The White Hat Life Science Investor Conference is hosted by AZBio and its regional partners in California, Colorado, Montana, New Mexico, and Utah in even numbered years. In odd numbered years, the region hosts the Rocky Mountain Life Science Investor and Partnering Conference in Colorado. Application are currently open for the October conference in Vail.
The Rocky Mountain Southwest Region is one of the hottest emerging life science regions and stretches from Utah to New Mexico and from Colorado to San Diego. Arizona, in the heart of the region, is a leader in supporting its growing life science industry as evidenced by the recent approval by the Arizona Legislature of $1 billion in new university research infrastructure bonds, $10 million in Angel Investor Tax Credits, and the extension of job training and R&D Tax Credits well into the next decade.
Past White Hat presenters have gone on to measurable success in their fund raising efforts most notably Calimmune, Inc. (WH 2014) which successfully completed its $15 million Series B financing round in May of 2015 and VisionGate (WH 2014) with $20M raised to date.
Arizona based life science companies have delivered over $7.5 billion in exits since 2008 including both acquisitions and IPOs.
The latest White Hat alumnus to announce closing of its funding round is ProLung, Inc. of Salt Lake City. The company kicked off its funding roadshow at White Hat 2016.
ProLung, Inc. Announces Closing of Private Placement Transaction with Proceeds of $8.2 million
SALT LAKE CITY, May 11, 2017 /PRNewswire/ — ProLung, Inc., the leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of lung cancer, announced today the successful closing of its private placement. The private offering was expected to raise $5.2 million and was oversubscribed by $3.0 million to a total of $8.2 million.
“ProLung is pleased to announce the successful closing of its private placement,” said Steven Eror, President and CEO of ProLung. “The demand for ProLung stock demonstrates the broad and urgent recognition of the need for a non-invasive predictive analytical test for lung cancer. The ProLung Test is being developed to enable much earlier detection and biopsy for these patients. This could expand the therapeutic window while lowering the cost of current approaches.”
“Investors and strategic partners were impressed with both ProLung’s mission and its progress when the company kicked off their roadshow at the White Hat Life Science Investor Conference in Arizona last September,” shared Joan Koerber-Walker, president & CEO of AZBio. “Lung cancer is the number one killer and patients need new and innovative solutions to help them survive and thrive. Congratulations to the ProLung team on passing this important funding milestone.”
ProLung will use the proceeds from the private placement to finance operations, continue research and development efforts related to its innovative technology, and commercialize the ProLung Test in the US upon regulatory approval from the US Food and Drug Administration.
“It is wonderful to see another Utah life science company successfully raise funds to advance their healthcare solution,” stated Kelly Slone, President and CEO, BioUtah. “ProLung’s accomplishment is another example of the robust and innovative life science community in Utah.”
About ProLung, Inc.
ProLung’s mission is to make a difference in time for lung cancer patients. ProLung is the leader in innovative predictive analytics technology and non-invasive tests for the risk stratification of lung cancer. The Company develops, tests, and commercializes solutions that may shorten the time to diagnosis, thereby expanding 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 and for investigational use only in the US.
For further information, contact:
Ryan Snow | +1-801-503-9231 | rts@prolunginc.com
Director of Marketing and Business Development
Investor relations information, contact:
Jennifer K. Zimmons, Ph.D.| +1-917-214-3514 | jzimmons@zimmonsic.com
Zimmons International Communications, Inc.
ProLung
757 E. South Temple Suite 150
Salt Lake City, Utah 84102
USA
www.prolunginc.com
SOURCE ProLung, Inc.