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Half-year Report

September 26, 2022

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

Half-year Report

 LungLife AI (AIM: LLAI), a developer of clinical diagnostic solutions for the early detection of lung cancer announces its unaudited half-year report for the six months ended 30 June 2022.

Summary and Highlights (including post-period end):

  • Cash as of 30 June 2022 of $10.63m
  • Loss before tax of $4.47m and EBITDA loss of $4.31m
  • Six sites participating in the Company’s LungLB® validation study, up from three at time of preliminary results in March, with more in the pipeline
  • New York Clinical Laboratory Evaluation Programme (“CLEP”) permit awarded
  • CPT® Proprietary Laboratory Analyses (PLA code), a key component towards reimbursement in the US market, awarded and became effective on 1 April 2022
  • Appointment of Dr Drew Moghanaki, an internationally recognised lung cancer specialist, to the Company’s Scientific Advisory Board
  • With the existing sites participating in the validation study and the additional sites already in the pipeline, there is a continued expectation that we will complete enrolment of our validation study by end of March 2023 and initial commercialisation with nominal revenues of LungLB® later in 2023

 Commenting on outlook, Paul Pagano, Chief Executive Officer of LungLife, said: “I am proud of the progress that the team has made over this six-month period. Our validation study is well underway, having enrolled our first participant in February, and we are where we expected to be at this time point to be able to complete enrolment by the end of Q1 2023.

“Beyond the continued enrolment of participants into the LungLB® validation study, over the remainder of the year we are focused on progressing towards commercial reimbursement. Following the grant of a CPT® PLA code in January, we now look ahead to the processes of pricing and coverage for the LungLB® test.”

Please click HERE for the full report.

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