LungLife AI Inc on Tuesday marked an ‘important’ interim period, as its revenue more than doubled and its loss narrowed.
LungLife AI is a California-based developer of clinical diagnostic solutions designed to address the early detection of lung cancer. Its shares were up 4.6% to 57.50 pence each in London on Tuesday afternoon.
LungLife reported that revenue in the six months ended June 30 more than doubled to $23,000 from $10,000 a year earlier.
Its pretax loss narrowed to $2.8 million from $4.5 million.
Looking ahead, LungLife said its immediate focus is on determining the results of its clinical validation study. Alongside this, it said it continues to prepare the necessary documentation and applications to support the commercialisation of its test.
It expects the clinical validation study to be concluded by the end of September.
Chief Executive Officer Paul Pagano said: ‘This has been an important six months for the company as we continue to meet our milestones. We have concluded participation in our clinical validation study and published two important reports that will assist with the commercialisation of LungLB.’
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