SALT LAKE CITY, UT / ACCESSWIRE / May 22, 2020 / ProLung, Inc. ("ProLung" or the "Company"), which has developed a cutting-edge predictive analytic that utilizes bioconductance to reduce the time to cancer diagnosis, announced today that its private placement of convertible notes with gross proceeds of approximately US$3.3 million was fully subscribed. The Company has already received approximately $3.0 million of the proceeds from the Private Placement and expects to receive the remaining approximately $350,000 in proceeds in June 2020. This round comes on the heels of the U.S. FDA awarding its "Breakthrough Device Designation" to the ProLung Test™.
Jared Bauer, ProLung CEO, stated, "ProLung is pleased to announce the fully subscribed private placement managed by our investment bankers at Weild & Co. Successful fundraising in today's economic environment is a credit to our team's significant accomplishments and the opportunity we have to dramatically improve the status quo for early cancer detection. Quite simply, early detection saves lives and money. ProLung intends to be on the forefront of early cancer detection with our patented Electrical Impedance Analytics (EIA) technology and proprietary algorithm."
ProLung plans to use the proceeds from the private placement to finance operations and continue development and regulatory activities for its cutting-edge cancer predictive analytic technology.
About ProLung, Inc.
ProLung is a leader in cutting-edge cancer predictive analytics utilizing a patented non-invasive scanning technique called bioconductance combined with a proprietary algorithm. ProLung is focused on developing, testing and commercializing predictive cancer analytics utilizing bioconductance and Artificial Intelligence (AI) which is designed to accelerate the time to diagnosis, expand the therapeutic window for cancer patients and reduce the cost burden to healthcare systems. ProLung's first predictive analytics platform for lung cancer, the ProLung Test, has been designated as a Breakthrough Device by the US FDA.
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, Inc., Vice President of Business Development
350 W. 800 N., Suite 214
Salt Lake City, Utah 84103
SOURCE: ProLung, Inc.