Welcome to our dedicated page for PAVmed news (Ticker: PAVM), a resource for investors and traders seeking the latest updates and insights on PAVmed stock.
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. (NASDAQ: PAVM, PAVMZ) announced a business update and financial results for the year ended December 31, 2022. The company's restructuring plan has extended its cash runway, securing $24.6 million financing for Lucid Diagnostics, which is expected to last into 2024. Veris Health launched its Cancer Care Platform, enhancing patient monitoring. EsoGuard testing volume is growing, with recent agreements increasing access to up to 60 million consumers through MultiPlan. However, 2022 revenues were just $0.4 million, with a net loss of $89.2 million.
Lucid Diagnostics (NASDAQ: LUCD) reported significant growth in EsoGuard® test volumes, with 4Q22 showing an 8% sequential increase and a remarkable 288% year-over-year rise. The company anticipates 1Q23 to reflect approximately 1,600 tests, marking a 36% sequential and 300% annual growth. A strategic in-network agreement with MultiPlan broadens access to EsoGuard for 60 million consumers. Additionally, Lucid secured $24.6 million in financing through preferred stock and debt offerings, enhancing its cash runway into 2024 while focusing on commercial execution. Despite these positives, revenues remain low, with 4Q22 revenues at $0.1 million, and a net loss of $14.9 million reported.
PAVmed Inc. (NASDAQ: PAVM, PAVMZ) announces a business update conference call scheduled for March 15, 2023, at 8:30 AM EST. CEO Lishan Aklog and CFO Dennis McGrath will discuss the company's growth strategy and report on the fourth-quarter 2022 financial results. Investors can access the webcast on the company's investor relations website or join via telephone with specific dial-in information provided. PAVmed operates in medical technology, with its subsidiaries, Lucid Diagnostics (NASDAQ: LUCD) and Veris Health, focusing on innovative cancer diagnostics and personalized cancer care, respectively.
Lucid Diagnostics Inc. (NASDAQ: LUCD), a cancer prevention medical diagnostics company, will host a business update conference call on March 14, 2023, at 8:30 AM EST. The call will include insights from CEO Lishan Aklog, M.D., about the company's operations and growth strategy, alongside a discussion on fourth-quarter 2022 financial results by CFO Dennis McGrath. Investors can access the call via telephone or through a webcast available on the company's website. Lucid focuses on patients with gastroesophageal reflux disease (GERD), offering the EsoGuard® Esophageal DNA Test and EsoCheck® collection device as tools for early detection of esophageal cancer.
PAVmed Inc. has launched its Veris Cancer Care Platform (Veris CCP) following the onboarding of its first cohort of cancer patients. This platform enhances personalized cancer care through remote patient monitoring (RPM) using VerisBox™ devices and a patient smartphone app. The platform allows patients to transmit real-time physiological data and report symptoms to their healthcare team via a cloud-based clinician portal, which also enables billing for RPM services. CEO Lishan Aklog expressed optimism about delivering recurring revenue through the software-as-a-service model. Veris Health, PAVmed's subsidiary, aims to expand its offerings and improve patient care.
On February 15, 2023, Lucid Diagnostics (NASDAQ: LUCD) announced the successful completion of its first #CheckYourFoodTube Precancer Testing Event in collaboration with the San Antonio Fire Department. The event aimed at detecting esophageal precancer in nearly 400 at-risk firefighters, with 391 participating. The EsoGuard Esophageal DNA Test was employed, showing potential to detect precancerous changes early. Lucid aims to expand its satellite testing centers in support of National Cancer Prevention Month, emphasizing the importance of early detection in preventing esophageal cancer, particularly among those with increased risks, such as firefighters.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) has announced a strategic update focusing on the near-term commercialization of its subsidiaries, Lucid Diagnostics and Veris Health. The company is implementing a workforce reduction of approximately 20% and other cost-cutting measures to decrease quarterly cash burn by at least 25%. PAVmed aims to streamline operations and concentrate resources on products with significant market potential, such as Lucid's EsoGuard and Veris' Cancer Care Platform. The esoGuard test targets an addressable market of around $60 billion and aims to increase testing volume through enhanced engagement with healthcare providers.
PAVmed Inc. (NASDAQ: PAVM, PAVMZ) and Lucid Diagnostics Inc. (NASDAQ: LUCD) announced a joint conference call on January 17, 2023, at 4:30 PM EDT to provide a strategic business update. The call aims to outline planned refinements to their business strategies as they work to commercialize leading products targeting cancer prevention. Interested parties can join by calling designated numbers or accessing the live stream on their respective investor relations websites. A replay will also be available for one week post-call.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) announced a license option and joint R&D agreement with Novosound Ltd. to utilize Novosound's flexible thin-film ultrasound technology for intravascular imaging. This collaboration aims to enhance intravascular ultrasound (IVUS) imaging by improving image resolution and reducing manufacturing costs. The partnership underlines PAVmed's commitment to innovative medical technologies with significant market potential while continuing commercialization efforts for its existing products, including CarpX and EsoGuard.
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