SALT LAKE CITY, UT / ACCESSWIRE / December 13, 2018 / ProLung, Inc. (”ProLung” or the ”Company”) is focused on reducing the time to diagnosis for lung cancer patients. ProLung® conducted its 2018 Annual Meeting of Shareholders (”Meeting”) last week with support from many of the individuals who participated in the recent Consent Solicitation, which did not achieve the necessary shareholder votes to pass. Earlier this week, ProLung announced the voting results from its Meeting, which have been filed with the SEC and posted to the Company’s website.
A quorum for the Meeting was achieved with approximately 47% or 1.82 million of the 3.86 million total outstanding shares voted.
Mr. J. Scott Nixon was re-elected to the Board of Directors with 90% of the shares voted.
MaloneBailey, LLP was appointed as auditor for the year-ending 2018 with 99% of the shares voted.
Prior to the Meeting, the Company secured support from many of the individuals who participated in the Consent Solicitation, some of whom attended and spoke in support of the current Directors and Management Team.
During the meeting, ProLung management openly recognized the Consent Solicitation had been divisive for all parties involved, including our shareholders. The Company is grateful to see our shareholders begin to reconcile and rally together again in support of our future.
The Company announced it had accepted an offer made in mid-November 2018 by its former CEO, Mr. Steven C. Eror, to provide outside consulting services as may be requested by the Company. The Company and interim CEO appreciate the opportunity to access Mr. Eror’s institutional knowledge as needed.
The Company has dropped the Consent Solicitation-related lawsuit against all named individuals.
Presentation materials from the Meeting can be viewed on the Company website.
Jared Bauer, ProLung interim CEO, stated, ”We are delighted to have earned the support of many of the individuals that participated in the Consent Solicitation, which contributed to a positive atmosphere at our annual shareholder meeting. We firmly believe ProLung has an opportunity to make a tremendous difference for lung cancer patients around the globe and establish our ProLung Test™ as the gold standard. While we still have a lot of work in front of us and that starts with a focus on optimizing the underlying science and technology, we have a multi-faceted strategy in place to give us the best possible opportunity going forward. Finally, we are grateful to have Mr. Eror available as an outside consultant because we recognize his institutional knowledge and are appreciative of his willingness to share it with the Company at this critical juncture.”
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 the 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.
This release may contain forward-looking statements regarding projected business performance, operating results, financial condition and other aspects of the Company, expressed by such language as ”expected,” ”anticipated,” ”projected” and ”forecasted.” Please be advised that such statements are estimates only and there is no assurance that the results stated or implied by forward-looking statements will actually be realized by the Company. Forward-looking statements may be based on management assumptions that prove to be wrong. The Company and its business are subject to substantial risks and potential events beyond its control that would cause material differences between predicted results and actual results, including the Company incurring operating losses and experiencing unexpected material adverse events.
For further information, contact:
Andy Robertson | 1-801-503-9231| firstname.lastname@example.org
ProLung, Vice President of Business Development
757 E. South Temple, Suite 150
Salt Lake City, Utah 84102
Follow ProLung, Inc. on Twitter, Facebook and LinkedIn: @ProLungInc
SOURCE: ProLung, Inc.
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