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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.
Lucid Diagnostics Inc. (Nasdaq: LUCD) reported a record-breaking quarter for its EsoGuard® Esophageal DNA test volume. In Q2 2024, the company performed 3,174 tests, marking a 31% increase from Q1. This growth is attributed to expanded awareness and demand for EsoGuard esophageal precancer testing across various healthcare settings.
CEO Lishan Aklog emphasized the company's focus on increasing access to EsoGuard testing. Lucid expects to release full Q2 2024 results in mid-August. Additionally, the company held a productive meeting with CMS Medicare Administrative Contractor Palmetto GBA's Molecular Diagnostics Program (MolDX), which included key executives and medical experts in gastroenterology.
Lucid Diagnostics (Nasdaq: LUCD), a company focused on cancer prevention medical diagnostics, has launched a newly redesigned corporate website (www.luciddx.com) as announced on July 11, 2024. This improved platform aims to provide an enhanced user experience for patients, healthcare professionals, investors, and other stakeholders. According to Jenna Mowatt, Vice President of Marketing and Communications, the website is designed to reflect the company's mission to prevent esophageal cancer and showcase its innovative technologies through a modern design and comprehensive content. Lucid Diagnostics encourages visitors to explore the new website for more information.
Lucid Diagnostics announced positive results from its ESOGUARD BE-1 clinical validation study for EsoGuard, a test for detecting esophageal precancer. The study showed an 87.5% sensitivity and a 98.6% negative predictive value (NPV). The study was conducted across multiple international centers, including major U.S. and European institutions. The results support the upcoming Medicare LCD pre-submission and ongoing commercial payor engagements. The study involving 93 subjects confirmed the test's efficiency and safety, potentially making esophageal cancer screening more accessible and effective.
PAVmed's subsidiary, Veris Health, has launched a pilot program in collaboration with The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James). This program marks the first enrollment of patients on the Veris Cancer Care Platform, a comprehensive digital tool designed to enhance personalized cancer care. The platform integrates remote physiological data collection, symptom reporting, telehealth, and electronic health record capabilities. Cancer patients utilize the VerisBox and a patient portal for seamless data transmission and monitoring. Veris is also developing an implantable physiological monitor to complement the platform. The collaboration aims to improve early complication detection, reduce unplanned hospitalizations, and increase patient satisfaction.
Lucid Diagnostics announced that its EsoGuard® Esophageal DNA test has been used on the 4,000th firefighter as part of the #CheckYourFoodTube Precancer Testing Event, held by Mass General Brigham physicians and Boston Firefighters Local 718. The event aims to address the elevated risk of esophageal cancer among firefighters. This milestone event is part of Lucid Diagnostics' broader strategy to increase test volumes and highlights the importance of early cancer detection. Firefighters face a 62% higher risk of developing esophageal cancer and a 39% higher risk of dying from it. Estimates from the American Cancer Society suggest 22,370 new cases and 16,130 deaths from esophageal cancer in 2024.
PAVmed (NASDAQ: PAVM) provided a business update and reported financial results for Q1 2024. The company held a webcast on May 14, 2024, to discuss the results. Lucid Diagnostics, a subsidiary, completed a $29.8 million Series B offering, securing key reimbursement milestones. Veris Health signed an MOU with The Ohio State's James Cancer Hospital. Financially, PAVmed reported $1.0 million in EsoGuard revenues, flat quarter-over-quarter but a 124% increase from Q1 2023. Operating expenses were $15.0 million with a GAAP net loss of $22.8 million. Cash reserves stood at $25.5 million as of March 31, 2024.
Lucid Diagnostics Inc., a cancer prevention medical diagnostics company, provided a business update and financial results for the first quarter of 2024. The company reported a 10% increase in EsoGuard test volume, a strengthened balance sheet after a $29.8 million Series B Preferred Stock Offering, and a MolDX pre-submission meeting scheduled for July 17, 2024. Lucid also highlighted revenue growth, clinical study outcomes, and market access strategy.
Lucid Diagnostics Inc. announced that the EsophaCap sponge-on-a-string esophageal cell collection device has been subjected to a Class II FDA recall due to serious device failures reported. Lucid's EsoCheck® remains unaffected by the recall and continues to be the gold standard for non-endoscopic cell collection. The recall stemmed from two serious device failures reported in a recent publication of one of the studies using the EsophaCap device. Lucid's EsoCheck® is a modern technology enabling precise, targeted cell collection for esophageal precancer testing, offering unprecedented early precancer detection without causing any serious adverse events.
Lucid Diagnostics Inc. (Nasdaq: LUCD) has successfully closed a Series B-1 Preferred Stock offering, generating $29.8 million in gross proceeds. The offering was led by a long-time institutional investor, providing the company with substantial working capital. As part of this development, Dennis Matheis, a seasoned healthcare industry veteran, has been appointed to the Board of Directors. Matheis currently holds the position of President and CEO at Sentara Health, a prominent not-for-profit integrated health system in the U.S. Lucid aims to leverage this funding to achieve key reimbursement milestones and enhance its operational capabilities.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) will host a business update conference call and webcast on May 14, 2024, at 8:30 AM ET. During the call, PAVmed's CEO will provide an overview of operations and growth strategy, while the CFO will discuss the first quarter 2024 financial results.
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