LungLife AI (AIM: LLAI) - Preliminary Results

28 March 2022

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

Preliminary results

LungLife AI (AIM: LLAI), a developer of clinical diagnostic solutions for lung cancer, announces its maiden audited preliminary results for the year ended 31 December 2021, following admission to trading on AIM on 8 July 2021.

Summary and Highlights for the year:

• Revenues of $196k (2020: $205k) of which $88k (2020: $Nil) represented first royalty income from sales under our sub license in China
• Loss before tax of $7.43m, after charging IPO costs of $1.1m. Adjusted EBITDA¹ loss of $5.8m
• Admission to AIM and successful £17m (gross) fundraising at an issue price of 176p on 8 July 2021
• Cash as of 31 December 2021 of $14.62m
• The Company’s clinical laboratory in Thousand Oaks, California awarded accreditation by the College of American Pathologists (CAP)

Post-period end:

• CPT® Proprietary Laboratory Analyses (PLA code), a key component towards reimbursement in the US market, awarded and scheduled to become effective on 1 April 2022
• In February 2022, enrolled first participant into multi-centre clinical validation study for those with indeterminant lung nodules. The study will be used to validate the LungLB® test performance, enrolling 425 participants from sites across the US, with the study expected to complete by Q1 2023
• Veterans Affairs (VA) sites added to validation study in March 2022, and first participant enrolled from the Bay Pines VA in Florida
• Appointment of Dr Drew Moghanaki, an internationally recognised lung cancer specialist, to the Company’s Scientific Advisory Board

Commenting, Paul Pagano, Chief Executive Officer of LungLife, said: “Since IPO, we have achieved several milestones which has kept us on track with our strategic vision. During the year, we laid the groundwork towards commencing our multi-centre validation study, and post-period end we enrolled our first participants. Our clinical laboratory in Thousand Oaks also achieved CAP accreditation in November 2021, confirming that we are maintaining the highest standards of excellence in laboratory testing for patients.

“Throughout the rest of the year we will continue with our validation study which we expect to complete in Q1 2023, as well as work towards regulatory authorisation and commercial reimbursement, which we made our first step towards post-period end when we were granted a CPT® PLA code. We remain focused on bringing early detection solutions to those who need them most, which will lead to better outcomes for people with lung cancer.”

¹ Earnings before income tax, depreciation and amortisation, adjusted to exclude exceptional items and other operating income

Please click HERE to view the full announcement.