PAVmed Subsidiary, Veris Health, Enters into Strategic Partnership Agreement with The Ohio State University Comprehensive Cancer Center - James Cancer Hospital and Solove Research Institute
- Strategic partnership with a major NCI-Designated Comprehensive Cancer Center validates the platform's clinical utility
- Successful completion of pilot program demonstrates market viability
- Planned FDA clearance and clinical trial for implantable physiologic monitor shows product pipeline progress
- Full EHR integration capability enhances platform's commercial appeal
- FDA clearance for implantable monitor still pending and not guaranteed
- Commercial revenue impact and financial terms not disclosed
Insights
Strategic partnership with prestigious cancer center validates Veris platform, signaling commercial expansion and potential revenue growth.
This partnership between PAVmed's subsidiary Veris Health and The Ohio State University Comprehensive Cancer Center represents a significant commercial milestone following their successful pilot program. The agreement includes commercial expansion across multiple cancer service lines, full EHR integration, and launch of a clinical registry - all critical components for scaling digital health solutions in oncology.
What makes this particularly valuable is the credibility and validation provided by partnering with an NCI-Designated Comprehensive Cancer Center. Such endorsement typically accelerates broader market adoption and can serve as a reference case for other potential customers. The planned clinical trial for Veris's implantable physiologic monitor further strengthens their competitive position by creating a potential pipeline for their next-generation technology.
The Veris Cancer Care Platform addresses key healthcare economic challenges by targeting reduced unplanned hospitalizations through early complication detection. Their strategy of combining both software (patient/provider portals) with hardware components (connected devices and future implantables) creates multiple revenue streams and higher switching costs once implemented.
This partnership model - beginning with pilot programs leading to full commercial implementation - demonstrates a methodical commercialization approach that de-risks technology adoption for healthcare systems while creating a foundation for recurring revenue for PAVmed/Veris.
The strategic partnership between Veris Health and OSUCCC - James marks a critical commercial inflection point for PAVmed's digital health subsidiary. This agreement validates the platform's clinical utility and establishes a foothold in a major academic cancer center - typically the most challenging and discerning customer segment to penetrate.
Three aspects deserve particular attention:
- The multi-component commercial agreement spans utilization expansion, EHR integration, clinical registry creation, and future clinical trials - representing multiple value creation pathways
- The implantable monitor development adds significant IP and potential recurring revenue beyond the current platform
- The reference customer effect from a prestigious NCI-designated center could accelerate sales cycles with other cancer centers
For PAVmed's business model, this agreement demonstrates progress in the "land and expand" strategy typical of healthcare technology - beginning with limited pilot deployments before expanding to enterprise-wide implementation. The explicit mention of "commercial transition" signals the shift from validation to revenue generation.
The multi-year nature of this partnership provides visibility into future revenue streams while the collaborative development aspects (clinical pathways, software enhancements) create opportunities for expanding the product's capabilities and value proposition. The endorsement from OSUCCC's Chief Medical Officer further strengthens the clinical credibility essential for healthcare technology adoption.
Long-term strategic partnership and commercial transition follow successful completion of pilot program of Veris Cancer Care Platform™ at OSUCCC – James
Pursuant to the agreement Veris and OSUCCC – James entered into a long-term, multi-project strategic partnership to utilize, and further the development and commercialization of the Veris Cancer Care Platform and its implantable physiologic monitor.
The agreement includes expansion of commercial utilization of the platform across cancer care service lines; full electronic health record (EHR) integration; initiation of a large clinical registry of patients enrolled on the platform to be launched in the coming weeks; and launch of a large clinical trial of patients receiving the implantable physiologic monitor, to be launched upon FDA clearance, expected next year. It also calls for close collaboration on the development of clinical cancer care pathways, platform software enhancements, and best practices for clinical use of the implantable physiological monitor.
"We are thrilled to advance our strategic partnership with OSUCCC – James, one of the largest and most prestigious academic cancer centers in the nation, following the successful completion of a pilot program demonstrating the strong clinical utility of our platform," said Brian deGuzman, M.D., Chief Operating Officer of Veris Health. "This commercial transition represents a major milestone for Veris. We look forward to working closely with the OSUCCC – James team to enhance the care of thousands of cancer patients there every year."
