PAVmed Acquires EsophaCap Manufacturer CapNostics LLC
October 07 2021 - 11:41AM
PAVmed Inc.
(Nasdaq: PAVM, PAVMZ) (the “Company”
or “PAVmed”), a highly differentiated, multi-product,
commercial-stage medical technology company, today announced a
wholly owned subsidiary of the Company has entered into a
definitive membership interests purchase agreement with Martin Von
Dyck, the sole member and owner of North Carolina-based CapNostics,
LLC, which manufactures EsophaCap®—a U.S. FDA 510(k)-cleared and
European CE Mark certified, non-endoscopic esophageal cell
collection device which has been used in pre-commercial clinical
research of esophageal precancer biomarkers at major academic
medical centers. Concurrently, the Company entered into an
exclusive long-term consulting agreement with Mr. Von Dyck, as well
as an exclusive long-term manufacturing agreement with the
EsophaCap contract manufacturer.
“Since entering this sector in 2018, PAVmed and
its subsidiaries have aggressively sought to increase shareholder
value by building a fully integrated and expanding portfolio of
products which broadly address early detection, monitoring and
treatment of esophageal disease,” said Lishan Aklog, M.D., PAVmed’s
Chairman and Chief Executive Officer. “Our major subsidiary, Lucid
Diagnostics Inc., has been focused on patients with
gastroesophageal reflux disease (“GERD”), also known as chronic
heartburn, who are at risk of developing esophageal precancer and
cancer. We believe Lucid’s EsoCheck remains the only noninvasive
esophageal cell collection device capable of performing the
anatomically targeted and protected sampling necessary to optimize
diagnostic accuracy in these patients.”
About PAVmed
PAVmed Inc. is a highly differentiated,
multi-product, commercial-stage medical technology company with a
diversified product pipeline addressing unmet clinical needs
encompassing a broad spectrum of clinical areas with attractive
regulatory pathways and market opportunities. Its major subsidiary,
Lucid Diagnostics Inc., markets the first and only commercial tools
for widespread early detection of esophageal precancer and cancer –
the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell
Collection Device. Its GI Health division also includes the
complementary EsoCure™ Esophageal Ablation Device with Caldus™
Technology. Another major subsidiary, Veris Health Inc., is a
digital health company developing the first intelligent implantable
vascular access port with biologic sensors and wireless
communication to improve personalized cancer care through remote
patient monitoring. Its Minimally Invasive Interventions division
markets its CarpX® Minimally Invasive Device for Carpal Tunnel
Syndrome. Other divisions include Infusion Therapy (PortIO™
Implantable Intraosseous Vascular Access Device and NextFlo™
Intravenous Infusion Set), and Emerging Innovations (non-invasive
laser-based glucose monitoring, 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. For detailed information on EsoGuard, please visit
www.EsoGuard.com and follow us on Twitter, Facebook and
Instagram.
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, the ability to
complete the initial public offering of Lucid; 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
InvestorsLisa DeScenzaLaVoieHealthScience(617)
351-0243ldescenza@lavoiehealthscience.com
MediaKatie Gallagher / Kristi BrunoLaVoieHealthScience(617)
792-3937 / (617) 865-3940PAVmed@lavoiehealthscience.com
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