LungLife AI upbeat on progress with LungLB test

19th Nov 2024 12:43

(Sharecast News) - Lung cancer diagnostics developer LungLife AI reported significant progress in the commercialisation of its 'LungLB' test on Tuesday, which was designed to facilitate early detection and improve patient outcomes.

The AIM-traded company highlighted strong engagement with its early access programme (EAP), ongoing preparations for Medicare coverage, and advancing discussions with potential strategic partners.

It said the EAP, launched in the second quarter of the year, had received positive feedback from clinicians, with orders already placed.

Participating doctors were evaluating how LungLB could integrate into their clinical workflows, with early results showing the test could accelerate follow-ups on surveillance CT scans from 12 months to three months, and provide reassurance for patients considering invasive procedures.

LungLife said insights gained from the programme were being used to refine operational processes, including mobile phlebotomy and test turnaround times, ensuring a seamless transition to broader clinical adoption.

The company also said it was progressing its application for Medicare coverage through the MolDx program, which it described as critical for securing reimbursement and expanding access.

Feedback from physicians supported the need for insurance coverage, with LungLife on track to submit its application by the end of the year.

LungLife said it had also raised its profile within the medical community through recent publications and presentations.

Data validating the analytical performance of LungLB was published in the peer-reviewed journal BMC Pulmonary Medicine in October, with the firm set to present two abstracts at the Association for Molecular Pathology annual meeting on 22 November.

The board said the efforts were expected to enhance the test's credibility and awareness among healthcare professionals.

Discussions with potential strategic partners to support the commercial rollout of LungLB were ongoing.

While the conversations were progressing positively, LungLife emphasised the importance of aligning on long-term strategy to maximise the test's market potential.

As of October, LungLife reported a cash balance of $1.77m and said it expected its current resources to support operations into the second quarter of 2025.

The company said it was exploring additional measures to extend its cash runway and ensure financial flexibility as it transitioned towards full commercialisation of LungLB.

"We have continued to make significant progress with our three primary objectives - evidence generating activities, increasing engagement and awareness, and accelerating the commercial pathway," said chief executive officer Paul Pagano.

"We are particularly encouraged by the interest shown in the LungLB technology and look forward to continuing this momentum as we transition towards full commercial launch."

At 1416 GMT, shares in LungLife AI were up 6.06% at 8.75p.

Reporting by Josh White for Sharecast.com.