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London Stock Exchange welcomes LungLife AI

Posted: 07 September 2021

London Stock Exchange welcomes LungLife AI, Inc. to trading on AIM. In July 2021 LungLife successfully raised gross proceeds of £17 million and the Company’s market capitalisation on admission was £45 million with a free float of 50.6%. 

LungLife AI’s mission is to make a significant impact in the early detection of lung cancer. The Company is a developer of blood-based clinical diagnostic solutions for lung cancer enhanced by artificial intelligence, 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 individuals with 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 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 and its product pipeline, 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.

Paul Pagano, Chief Executive Officer of LungLife, said: “We are delighted with the strong support shown by new institutional investors for our fundraise and we are very proud to complete our admission to AIM, which is a key milestone in the advancement of our AI-enabled LungLB® test for early lung cancer detection.

“Lung cancer accounts for nearly a quarter of all cancer-related deaths in the US because in many cases it’s diagnosed too late. Early detection is key and we believe our simple blood test enhanced by artificial intelligence will give physicians the additional information needed to identify this disease earlier and reduce its impact."

“Our focus now is to proceed to a larger multi-centre pivotal validation study and secure regulatory authorisation and reimbursement support. We look forward to updating investors as we hit these milestones.”