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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 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.
Lucid Diagnostics, a cancer prevention medical diagnostics company and a subsidiary of PAVmed Inc., will hold a business update conference call and webcast on May 13, 2024, at 8:30 AM ET. The call will feature Lucid's CEO providing an operational overview and growth strategy, along with the CFO discussing first-quarter 2024 financial results. Investors can access the webcast on the company's website or join via telephone.
Lucid Diagnostics Inc. (Nasdaq: LUCD) announced the publication of positive data from a National Cancer Institute-sponsored study on EsoGuard® Esophageal Precancer Testing, showing 89% sensitivity in detecting early precancer. The study strengthens EsoGuard's clinical data and supports efforts for commercial and Medicare coverage.
PAVmed Inc. (Nasdaq: PAVM) announced a collaboration between its subsidiary, Veris Health Inc., and The Ohio State University Comprehensive Cancer Center to implement a pilot program using the Veris Cancer Care Platform. This platform aims to enhance personalized cancer care through digital health tools and remote monitoring, offering improved patient outcomes and satisfaction.
Lucid Diagnostics, a cancer prevention medical diagnostics company, partners with the Esophageal Cancer Action Network (ECAN) to raise awareness during Esophageal Cancer Awareness Month. The partnership aims to educate about the link between heartburn and esophageal cancer, promoting early detection for prevention. Public service videos are being displayed in Times Square, emphasizing the importance of screening for those at risk.
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