PAVmed Secures $7 Million Convertible Note Financing
August 06 2020 - 9:27AM
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company”
or “PAVmed”), a highly differentiated, multi-product,
commercial-stage medical device company, today announced it has
received approximately $7 million in gross proceeds from a private
placement (the “Financing”) of Senior Convertible Promissory Notes
with an existing institutional investor.
Proceeds from the Financing will support the
Company’s commercialization, regulatory and product development
activities, including the commercialization of EsoGuard™/EsoCheck™
and CarpX™, its EsoGuard BE-1 and BE-2 clinical trials and for
general working capital purposes.
The Financing is led by an existing
institutional investor who participated in senior convertible
promissory note financings with similar terms in December 2018,
November 2019, and April 2020. The Notes in this Financing carry a
conversion price of $5.00 per share. Additional information on the
Financing is available on the Company's current report on Form 8-K
filed with the Securities and Exchange Commission (the “SEC”).
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 much more rapidly and with significantly 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 Disposable
Intravenous Infusion Set), and Emerging Innovations (non-invasive
laser-based glucose monitoring, NextCath™ self-anchoring catheters,
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.
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
Reports 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
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