LungLife AI Inc (AIM:LLAI) said it has conditionally raised £1.8 million by issuing newly minted stock - with the proceeds being used to provide commercial proof of concept of the company's LungLB diagnostic.
Shares are being issued at 35p each against a closing price of 41.5p. Around 5.2 million will enter circulation, equating to just under 17% of the enlarged equity base.
The business now has a cash runway out to April next year.