LungLife AI - Pricing Confirmation and Publication of Admission Document

 2 July 2021 

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION (EACH A “RESTRICTED JURISDICTION”). 

This announcement is not and does not constitute or form part of, and should not be construed as, an offer of securities for subscription or sale in any jurisdiction nor a solicitation of any offer to buy or subscribe for, any securities in any jurisdiction, including in or into any Restricted Jurisdiction, nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This announcement is not an admission document or prospectus and does not constitute a recommendation regarding any securities. Investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws and regulation and on the basis of the information in the final admission document (“Admission Document”) to be published by the Company, and any supplement thereto, in connection with the placing of the existing common shares of $0.0001 each in the capital of the Company (“Common Shares”) and the proposed admission of the Common Shares to trading on the AIM market of London Stock Exchange plc (“Admission”). The Admission Document will be published today and will be available for viewing on the Company’s website at www.lunglifeai.com. Terms capitalised in this announcement but not defined herein shall have the meaning given to them in the Admission Document. 

LungLife AI, Inc. (the “Company” or “LungLife”) 

Confirmation of Issue Price for Placing & Subscription 

Fundraising of 9,659,091 Common Shares at 176 pence per share 

and 

Admission to trading on AIM 

LONDON, UK. AND THOUSAND OAKS, CALIFORNIA, US (2 July 2021). LungLife AI (AIM: LLAI), a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence, announces that it has raised approximately £17 million by way of a Placing and Subscription (the “Fundraising”) at the Issue Price of 176 pence per share. 

On Admission, LungLife will have 25,480,790 Common Shares in issue, all of which will be admitted to trading on AIM, and a free float of approximately 50.6 per cent. It is expected that Admission will become effective and that dealings will commence in the Common Shares on AIM at 8.00 a.m. on 8 July 2021 under the ticker LLAI. The Company’s ISIN is USU5500L1045 and its SEDOL is BLPJ4G2. 

The market capitalisation of the Company at the Issue Price will be approximately £44.85 million immediately following Admission. 

Investec Bank plc is acting as Nominated Adviser, Sole Bookrunner and Sole Broker. 

Key Highlights 

• LungLife is a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence. The Company’s diagnostic solutions are designed to make a significant impact in the early detection of lung cancer. 

• The Company’s technology is a combination of the recovery of rare cells and blood-based biomarkers shown to be altered in lung cancer. The Company employs machine learning to improve biomarker detection, and 

• intends to build a deep, novel pool of lung cancer-related data for AI-enabled applications designed to improve its diagnostic solutions over time. 

• The Company’s core technologies are integrated in the LungLB® test, which is intended to be used as a tool to provide physicians with additional information to help in the decision-making process for people with indeterminate lung nodules that may be lung cancer following a CT scan. There are estimated to be over 1.5 million indeterminate lung nodules diagnosed each year in the United States. The LungLB® test may have additional utilities, the most significant of which is likely to be in monitoring individuals for recurrence following surgical removal of cancerous lung nodules. 

• The Company has completed a 149 subject pilot study to evaluate the LungLB® test, which showed a well-balanced performance and a Positive Predictive Value of 89 per cent. The Company is now gearing up to proceed to a larger, multi-centre validation study to garner regulatory and reimbursement support and facilitate commercialisation. 

• To support development of the LungLB® technology, the Company has entered into various agreements with the Icahn School of Medicine at Mount Sinai (“Mount Sinai”), which is an international leader in medical and scientific training and biomedical research and is part of the Mount Sinai Health System. Mount Sinai is committed to building a world-renowned lung cancer programme with expertise in screening, early detection and biomarker research and has recently established its Center of Excellence for Thoracic Oncology programme. 

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