California-based LungLife AI is developing the LungLB lung cancer diagnostic test. The plan is to have a commercial test available in the US by 2023. The cost of a test could be less than one-tenth of the cost of a lung biopsy, which has an average cost of nearly $15,000.
The cash raised in the placing will fund the validation study and the utility study for the LungLB test. These studies will be used in the application to the FDA. There will also be a post-surgical validation study. Additional cash will finance further development.
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