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Veris Health Showcased in PAVmed Digital Health Virtual Investor Event
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
PAVmed hosted a virtual investor event on October 26, 2021, discussing its digital health subsidiary Veris Health's innovative approach to cancer care. Key highlights included the introduction of an intelligent implantable vascular access port designed to enhance cancer patient monitoring through data analytics and remote patient care. Veris aims for FDA 510(k) clearance and product launch in H2-2022. The event featured insights from leading medical professionals, emphasizing the potential to reduce hospitalizations and improve the quality of life for cancer patients.
Positive
Introduction of an intelligent implantable vascular access port with biologic sensors for cancer care.
Aiming for FDA 510(k) clearance and product launch in H2-2022.
Potential to reduce unplanned hospitalizations for cancer patients, estimated at $70,000 per admission.
Negative
Dependency on regulatory clearance for product introduction.
Significant risks associated with uncertainties in research and development.
Panelists discussed Veris’ vision and strategy to transform cancer care and join the current digital health revolution
NEW YORK--(BUSINESS WIRE)--
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product, commercial-stage medical technology company, hosted a virtual investor event with several hundred participants on October 26, 2021. The event, Veris Heath: Bringing Digital Health to Cancer Care, focused on PAVmed’s digital health subsidiary Veris Health (“Veris”).
The panelists provided a comprehensive overview of Veris’ disruptive technology, vision, business model, and strategy. They discussed how PAVmed’s entry into the digital health sector fits within its broader long-term growth strategy and how Veris seeks to utilize the first intelligent implantable vascular access port with biologic sensors to facilitate and optimize cancer care through remote patient monitoring and data analytics. Panelists included:
Lishan
Aklog, MD
PAVmed Chairman & Chief Executive Officer
Veris Executive Chairman
James D.
Mitchell, MD
PAVmed VP, Digital Health
Veris Chief Medical Officer
Sumit
Shah, MD, MPH
Veris Medical Advisory Board Member
Director of Clinical Innovation & Digital Health, Division of Oncology, Stanford Cancer Institute, Stanford Health Care
Clinical Assistant Professor, Medicine-Oncology, Member, Stanford University School of Medicine
Timothy E.
Baxter
PAVmed Board of Directors
Former President & CEO of Samsung Electronics North America
Sunny
Webb
PAVmed VP, Data & Analytics
Veris Chief Technology Officer
The event concluded with a moderated question and answer session, which provided the attendees the opportunity to interact with the panelists.
Veris, a majority-owned subsidiary of PAVmed, acquired Oncodisc Inc., a digital health company with groundbreaking tools to improve personalized cancer care in May 2021. Veris is developing a remote cancer care platform that integrates an intelligent implantable vascular access port with physiologic sensing, software with symptom reporting and telehealth functions, as well as advanced data analytics. Veris’ groundbreaking vascular access port contains biologic sensors capable of generating continuous data on key physiologic parameters known to predict adverse outcomes in cancer patients undergoing treatment. Wireless communication to the patient’s smartphone and Veris’ cloud-based digital healthcare platform will deliver actionable real time data to patients and physicians efficiently and effectively. Veris is targeting FDA 510(k) clearance of the intelligent implantable vascular access port and launch of the remote digital healthcare platform for H2-2022.
“We have about 20% of the U.S. economy, which is what healthcare represents, finally leveraging digital tools that have been long available in other sectors,” said Lishan Aklog, MD, PAVmed’s Chairman and Chief Executive Officer and Veris’ Executive Chairman. “The Veris technology…offers data-driven risk management tools for precision oncology, and incorporates additional prospects for substantial value-creation through data monetization and biotherapeutic clinical trial support.”
James Mitchell, MD, PAVmed’s VP, Digital Health and Veris’ Chief Medical Officer noted, “today’s aggressive outpatient cancer treatments, including immunotherapy and chemotherapy, leave patients unmonitored and at risk of serious, avoidable complications, leading to high rates of hospitalization, poor patient quality of life, and increasing health system costs. Every year in the United States there are about 1.5 million unplanned hospital admissions in cancer patients…[which] cost up to $70,000 per patient on average. We also know through cancer research that 19-50% of these hospitalizations are potentially preventable with appropriate timely outpatient interventions.”
