(Alliance News) - LungLife AI Inc on Monday said its full-year loss widened, as administration expenses climbed.

LungLife is a California, US-based developer of clinical diagnostic solutions designed to aid the early detection of lung cancer.

Revenue in 2022 fell to USD24,000 from USD195,000 year-on-year.

LungLife AI pretax loss widened to USD7.6 million in 2022 from USD7.4 million a year ago. Earnings before interest, tax, depreciation and amortisation loss widened to USD6.8 million from a loss of USD5.4 million.

The company noted that administration expenses rose to USD6.9 million from USD5.5 million

Cash at December 31 amounted to USD8.0 million, lower versus to USD14.6 million on the same date a year ago.

Looking ahead, LungLife said its focus is on the conclusion of its clinical validation study and subsequent submission to the US Food & Drug Administration.

Chief Executive Officer Paul Pagano said: "We remain focused on completing our clinical validation study, commencing our clinical utility study later this year and expanding patient access to LungLB through implementation of our commercial reimbursement plan. We are very excited by the opportunities ahead and the potential for LungLB to transform the early detection of lung cancer."

Shares in LungLife were up 0.5% to 100.50 pence each in London on Monday afternoon.

By Sophie Rose, Alliance News reporter

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