Building on a spree of recent IPO mandates, Simmons & Simmons has advised Investec plc in its capacity as nominated adviser, sole bookrunner and sole broker to California-based LungLife AI on its IPO on the Alternative Investment Market (AIM). LungLife AI was successfully admitted to AIM on 8 July.
LungLife AI. specialises in clinical diagnostic solutions and the Simmons team advised Investec on LungLife AI’s placing and subscription of 9.7 million new ordinary shares at 176 pence. LungLife AI. has been valued at approximately £45m and raised £17m for the company.
The company’s diagnostic solutions aim to use AI to make key improvements in the detection of lung cancer at an early stage. The proceeds from its successful admission will be used to further develop its technologies, including the LungLB test and existing AI algorithms, alongside general costs and purposes.
The Simmons team was led by corporate partner Patrick Graves, supported by associates Andrea Tompkins, Kim Farrar and Tom Grace.
Commenting on the deal, Patrick said: “This listing is important for LungLife AI as it looks towards its next chapter and developing vital medical treatments in the detection and prevention of Lung cancer. The proceeds raised by the flotation will put the company on the front foot for its next phase of larger, more geographically dispersed studies.”
Patrick continued: “We are seeing a large growth in the volume of companies who are seeking to list on the AIM. As a team, we are well placed to advise clients on the complexities and legal nuances of using an IPO to raise cash flow.”
