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PAVmed Inc. (Nasdaq: PAVM) is a cutting-edge medical device company focused on bringing innovative medical technologies from concept to commercialization with exceptional speed and efficiency. Headquartered in New York, PAVmed is led by three seasoned medical device entrepreneurs. The company is structured to develop and commercialize a diversified pipeline of breakthrough products that address unmet clinical needs, thereby enhancing and accelerating value creation through a business model centered on capital and time efficiency.
PAVmed operates in a single segment as a medical technology company, with three primary lines of business: Diagnostics, Medical Devices, and Digital Health. Through its majority-owned subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), the company offers products such as the EsoGuard Esophageal DNA Test and the EsoCheck Esophageal Cell Collection Device. These tools are designed for the early detection of esophageal precancer, aiming to prevent esophageal cancer by identifying at-risk patients early.
Another significant subsidiary is Veris Health Inc., which focuses on enhanced personalized cancer care through remote patient monitoring. Veris is developing an innovative implantable physiological monitor that interfaces with the Veris Cancer Care Platform, providing real-time health data to improve patient outcomes.
Recent notable achievements include a partnership between Lucid Diagnostics and the Esophageal Cancer Action Network (ECAN) to promote Esophageal Cancer Awareness Month, highlighting the critical link between chronic heartburn and esophageal cancer. Additionally, Lucid has published positive data from a National Cancer Institute-sponsored clinical validation study, which demonstrated EsoGuard's unprecedented early detection capabilities for esophageal precancer compared to traditional endoscopic methods.
PAVmed's commitment to innovation is further exemplified by its business updates and financial results discussions, providing shareholders and potential investors with transparent insights into the company's operational progress and strategic direction. The company's diversified approach in the medical technology sector positions it as a significant player in advancing healthcare and improving patient outcomes.
PAVmed Inc. (PAVM, PAVMZ) provided a business update and preliminary financial results for Q1 2022, reporting a GAAP net loss of approximately $16.9 million or $(0.20) per share. EsoGuard related revenues reached $0.2 million, with a significant 76% increase from Q4 2021. Operating expenses totaled $19.3 million, including $4.8 million in stock-based compensation. The company maintains a strong balance sheet with $64.7 million in cash. Notably, ACG has endorsed nonendoscopic biomarker screening, benefiting Lucid's EsoGuard DNA Test. A conference call is scheduled today at 4:30 PM EDT.
Lucid Diagnostics reported preliminary financial results for Q1 2022, revealing EsoGuard related revenues of $0.2 million and an operating loss of approximately $12.3 million, or $(0.35) per share. The company experienced a significant operational boost with a 76% increase in EsoGuard tests processed, totaling 533 tests. Lucid continues to expand its sales infrastructure and laboratory capabilities, having signed a payer agreement with MediNcrease Health Plans. However, operating expenses surged to $11.9 million, raising concerns over financial efficiency.
Lucid Diagnostics Inc. has signed its first commercial payer agreement with MediNcrease Health Plans, providing in-network access to its EsoGuard DNA test for over 8 million covered lives. This agreement allows patients at risk for esophageal cancer to receive early detection through EsoGuard, enhancing cancer prevention efforts. The partnership is seen as a strategic milestone, aiming to secure further agreements to expand coverage. This test is crucial as esophageal cancer is highly lethal, with a mortality rate exceeding 80% within five years of diagnosis.
On May 4, 2022, Veeva Systems announced that Lucid Diagnostics Inc. has selected Veeva Vault CDMS for its upcoming study on EsoGuard, aimed at detecting Barrett's esophagus and esophageal adenocarcinoma in at-risk patients. This multicenter study will gather real-world data using EsoGuard testing on samples collected with EsoCheck. Veeva aims to support the medtech sector with its unified data management solutions, enhancing study efficiency. The partnership reflects Veeva's commitment to innovation in clinical trials.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) will host a business update conference call on May 12, 2022, at 4:30 PM EDT. CEO Lishan Aklog will discuss the company's near-term milestones and growth strategy, while CFO Dennis McGrath will review the first quarter 2022 financial results. Participants can join by dialing provided numbers or via the company's investor relations website. PAVmed is a commercial-stage medical technology company with subsidiaries like Lucid Diagnostics, offering early detection tools for esophageal cancer and other innovative healthcare solutions.
Lucid Diagnostics Inc. (Nasdaq: LUCD) will host a business update conference call on May 11, 2022, at 4:30 PM EDT. The call will feature
Lucid Diagnostics announced that the updated American College of Gastroenterology (ACG) clinical guideline supports esophageal precancer screening using its EsoGuard DNA Test. This represents a shift towards nonendoscopic screening methods, which are less invasive and can significantly increase screening rates for at-risk patients. The proposed Medicare Local Coverage Determination by Palmetto GBA's MolDX Program is also notable, allowing public comment before a meeting on May 10, 2022. These developments aim to reduce preventable esophageal cancer deaths in the U.S., especially among the GERD patient population.
Lucid Diagnostics Inc. (Nasdaq: LUCD) has announced that Dr. Lishan Aklog, CEO, will speak at the 21st Annual Needham Virtual Healthcare Conference from April 11-14. He is scheduled for a Fireside chat on April 12 from 1:30 - 2:10 pm ET. Lucid focuses on cancer prevention, particularly for patients with gastroesophageal disease (GERD) using its FDA Breakthrough Device-designated EsoGuard® test. The company is actively enrolling participants for clinical trials to support FDA approval, emphasizing its commitment to early detection of esophageal cancer.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) reported a business update and preliminary financial results for the year ended December 31, 2021. Key highlights include a significant increase in EsoGuard tests processed, reaching 303 in Q4 2021, a 50% sequential and nearly 200% annual growth. However, revenues for EsoGuard were only $0.3 million for Q4 and $0.5 million for the year. Operating expenses totaled approximately $54.3 million for 2021, resulting in a GAAP net loss of $50.6 million. The company had $77.3 million in cash at year-end and plans to raise up to $50 million through a new equity facility with Cantor Fitzgerald.
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