PAVmed and Subsidiary Veris Health Complete Private Placement Financing
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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