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) generates news across medical devices, diagnostics, and digital health, reflecting its role as a diversified, commercial-stage medical technology company. Its news flow often covers developments at the parent company level as well as at its subsidiaries, Lucid Diagnostics Inc. and Veris Health Inc., which focus on cancer prevention diagnostics and digital cancer care.
Investors following PAVM news can expect updates on corporate actions, such as the announced 1-for-30 reverse stock split intended to help the company meet Nasdaq’s minimum bid price requirement and maintain its listing on the Nasdaq Capital Market. Company communications also highlight business updates, quarterly financial results, and information on balance sheet and capital structure decisions, often furnished through press releases and Form 8-K filings.
News related to Lucid Diagnostics, a subsidiary of PAVmed, frequently focuses on the commercialization and clinical performance of the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device. Recent announcements have described large real-world datasets on non-endoscopic esophageal precancer detection, Medicare coverage processes, and participation in medical and investor conferences.
Updates involving Veris Health typically center on the Veris Cancer Care Platform and its deployment in clinical settings. For example, PAVmed and Veris have reported the launch of the commercial phase of a long-term strategic partnership with The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute, focused on enhancing personalized cancer care for patients undergoing systemic cancer therapy.
This PAVM news page brings together these types of announcements, allowing readers to track financial disclosures, technology and platform milestones, regulatory and reimbursement developments, strategic partnerships, and corporate governance actions over time.
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.
PAVmed Inc. (PAVM, PAVMZ) has launched its Veris Cancer Care Platform with its first commercial contract with New Jersey Cancer Care, PA. This digital health platform enhances cancer care through remote patient monitoring (RPM). It allows clinicians to collect physiologic data, manage symptoms, and utilize telehealth tools. Veris CCP's launch highlights a new revenue model and significant growth potential in the oncology sector. PAVmed aims to introduce an implantable physiological monitor to further improve patient care.
Lucid Diagnostics Inc. (Nasdaq: LUCD) has been named a finalist for the MD+DI Medtech Company of the Year 2022 award, recognizing its efforts in cancer prevention through innovative diagnostics. The company's EsoGuard®, a molecular diagnostic tool for early detection of esophageal cancer, represents a critical advancement in screening at-risk GERD patients. The winner will be announced the week of December 12, 2022. With esophageal cancer mortality rates high, Lucid's development of non-invasive screening tools has significant potential to reduce preventable deaths.
Lucid Diagnostics Inc. (Nasdaq: LUCD) announced promising results from a presentation at the AACR Special Conference showcasing the EsoCheck esophageal cell sampling procedure. Conducted on 687 patients, it achieved a 98% success rate, even with severe gag reflex cases. The average procedure took 3.5 minutes, and over 90% of samples yielded sufficient DNA for testing. EsoCheck and its companion EsoGuard test are pivotal for early detection of esophageal precancer, with recommendations from major guidelines, addressing the high mortality associated with esophageal cancer.
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) announced significant updates in its business and financial performance for Q3 2022. The EsoGuard tests showed a steady 28% sequential growth and a remarkable 436% annual increase, with 1,088 tests conducted. Lucid Diagnostics is expanding its network, targeting 16 centers by year-end. Operating expenses reached approximately $23.4 million, with a GAAP net loss of $26.2 million. Cash reserves were reported at $56.8 million. Veris Health is set for a commercial launch of its Cancer Care Platform by year-end, enhancing growth prospects.
Lucid Diagnostics reported a significant increase in its EsoGuard test volume, achieving a 28% growth sequentially and a remarkable 436% year-over-year increase. The company's financial results for Q3 2022 reflected revenues of $0.1 million against operating expenses of approximately $14.4 million, leading to a GAAP net loss of $14.3 million, or $(0.39) per share. Lucid is focused on cash preservation while expanding its sales team and test centers, with an aim to continue growth in a challenging reimbursement environment. The company had $26.9 million in cash at the end of September 2022.
PAVmed Inc. (NASDAQ: PAVM, PAVMZ), a diversified medical technology company, announced its participation in the Technologies Ushering in Next-Generation Diagnostics, Therapies, and Surgeries panel at the BTIG Digital Health Forum on November 21, 2022. CEO Lishan Aklog will discuss PAVmed's digital health subsidiary, Veris Health, and its innovative solutions in cancer care. PAVmed will also hold 1x1 virtual meetings during the event. For additional details, visit PAVmed.com.
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