"At the OSUCCC – James, delivering personalized, world-class cancer care remains our top priority," said David Cohn, M.D., M.B.A., Chief Operating Officer and Chair of Gynecologic Oncology at The James Cancer Hospital and Solove Research Institute. "After a successful pilot program, we are excited to be entering into a long-term strategic partnership with Veris Health to expand access to the Veris Cancer Care Platform and enhance the care of our patients."
The Veris Cancer Care Platform is a comprehensive digital cancer care platform with remote physiological data collection, symptom reporting, telehealth capability, and electronic health record integration. The platform seeks to offer enhanced personalized cancer care through the early detection of complications, reduced unplanned hospitalizations, the provision of longitudinal trends of physiological and clinical data, data-driven risk management tools, and increased patient and provider satisfaction.
Cancer patients enrolled on the platform receive a VerisBox™ of Veris-branded connected health care devices which transmit physiologic data to the cloud-based clinician portal via embedded cellular connections. A complementary patient portal enables patients to report symptoms, as well as general health and quality of life parameters, to their cancer care team through the Veris patient smartphone app. The app also allows patients to invite caretakers and family members to follow along on their cancer care journey. Veris is also developing an implantable physiological monitor, designed to be implanted alongside a vascular access port, which will interface with the Veris Cancer Care Platform. The implantable monitor will further enhance the clinical and commercial value of the platform by providing remote physiologic data independent of patient compliance.
Cancer centers and oncology practices interested in learning more about Veris and the Veris Platform, please visit www.verishealth.com to contact a company representative.
About PAVmed and Veris
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its majority-owned subsidiary, Veris Health Inc., is a digital health company whose lead product is a digital cancer care platform with physiologic data collection, symptom reporting and telehealth functions, designed to improve personalized cancer care through remote patient monitoring. Veris has also been developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris cancer care platform. Its other majority-owned subsidiary, Lucid Diagnostics, is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths.
For more and for more information about PAVmed, please visit pavmed.com.
For more information about Veris Health, please visit verishealth.com.
For more information about Lucid Diagnostics, please visit luciddx.com.
About The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute
The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (the "OSUCCC – James"), is the only cancer program in the United States that features a National Cancer Institute (NCI)-designated comprehensive cancer center aligned with a nationally ranked academic health center and a freestanding cancer hospital on the campus of one of the nation's largest public universities.
The OSUCCC – James has been designated as an NCI Comprehensive Cancer Center since 1976. Also, it is one of only a few centers funded by the NCI to conduct both phase I and phase II clinical trials on novel anticancer agents provided by the NCI.
As the cancer program's adult patient-care component, The James is one of the top cancer hospitals in the nation as ranked by
The OSUCCC – James is a global leader in such emerging disciplines as cellular therapy and immuno-oncology. In 2017, the OSUCCC – James was among the first hospitals in the United States to offer the first cellular therapy for blood cancers, known as CAR T-cell therapy, and is playing a major role in the continuing development of this and other cellular therapies.
To learn more about cancer treatment and clinical trials at the OSUCCC – James, visit cancer.osu.edu.
Forward-Looking Statements
This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are 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, volatility in the price of PAVmed's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's clinical and preclinical studies; whether and when PAVmed's products are cleared by regulatory authorities; market acceptance of PAVmed's products once cleared and commercialized; PAVmed's ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond PAVmed's control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. 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 1A, "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.
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SOURCE PAVmed Inc.
FAQ
What is the Veris Cancer Care Platform that PAVM's subsidiary is implementing at Ohio State?
When will PAVM's Veris Health launch its implantable physiologic monitor?
What features does the VerisBox include in PAVM's cancer care platform?
How will the OSUCCC - James partnership benefit PAVM's Veris Health platform?
What are the main benefits of PAVM's Veris Cancer Care Platform for patients?
