SALT LAKE CITY, UT / ACCESSWIRE / June 10, 2019 / ProLung, Inc. ('ProLung' or the 'Company'), which is focused on reducing the time to diagnosis for lung cancer patients, announced today it has started construction on a new office and laboratory location at 'The Labs at Northgate' in Salt Lake City, Utah. The new office and laboratory space is expected to provide significant cost reduction benefits to the Company and to be especially well-suited for its research and development (R&D) efforts. The corporate move will place ProLung in a vibrant and growing medtech community. Construction is expected to be completed in the second half of 2019. ProLung plans to host an open house event to unveil the new working space to shareholders, friends and vendors following completion.
Mr. Jared Bauer, interim CEO, stated, 'I am increasingly excited about the distinct potential that our ProLung Test can make for lung cancer patients by helping physicians diagnose their disease in its earliest and most treatable stage. I remain impressed with the ProLung team's impressive resiliency on this product development journey and the critical support from our shareholders. To better support our efforts moving forward, the new space will be outfitted with bespoke laboratory and patient scanning space built to our exacting specifications and a fresh office environment conducive to hands-on collaboration. Looking at the bigger picture, ProLung will be the anchor tenant at The Labs at Northgate, which is a new incubator for early stage medtech companies in our vibrant lifesciences community. Nearby is Northgate Park, which is already home to a number of small to mid-sized medtech companies. We are delighted to be co-located with other medtech start-up's and I expect it will further catalyze our R&D, business and recruiting efforts while lowering our overhead. This is simply a win-win for the Company.'
Mr. Ben Rogers, co-owner of The Labs at Northgate and Northgate Park, stated, 'We are delighted to have ProLung as our anchor tenant in our new project, 'The Labs at Northgate.' Their technology and goal of saving lives through the early detection of lung cancer perfectly aligns with our goal of supporting young innovative medtech companies.'
About Lung Cancer
Lung cancer is the leading cause of cancer deaths worldwide, killing more than colorectal, breast and prostate cancers combined. There is a severe unmet clinical need to reduce the time required to determine malignancy in patients diagnosed with IPNs. Patients with IPNs can wait months, or even years, receiving multiple CT scans to confirm malignancy in the lungs. This wait often proves fatal as the cancer advances and spreads. In 2015, the Centers for Medicare and Medicaid Services (CMS) implemented the first national lung cancer screen utilizing a low-dose CT scan (LDCT) of the chest for high-risk adults, which was based in part on a 2013 recommendation by the US Preventive Services Task Force (USPSTF). The screen will amplify this clinical need as up to 24 million patients with IPNs may experience a narrowing treatment window as they wait.
About ProLung, Inc.
ProLung is a world leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of indeterminate pulmonary nodules in the lung. ProLung's mission is to 'make a difference in time' for lung cancer patients. The Company develops, tests and commercializes solutions which are designed to accelerate the time to diagnosis and expand the therapeutic window for lung cancer patients. ProLung's predictive analytics platform for lung cancer risk stratification is approved for sale in the European Economic Area (CE0120) and investigational use in the USA.
Statements contained in this release which are not purely historical, including, without limitation statements regarding ProLung's future performance and goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties such as those described in the ProLung's Annual Report on Form 10-K for the year ended December 31, 2018 and subsequent filings with the Securities and Exchange Commission. Such risks and uncertainties include inherent risks and uncertainties relating to ProLung's ability to meet its funding requirements for its operations and other commitments and to obtain successful test results and regulatory approvals for its products. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections.
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SOURCE: ProLung, Inc.
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