PAVmed Subsidiary, Veris Health, Awarded $1.8 Million NIH Grant to Enhance Cancer Care

Rhea-AI Summary

PAVmed's subsidiary, Veris Health, has been awarded a $1.8 million grant from the National Institute on Minority Health and Health Disparities (NIMHD), part of the National Institutes of Health (NIH). The two-year grant will fund research to optimize and validate the Veris Cancer Care Platform for medically underserved cancer patients, in partnership with an academic cancer center.

The research project, titled 'Bridging the Gap: Enhancing Cancer Care for Underserved Populations with the Veris Health Cancer Care Platform,' will focus on patients facing language barriers, access to technology, and socioeconomic disparities. This non-dilutive funding comes at a important time for Veris as it pursues financing to advance its commercial strategy, including regulatory clearance and launch of its implantable physiological monitor.

Positive

• Veris Health awarded $1.8 million NIH grant for cancer care research
• Grant provides non-dilutive funding to advance commercial strategy
• Partnership with academic cancer center to optimize Veris Cancer Care Platform
• Potential to improve patient outcomes and reduce healthcare costs

Negative

• None.

Insights

Medical Research Analyst

This $1.8 million NIH grant to Veris Health is a significant development for PAVmed's digital health subsidiary. The funding will support research to optimize the Veris Cancer Care Platform for underserved cancer patients, addressing critical healthcare disparities. This project has the potential to:

• Expand the platform's reach to diverse patient populations
• Improve patient outcomes in underserved communities
• Strengthen Veris's position in the oncology market
• Enhance relationships with academic cancer centers

The non-dilutive nature of this funding is particularly beneficial, as it supports Veris's development without impacting PAVmed's equity. This grant could serve as a catalyst for Veris's commercial strategy, including regulatory clearance and launch of its implantable physiological monitor. However, investors should note that while promising, the long-term financial impact remains to be seen, as the research outcomes and subsequent market adoption are yet uncertain.

Financial Analyst

This NIH grant represents a positive development for PAVmed and its subsidiary Veris Health. The $1.8 million in non-dilutive funding is significant for a company with a market cap of only $12.86 million. Key financial implications include:

• Reduced cash burn rate for R&D expenses
• Potential for increased valuation if research leads to successful product optimization
• Enhanced credibility for future fundraising efforts
• Alignment with PAVmed's strategy of making subsidiaries independently financeable

While the grant is a positive signal, investors should consider that PAVmed's low market cap suggests ongoing financial challenges. The company's ability to leverage this grant into commercial success and sustainable revenue growth will be crucial. The mention of Veris pursuing additional financing indicates potential future dilution for PAVmed shareholders, which should be monitored closely.

Grant will fund research to optimize Veris Cancer Care Platform for medically underserved cancer patients, in partnership with an academic cancer center

NEW YORK, Oct. 10, 2024 /PRNewswire/ -- PAVmed Inc. (Nasdaq: PAVM) ("PAVmed" or the "Company") a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, and its majority-owned digital health subsidiary Veris Health Inc. ("Veris"), today announced that Veris has been awarded a $1.8 million grant from the National Institute on Minority Health and Health Disparities (NIMHD), an institute of the National Institutes of Health (NIH). The two-year grant will fund research to optimize and validate the Veris Cancer Care Platform for the needs of medically underserved cancer patients, in partnership with an academic cancer center. The research project, "Bridging the Gap: Enhancing Cancer Care for Underserved Populations with the Veris Health Cancer Care Platform," will focus on patients facing language barriers, limited access to technology, and socioeconomic disparities.

"We are honored to receive this prestigious NIH grant, which recognizes the potential of our Veris Cancer Care Platform to enhance cancer care," said James D. Mitchell M.D., PAVmed's Vice President of Digital Health and Veris's Chief Medical Officer. "This grant will accelerate our efforts to expand the reach and impact of our technology, while strengthening our relationships with academic cancer centers and within the oncology community. We look forward to bringing the benefits of this technology to broader and more diverse patient populations, to improve patient outcomes, reduce healthcare costs, and increase patient access to enhanced cancer care."

"This NIH grant, which provides Veris with important non-dilutive funding, comes at a pivotal time for Veris, as it pursues financing to advance its commercial strategy, including regulatory clearance and launch of its implantable physiological monitor," said Lishan Aklog, M.D., PAVmed's Chairman & Chief Executive Officer. "This aligns with PAVmed's long-term strategy, which seeks to assure that its subsidiaries, such as Veris, are independently financeable but able to leverage PAVmed's shared infrastructure."

About Veris Health

Veris Health Inc. is a digital health company whose lead product, the Veris Cancer Care Platform, is a comprehensive digital care platform with remote physiological data collection, symptom reporting, telehealth capability, and electronic health record integration. The platform seeks to offer enhanced personalized cancer care through the early detection of complications, reduced unplanned hospitalizations, the provision of longitudinal trends of physiological and clinical data, data-driven risk management tools, and increased patient and provider satisfaction.

Cancer patients enrolled on the platform receive a VerisBox™ of Veris-branded connected health care devices which transmit physiologic data to the cloud-based clinician portal via an embedded cellular connection. A complementary patient portal enables patients to report symptoms, as well as general health and quality of life parameters, to their cancer care team through the Veris patient smartphone app. The app also allows patients to invite caretakers and family members to follow along on their cancer care journey. Veris is also developing an implantable physiological monitor, designed to be implanted in combination with a vascular access port, which will interface with the Veris Cancer Care Platform. The implantable monitor will further enhance the clinical and commercial value of the platform by providing remote physiologic data independent of patient compliance.

Cancer centers and oncology centers interested in learning more about Veris and the Veris Platform, please visit www.verishealth.com to contact a company representative.

About PAVmed

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its other subsidiary (in addition to Veris), Lucid Diagnostics, is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard^® Esophageal DNA Test and EsoCheck^® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths.

For more and for more information about PAVmed, please visit pavmed.com.

For more information about Lucid Diagnostics, please visit luciddx.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's clinical and preclinical studies; whether and when PAVmed's products are cleared by regulatory authorities; market acceptance of PAVmed's products once cleared and commercialized; PAVmed's ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond PAVmed's control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed after its most recent Annual Report.  PAVmed disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

 

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SOURCE PAVmed Inc.

FAQ

What is the amount of the NIH grant awarded to Veris Health?

Veris Health, a subsidiary of PAVmed (PAVM), has been awarded a $1.8 million grant from the National Institute on Minority Health and Health Disparities (NIMHD), part of the National Institutes of Health (NIH).

What is the purpose of the NIH grant awarded to Veris Health (PAVM)?

The grant will fund research to optimize and validate the Veris Cancer Care Platform for the needs of medically underserved cancer patients, focusing on those facing language barriers, access to technology, and socioeconomic disparities.

How long is the duration of the NIH grant awarded to Veris Health (PAVM)?

The NIH grant awarded to Veris Health, a subsidiary of PAVmed (PAVM), is for a two-year period.

What is Veris Health's (PAVM) commercial strategy mentioned in the press release?

Veris Health is pursuing financing to advance its commercial strategy, which includes seeking regulatory clearance and launching its implantable physiological monitor.