Business
PAVmed and Lucid Provide Business Update and Preliminary Third Quarter 2021 Financial Results
Conference call to be held today at 4:30 PM EDT NEW YORK--(BUSINESS WIRE)-- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed”), a highly differentiated,
About this update from Pavmed Inc.
[{"type":"text","content":"\nConference call to be held today at 4:30 PM EDT\n\n NEW YORK--(BUSINESS WIRE)--\nPAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed”), a highly differentiated, multi-product, commercial-stage medical device company, and its majority-owned subsidiary Lucid Diagnostics Inc. (Nasdaq: LUCD) (“Lucid”), a commercial-stage cancer prevention diagnostics company today provided a joint business update for the companies and discussed preliminary financial results for the six and nine months ended September 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211116006357/en/\n“The third quarter and recent weeks have proved to be an exciting time for our companies—almost certainly the most important in PAVmed’s corporate history,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer and Lucid’s Chairman and Chief Executive Officer. “Lucid is now a Nasdaq-listed public company having raised sufficient capital to execute on its growth strategy and drive commercialization in a $25 billion-dollar addressable company. PAVmed’s equity stake in Lucid actually increased from approximately 73% to 76% post-IPO as a result of PAVmed converting debt into equity immediately prior to consummation of the IPO.”\n\n“PAVmed and Lucid are both in a very strong financial position with over $90 million in cash between them. With Lucid now fully financed and self-sufficient, PAVmed no longer has to raise and spend capital, and dilute its shareholders, to finance Lucid’s operations. We can deploy PAVmed’s capital to advance and commercialize its other key products and expand our portfolio. As the majority shareholder PAVmed will continue to consolidate Lucid’s financials. I am also excited that we have crossed another small but important milestone. PAVmed and Lucid are no longer pre-revenue companies, with both for the first time recognizing modest revenue for the third quarter.”\n\nConference Call and Webcast\n\nA conference call and webcast for today’s business update and third quarter 2021 financial results will take place at 4:30 PM EDT. To access the conference call, listeners should dial 877-407-3982 toll-free in the U.S. or 201-493-6780, and ask to join the “PAVmed, Inc. Business Update Conference Call”. The conference call will be available live via webcast and for replay at th...