ProLung, Inc., a Delaware-incorporated company with executive offices in Salt Lake City, Utah, has announced that it is engaging in an orderly wind-up of its business. Following discussions with the U.S. Food and Drug Administration (FDA), the company received clarification on additional information requests related to its De Novo Application for product approval. These discussions revealed the necessity for a further study with an extended multi-year follow-up period, which has posed unsurmountable financial and operational challenges for ProLung. Despite attempts to raise the required funds for this additional study, the efforts were unsuccessful.
Consequently, the Board of Directors and Secured Note Holders have determined that winding up the operations is required. This course will involve ceasing operations, settling creditor accounts, and distributing any remaining assets to shareholders, resulting in the disexistence of equity shares in the company. ProLung expresses gratitude to its supporters and regrets the impact on patients at risk of cancer who could have benefited from their non-invasive cancer detection solutions.
Proper Names Mentioned: - ProLung, Inc. - IONIQ Sciences - U.S. Food and Drug Administration (FDA) - Jared Bauer (Chief Executive Officer)