PAVmed Subsidiary Veris Health Completes $2.5 Million Direct Equity Financing

Private placement yields $2.5 million from the sale of Veris Health common stock at a $35 million pre-money valuation. , /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 the completion of a private placement equity financing directly into Veris, yielding $2.5 million in proceeds (gross and net). This supplements a prior $2.4 million financing completed earlier this year. Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. (PRNewsfoto/PAVmed Inc.) Veris sold shares of its common stock at $1.40 per share, reflecting a pre-money valuation of approximately $35 million. Veris will use the proceeds to advance its implantable physiological monitor through FDA clearance, expected in 2026, and for general corporate purposes. For each share of Veris common stock purchased, the investor received a warrant to purchase an additional share at an exercise price of $1.40 per share. The warrants are callable by Veris within 60 days of FDA clearance of its implantable physiological monitor. Additional capital raised through warrant exercises will be used to accelerate commercialization of the device once clearance is secured. "This financing, at an attractive valuation, reflects strong investor confidence in Veris' commercial potential and represents an important milestone for both PAVmed and Veris," said Lishan Aklog, M.D., Chairman and CEO of PAVmed and Executive Chairman of Veris Health. "Veris is now sufficiently capitalized to fund development of its implantable physiological monitor through FDA clearance and subsequent commercial launch. The monitor—designed to enhance personalized care in conjunction with the Veris Cancer Care Platform—will serve as a key commercial differentiator." About Veris HealthVeris 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 PAVmedPAVmed 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 StatementsThis 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.SOURCE PAVmed Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

PAVmed Subsidiary Veris Health Completes $2.5 Million Direct Equity Financing

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News