ProLung Has a New Name, Gets $3.3 Million Private Placement and More…

May 29, 2020

ProLung, now IONIQ Sciences (IONIQ), has been on a roll! Last week, the company announced that they had fully subscribed a $3.3 million private placement. This week, the company unveiled its new name and also announced the initiation of an institutional private equity offering.

The new corporate name – IONIQ Sciences – reflects the company’s mission to dramatically advance the early detection of multiple cancers using its non-invasive Electrical Impedance Analytics (EIA) technology. Early detection gives patients a head start on critical therapy, which can improve survivability.

In a press statement announcing the $3.3 million private placement, Jared Bauer, IONIQ CEO, stated, “Successful fundraising in today’s economic environment is a credit to our team’s significant accomplishments and the opportunity we have to dramatically improve the status quo for early cancer detection…” In February, the ProLung test was designated a Breakthrough Device by the FDA.

“Under Jared Bauer’s exceptional leadership, IONIQ, formerly known as ProLung, has made tremendous progress scientifically and financially,” said Kelvyn Cullimore, President and CEO of BioUtah. “But Jared’s work doesn’t stop there. He’s also a real advocate for the life sciences industry here in the state of Utah.”

Bauer was recently interviewed by the Utah Governor’s Office of Economic Development (GOED), where he discussed his background and business philosophies.

In other IONIQ news, on May 28, the company announced it is initiating an institutional private equity offering. Proceeds from the offering are intended to fund the company’s expansion into developing additional single cancer tests and a multi-cancer screen. In fact, IONIQ’s IRB-approved breast cancer feasibility study that was started in early 2020 continues to progress.

Last Fall, the company reported that results of a large clinical validation trial demonstrated 84% sensitivity and 73% specificity of its lung cancer test.