Gross proceeds of approximately $2.4 million from sale of PAVmed securities
priced at-the-market and Veris common stock priced at a
$35 million pre-money
valuation
NEW
YORK, Feb. 24, 2025 /PRNewswire/ -- PAVmed
Inc. (Nasdaq: PAVM) ("PAVmed" or the "Company") a diversified
commercial-stage medical technology company, operating in the
medical device, diagnostics, and digital health sectors, and its
majority-owned subsidiary, Veris Health Inc, ("Veris") today
announced that the companies have completed a $2.37 million private placement financing as
detailed in Form 8-K filed with the SEC on February 21, 2025. Accredited investors purchased
PAVmed securities priced at-the-market and shares of Veris common
stock reflecting a pre-money Veris valuation of approximately
$35 million. The financing
supplements a recently secured $1.8
million non-dilutive two-year NIH grant and will fund
development of Veris' implantable physiological monitor.
"This financing marks an important milestone which will allow
Veris Health to advance its commercial strategy, including
regulatory clearance and launch of its implantable physiological
monitor," said Lishan Aklog, M.D.,
Chairman and CEO of PAVmed and Executive Chairman of Veris Health.
"We believe the Veris pre-money valuation reflects strong investor
confidence in Veris' long-term commercial potential as it seeks to
enhance personalized cancer care through the early detection of
complications and reduced unplanned hospitalizations. We expect
that, once cleared and launched, the implantable monitor will
significantly enhance this commercial potential."
About Veris Health
Veris Health Inc. is a digital health company whose lead
product, the Veris Cancer Care Platform, is a comprehensive
digital 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 an
embedded cellular connection. 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 in combination with
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 centers interested in learning more
about Veris and the Veris Platform, please
visit www.verishealth.com to contact a company
representative.
About PAVmed
PAVmed Inc. is a diversified commercial-stage medical technology
company operating in the medical device, diagnostics, and digital
health sectors. Its other subsidiary (in addition to Veris), 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.
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.