ProLung (LUNG) plans to raise $7 million in an initial public offering (IPO) on Thursday, January 25th, IPO Scoop reports. The company plans to issue 900,000 shares at a price of $7.00-$8.00 per share.
The company has a market-cap of $36 million.
Maxim Group and Aegis Capital acted as the underwriters for the IPO.
ProLung provided the following description of their company for its IPO: “We are a medical technology company specializing in predictive analytic, early stage lung cancer risk testing, which we refer to as the “ProLung Test.” Our noninvasive, painless and radiation-free ProLung Test was developed to immediately assess the risk of malignancy in lung nodules found in the chest by a Computed Tomography (“CT”) scan, which is currently the primary method used for the early detection of lung cancer. As lung cancer is the leading cause of cancer death, early detection makes a substantial improvement in survival in a large population group. Timely identification of malignancy is essential for patients and their families. Currently, patients wait from three months to three and one-half years to have the risk of malignancy assessed through periodic CT scan surveillance. Until malignancy is determined to be likely, invasive biopsy and treatment are significantly delayed. Current statistics reflect a 17% survival rate at five years for those diagnosed with lung cancer. “.
ProLung was founded in 2004 and has 15 employees. The company is located at 757 East South Temple, Suite 150, Salt Lake City, UT 84102, US and can be reached via phone at (801) 736-0729 or on the web at http://www.prolunginc.com.
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