SALT LAKE CITY, May 11, 2017 /PRNewswire/ -- ProLung, Inc., the leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of lung cancer, announced today the successful closing of its private placement. The private offering was expected to raise $5.2 million and was oversubscribed by $3.0 million to a total of $8.2 million.
"ProLung is pleased to announce the successful closing of its private placement," said Steven Eror, President and CEO of ProLung. "The demand for ProLung stock demonstrates the broad and urgent recognition of the need for a non-invasive predictive analytical test for lung cancer. The ProLung Test is being developed to enable much earlier detection and biopsy for these patients. This could expand the therapeutic window while lowering the cost of current approaches."
"Investors and strategic partners were impressed with both ProLung's mission and its progress when the company kicked off their roadshow at the White Hat Life Science Investor Conference in Arizona last September," shared Joan Koerber-Walker, president & CEO of AZBio. "Lung cancer is the number one killer and patients need new and innovative solutions to help them survive and thrive. Congratulations to the ProLung team on passing this important funding milestone."
ProLung will use the proceeds from the private placement to finance operations, continue research and development efforts related to its innovative technology, and commercialize the ProLung Test in the US upon regulatory approval from the US Food and Drug Administration.
"It is wonderful to see another Utah life science company successfully raise funds to advance their healthcare solution," stated Kelly Slone, President and CEO, BioUtah. "ProLung's accomplishment is another example of the robust and innovative life science community in Utah."
About ProLung, Inc.
ProLung's mission is to make a difference in time for lung cancer patients. ProLung is the leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of lung cancer. The Company develops, tests, and commercializes solutions that may shorten the time to diagnosis, thereby expanding 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 and for investigational use only in the US.
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SOURCE ProLung, Inc.