9 September 2021
LungLife AI, Inc.
(the “Company” or “LungLife”)
LungLife AI (AIM: LLAI), a developer of clinical diagnostic solutions for the early detection of lung cancer enhanced by artificial intelligence, announces its maiden unaudited half-year report for the six months ended 30 June 2021 following admission to trading on AIM on 8 July 2021.
LungLife, based in California, USA, is a developer of clinical diagnostic solutions for the early detection of lung cancer from a simple blood draw, enhanced by artificial intelligence (“AI”). Lung cancer is one of the most lethal cancers, accounting for nearly a quarter of all cancer-related deaths in the US, and its global incidence has increased by 37% from 2007-2017.
Summary and Highlights:
- H1 2021 Revenues of $107k which entirely relates to resale of FISH probes to the licensee of the LungLB technology in China
- Loss before tax of $4.57m, after charging IPO costs of $2.1m. Adjusted EBITDA1 loss of $2.23m.
- Admission to AIM & successful £17m (gross) fundraising at an issue price of 176p on 8 July 2021
- Net proceeds to be used to complete its multi-centre pivotal validation studies and support progress towards regulatory authorisation and reimbursement
- Since IPO:
- CRO for clinical studies has been engaged
- Actively seeking our first new hires: Directors of R&D and Quality and a Clinical Laboratory Scientist
- On track for PLA code application
- Targeting commercialisation of LungLB® in 2023
Commenting on outlook, Paul Pagano, Chief Executive Officer of LungLife, said: “Early detection is absolutely key to ensure better outcomes for people with lung cancer and we believe our LungLB® test will give physicians the additional information needed to identify this disease earlier and reduce its impact.
“The funding provided through our AIM IPO allows us to proceed to a larger multi-centre pivotal validation study and secure regulatory authorisation and reimbursement support. We are now laying the groundwork for successful implementation of our clinical programmes.”
- Earnings before income tax, depreciation and amortisation, adjusted to exclude exceptional item and other operating income
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