“If we look at other solutions…there is no solution that really checks all the boxes—providing the uninterrupted data needed for true patient care, that tucks easily into the existing workflow, leverages existing reimbursement, and really takes advantage of telemedicine technology,” said Dr. Mitchell.
“When I first heard about Veris Health I was impressed by their big vision to make a measurable impact on cancer care,” said Sunny Webb, PAVmed’s VP, Data & Analytics and Veris’ Chief Technology Officer. “Like many of you, I have had people close to me that have battled cancer…Applying data science to cancer care is a world changer for future generations. Treatment has come a long way in recent years, but we can do better. I’m certain that Veris has the right approach…to build an integrated digital health care platform that will help millions of cancer patients and their oncologists.”
“Veris is fundamentally a healthcare-oriented tech platform that uses smart devices,” said Timothy E. Baxter, a member of PAVmed’s Board of Directors and former President & CEO of Samsung Electronics North America. “[In the tech sector] we are moving from…what some might call ‘dumb’ products to now ‘smart’ devices and ‘smart’ solutions…The growth we have seen is quite remarkable…driven by a host of new technologies…it’s AI, it’s big data, it’s cloud, it’s 5G, IoT, VR/AR…When you combine these new technologies with relevant data…we are now creating new possibilities and disrupting old.”
PAVmed Inc. is a highly differentiated, multi-product, commercial-stage medical technology company with a diversified product pipeline addressing unmet clinical needs encompassing a broad spectrum of clinical areas with attractive regulatory pathways and market opportunities. Its major subsidiary, Lucid Diagnostics Inc., markets the first and only commercial tools for widespread early detection of esophageal precancer and cancer – the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device. Its GI Health division also includes the complementary EsoCure™ Esophageal Ablation Device with Caldus™ Technology. Another major subsidiary, Veris Health Inc., is a digital health company developing the first intelligent implantable vascular access port with biologic sensors and wireless communication to improve personalized cancer care through remote patient monitoring. Its Minimally Invasive Interventions division markets its CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome. Other divisions include Infusion Therapy (PortIO™ Implantable Intraosseous Vascular Access Device and NextFlo™ Intravenous Infusion Set), and Emerging Innovations (non-invasive laser-based glucose monitoring, pediatric ear tubes, and mechanical circulatory support). For more information, please visit www.pavmed.com, follow us on Twitter, connect with us on LinkedIn, and watch our videos on YouTube. For more information on our majority owned subsidiary, Lucid Diagnostics Inc., please visit www.luciddx.com, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit www.EsoGuard.com and follow us on Twitter, Facebook and Instagram.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, 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, the ability to complete the initial public offering of Lucid; volatility in the price of PAVmed’s common stock, Series W Warrants and Series Z Warrants; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required advance PAVmed’s products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed’s preclinical studies; whether and when PAVmed’s products are cleared by regulatory authorities; market acceptance of PAVmed’s products once cleared and commercialized; our ability to raise additional funding and other competitive developments. PAVmed has not yet received clearance from the FDA or other regulatory body to market many of its products. The Company has been monitoring the COVID-19 pandemic and its impact on our business. The Company expects the significance of the COVID-19 pandemic, including the extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, the success of efforts to contain it and the impact of actions taken in response. New risks and uncertainties may arise from time to time and are difficult to predict. All of these factors are difficult or impossible to predict accurately and many of them are beyond PAVmed’s control. 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 IA, “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.
What was discussed at PAVmed's investor event on October 26, 2021?
PAVmed's investor event focused on Veris Health's digital health strategy, including an intelligent implantable vascular access port aimed at improving cancer care.
What is the objective of Veris Health's intelligent vascular access port?
The objective is to enhance cancer patient monitoring and care through data analytics and remote monitoring.
When does PAVmed expect to launch its digital health platform?
PAVmed aims to launch its digital health platform in the second half of 2022, pending FDA 510(k) clearance.
What financial impact could Veris Health's technology have on cancer care costs?
The technology could significantly lower hospitalization costs, which average $70,000 per unplanned admission for cancer patients.
What are the potential risks associated with PAVmed's products?
Risks include uncertainties in research and development and the need for regulatory clearance before product commercialization.
