PAVmed Inc. Announces First Quarter 2016 Financial Results
May 13 2016 - 9:03PM
Business Wire
PAVmed Inc. (Nasdaq:PAVMU), a multi-product medical device
company organized to conceive, develop and commercialize a
diversified pipeline of innovative products, today announced
results for the first quarter, ended March 31, 2016.
“During the quarter, we made considerable progress on our five
lead products and many other corporate objectives. This culminated
with us completing our Initial Public Offering (“IPO”) this past
April, strengthening our cash position and providing us with the
resources to continue advancing our lead products towards
commercialization,” stated Dr. Lishan Aklog, Chairman and Chief
Executive Officer. “We are deeply committed to enhancing
shareholder value as a newly traded public company, and look
forward to updating you on our future progress.”
For the three months ended March 31, 2016, the Company reported
research and development costs, formation and operating costs and a
net loss of $179,141, $517,739 and $696,880, respectively. The net
cash used in operating activities was $518,688. Total net cash
proceeds from the Company’s IPO were $4.3 million.
Full first quarter financial results can be obtained from the
Company’s investor relations website here or directly from the SEC
website here.
About PAVmed
PAVmed Inc. is a multi-product medical device company
organized to conceive, develop and commercialize a diversified
pipeline of innovative products which the Company believes address
unmet clinical needs and possess attractive market opportunities.
The Company’s goal is to enhance and accelerate value creation by
employing a business model focused on capital efficiency and speed
to market. PAVmed is further expanding its pipeline through
engagements with clinician innovators and leading academic medical
centers.
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 the
Company’s management, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20160513005937/en/
For PAVmed Inc.:InvestorsMatthew
Ventimiglia,
212-599-1265mventimiglia@lazarpartners.comorMediaErich Sandoval,
213-908-6226esandoval@lazarpartners.com
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