documentation for regulatory authorities on the active ingredient before filing a clinical trial application.

The outcome of the animal test carried out in 2023 makes us confident that this is an issue we can solve. This means that the phase 1 clinical study will be put on hold until we have a stable product. We do not have an exact time estimate but expect to have the clinical study results in 2025.

InsuLife’s mission of improving everyday life for people with diabetes is motivating us to do our best every day. We believe that will create long time value for patients, our shareholders and society at large.

Enquiries:
Åge Nærdal, Chief Executive Officer
Email: info@insulife.com

About InsuLife
InsuLife is a pioneering private company based in Norway. InsuLife is dedicated to transforming the way in which insulin is administrated by diabetes patients by developing its unique transdermal insulin formulation, INS-2301 (formerly termed Levellor™). Needle-free insulin has the potential to revolutionize the diabetes market. In 2021 537 million people lived with diabetes worldwide and according to estimates released by the Lancet Medical Journal in June 2023 more than 1.3 billion people worldwide will have diabetes in 2050.

Read more at www.insulife.com.

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InsuLife is a Norwegian company aiming at bringing the unparalleled developmental INS-2301 skin-applied insulin to market.
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