Louise Mohn’s health technology company has lost 132 million in two years – quarrels with business partner

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Still no product

Luzmon Medical is located in the health industry, where Trond Mohn has been one of Norway’s largest philanthropists for a number of years. Trond Mohn has donated just over NOK 1.6 billion to various research projects, many of which deal with health.

Luzmon is working to develop a technology that through electrotherapy will treat pain, muscles and nerve problems, including for cancer patients.

– I got sports injuries in my youth and became a chronic pain patient for almost 14 years. Electrotherapy saved me, and I’m passionate about helping others in the same situation, wrote Louise Mohn in an earlier message to Dagens Næringsliv.

So far, the work of building the technology has not resulted in a finished product for Luzmon Medical. The plan was originally to commercialize the technology in 2018.

Unresolved arbitration case

Instead, the company ended up in conflict with one of its subcontractors, which has had major consequences for Louise Mohn’s company. In 2020, Luzmon had to make write-downs of 90 million. The write-downs were due to alleged breaches of the agreement between Luzmon and one of the company’s subcontractors.

In the first half of 2021, an arbitration case was filed against the subcontractor due to what Luzmon perceives as unacceptable delivery and performance. The notes to the accounts state that Luzmon requires cover for the losses the company has suffered as a result.

DN has tried to get a comment from Louise Mohn and Trond Mohn, but no one wanted to comment on the conflict with the subcontractor or the result to Luzmon Medical. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms se her.

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