SALT LAKE CITY, UT / ACCESSWIRE / October 2, 2019 / ProLung, Inc. ("ProLung" or the "Company"), which is focused on reducing the time to diagnosis for lung cancer patients, announced today the promotion of Mr. Jared Bauer from interim CEO to CEO. Mr. Bauer joined ProLung in July 2018 as a Director and accepted the position of interim CEO in September 2018.
Mr. Don Patterson, ProLung Director, stated, "Mr. Bauer has skillfully re-positioned ProLung for success in his role as interim CEO and Director. The Board is pleased with Mr. Bauer's accomplishments and dedication, which have transformed and reinvigorated the Company. We are delighted that he has accepted the promotion to CEO." Mr. Bauer's accomplishments include:
- Delivered on his promise during the 2018 Annual Shareholder Meeting to reconstitute the Board of Directors with valuable medtech industry experience that now includes Directors with deep experience with multiple medtech startups and exits, operational leadership, research and development (R&D) and complex FDA submissions.
- Reorganized the Company in late-2018 by right-sizing the organization and significantly reducing operating costs by ~67% in order to allocate precious resources on science, technology and regulatory objectives.
- Championed internal bench studies that yielded a significant improvement in repeatability, which is a key component in prediction modeling.
- Moved into bespoke office and lab space specially designed for our needs of scanning subjects with the ProLung System™, conducting R&D and providing space for future expansion while being ~12% less expensive than our previous space. The new corporate headquarters should help ProLung recruit professionals to join the team and will present the Company in the best light to new potential partners.
Mr. Jim Hogan, ProLung Director with 40 years of deep medtech experience, stated, "The ProLung Board is confident that Mr. Bauer's strategic vision, relevant medtech expertise, general business acumen and interpersonal skills will enable him to continue assembling a strong team, further solidifying shareholder support and executing a sound corporate strategy moving forward. Additionally, the Board is committed to sharing their own medtech experience to support Mr. Bauer and his team deliver on their strategic objectives." Mr. Bauer's objectives include:
- Actively driving the Company towards an FDA submission with an optimized ProLung Test™ in part through the results of numerous internal bench studies already undertaken during his leadership that were designed to prove or disprove potential improvements and reviving an important partnership that has yielded a significant performance improvement for the ProLung Test in a clinical validation study of 486 patients.
- Pursuing a data-driven research approach by hiring a long-tenured medtech engineer to lead the optimization of the current ProLung Test, iterating next-generation versions and undertaking feasibility research on potential additional cancer applications for bioconductance based on proof of concept publications that observed biocondictance differences in malignant and benign breast, thyroid and cervical tissue. This is intended to increase the value of the ProLung.
Mr. Bauer, newly promoted ProLung CEO, stated, "I am passionate about making a difference for patients and I believe ProLung has a rare opportunity to make a transformative change to healthcare rather than just an incremental change. Today ProLung is in the enviable position of having more data on our ProLung Test and a greater understanding of how to optimize its performance than ever before. I am honored to accept the position of ProLung CEO and am committed to making a difference for our shareholders and patients around the world."
About Lung Cancer
Lung cancer is the leading cause of cancer deaths worldwide, killing more than colorectal, breast and prostate cancers combined. There is a severe unmet clinical need to reduce the time required to determine malignancy in patients diagnosed with Indeterminate Pulmonary Nodules (IPNs). Patients with IPNs can wait months, or even years, receiving multiple CT scans to confirm malignancy in the lungs. This wait often proves fatal as the cancer advances and spreads. In 2015, the Centers for Medicare and Medicaid Services (CMS) implemented the first national lung cancer screen utilizing a low-dose CT scan (LDCT) of the chest for high-risk adults, which was based in part on a 2013 recommendation by the US Preventive Services Task Force (USPSTF). The screen will amplify this clinical need as up to 24 million patients with IPNs may experience a narrowing treatment window as they wait.
About ProLung, Inc.
ProLung is a leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of indeterminate pulmonary nodules in the lung. ProLung's mission is to ‘make a difference in time' for lung cancer patients. The Company is engaged in developing, testing and commercializing solutions which are designed to accelerate the time to diagnosis and expand the therapeutic window for lung cancer patients. ProLung's predictive analytics platform for lung cancer risk stratification is approved for sale in the European Economic Area (CE0120) and investigational use in the USA.
Statements contained in this release which are not purely historical, including, without limitation statements regarding ProLung's future performance and goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties such as those described in the ProLung's Annual Report on Form 10-K for the year ended December 31, 2018 and subsequent filings with the Securities and Exchange Commission. Such risks and uncertainties include inherent risks and uncertainties relating to ProLung's ability to meet its funding requirements for its operations and other commitments and to obtain successful test results and regulatory approvals for its products. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections.
For further information, contact:
Andy Robertson | 1-801-503-9231| [email protected]
ProLung, Vice President of Business Development
350 W. 800 N., Suite 150
Salt Lake City, Utah 84103
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SOURCE: ProLung, Inc.