PAVmed Announces Closing of its Public Offering of Common Stock
February 25 2021 - 12:37PM
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company”
or “PAVmed”), a highly differentiated, multi-product,
commercial-stage medical device company, today announced the
closing of its previously announced underwritten public offering
(the “Offering”) of approximately 9.8 million shares of its common
stock for gross proceeds of approximately $45 million, before
deducting underwriting discounts and commissions and other offering
expenses payable by PAVmed.
Cantor Fitzgerald & Co. acted as sole
bookrunner for the Offering. Lake Street Capital Markets LLC and
Maxim Group LLC acted as financial advisors to the
Company.
PAVmed intends to use the net proceeds from the
Offering to repay all of the Company’s outstanding debt, including
all outstanding convertible notes, (subject to our agreeing with
the holder of such notes on the terms of repayment), with the
balance to be used for working capital and general corporate
purposes.
The underwriter has a 30-day option to purchase
up to approximately 1.5 million additional shares of PAVmed’s
common stock.
The Offering was made pursuant to a shelf
registration statement (File Nos. 333-248709 and 333-253384)
declared effective by the Securities and Exchange Commission
(“SEC”) on September 17, 2020 and February 23, 2021, respectively.
A prospectus supplement relating to the Offering and the
accompanying prospectus have been filed with the SEC. The
securities may be offered only by means of a written prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. Copies of the final prospectus supplement
and accompanying base prospectus relating to the Offering may be
obtained from the SEC at http://www.sec.gov. Alternatively, copies
of the final prospectus and the accompanying prospectus relating to
the Offering can be obtained, when available, from Cantor
Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th
floor, New York, NY 10022; Email: prospectus@cantor.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About PAVmed
PAVmed Inc. is a highly differentiated,
multi-product, commercial-stage medical device company employing a
unique business model designed to advance innovative products to
commercialization rapidly and with less capital than the typical
medical device company. This proprietary model enables PAVmed to
pursue an expanding pipeline strategy with a view to enhancing and
accelerating value creation while seeking to further expand its
pipeline through relationships with its network of clinician
innovators at leading academic centers. PAVmed’s diversified
product pipeline addresses unmet clinical needs encompassing a
broad spectrum of clinical areas with attractive regulatory
pathways and market opportunities. Its four operating divisions
include GI Health (EsoGuard® Esophageal DNA Test, EsoCheck®
Esophageal Cell Collection Device, and EsoCure™ Esophageal Ablation
Device with Caldus™ Technology), Minimally Invasive Interventions
(CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome),
Infusion Therapy (PortIO™ Implantable Intraosseus Vascular Access
Device and NextFlo™ Highly Accurate Infusion Platform Technology),
and Emerging Innovations (non-invasive laser-based glucose
monitoring, pediatric ear tubes, and mechanical circulatory
support).
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, 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.
Contacts:
InvestorsMike HavrillaDirector of Investor
Relations(814) 241-4138JMH@PAVmed.com
MediaShaun O’NeilChief Commercial Officer(518)
812-3087SMO@PAVmed.com
Katie GallagherLaVoieHealthScience(617)
792-3937PAVmed@lavoiehealthscience.com
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