A company that has designed a diagnostic driven by artificial intelligence that it believes will “make a significant impact in the early detection of lung cancer” has made its debut on AIM.
Anglo-American group LungLife AI (LON:LLAI) raised £17mln as part of the float and will be valued at £45mln at the issue price 176p. In early trade, the market makers had marked the stock 9p higher.
The proceeds from the IPO will allow the group to complete the validation study and commence the utility assessment of its LungLB test for indeterminate lung nodules as well as allowing it to begin a post-surgical monitoring validation evaluation.
The injection of new funds will also be deployed to obtain a code and commence pricing and coverage for medicare reimbursement for its product and to further develop its AI algorithms.