LungLife
Healthcare
07 Jul 2021
Investec has advised LungLife AI on its £45m IPO, acting as Nominated Adviser, Sole Bookrunner and Sole Broker
Our role
Investec acted as Nominated Adviser, Sole Bookrunner and Sole Broker for the company’s admission to trading on the AIM Market, a market operated by the London Stock Exchange (LSE).
The Deal
The IPO raised gross proceeds of £17m at 176p per share implying a market capitalisation of £45m on admission.
The net proceeds from the IPO will provide a supportive platform on which to grow the business further through its clinical development and commercialisation plans, as well as support the in-licensing of additional technologies or selective acquisitions as may be appropriate in the future.
About Lung Life AI
LungLife AI, based in California, US, is a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence (“AI”).
Its diagnostic solutions are designed to make significant improvements in the early detection of lung cancer to reduce the number of unnecessary lung biopsy procedures and aim to be a driving force in the early detection of lung cancer.
The Company’s technology is comprised of rare-cell enrichment combined with blood-based genetic markers shown to be altered in lung cancer.
LungLife AI employs machine learning to improve upon existing computer software to identify circulating tumour cells in blood.
The Company has strong key partnerships including Mount Sinai, which is an international leader in medical and scientific training and biomedical research who will help develop LungLB® test and assist in future product development.
In 2023, the Company expects to launch LungLB®, an AI-enhanced, blood-based test to stratify cancerous and benign lung nodules identified by CT scan, with the aim to support the physician’s decision to biopsy or monitor non-invasively.
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