Executes first commercial contract with leading New Jersey oncology practice
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed”), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today announced that its majority-owned digital health subsidiary Veris Health Inc. (“Veris”), has commercially launched its Veris Cancer Care Platform™ (“Veris CCP”). Veris executed its first commercial contract with New Jersey Cancer Care, PA (“NJCC”), a leading oncology practice and member of the prestigious Quality Cancer Care Alliance.
“Veris’ first commercial launch is a testament to our team and partners’ hard work over the past eighteen months,” said Lishan Aklog, M.D., PAVmed’s Chairman & Chief Executive Officer and Veris’ Executive Chairman. “We are excited to offer oncology practices and their patients a state-of-the-art cancer-focused digital health platform designed to enhance care and improve outcomes through remote patient monitoring (RPM). Our software-as-a-service recurring-revenue business model leverages well-established RPM codes and provides attractive margins to Veris and its clients. We look forward to further enhancing the power of the platform next year, with the anticipated launch of our implantable physiological monitor designed to be implanted in conjunction with a vascular access port for chemotherapy.”
“At New Jersey Cancer Care we take pride in staying on the cutting edge of science and technology and delivering unsurpassed personal attention to our patients,” said NJCC’s Executive Director, Denise Johnstone. “We are excited to implement the Veris Cancer Care Platform. Its groundbreaking remote patient monitoring tools will help us enhance the care of our patients while strengthening our practice’s economics.”
Veris CCP is a digital cancer care platform with physiologic data collection, symptom reporting and telehealth functions, designed to improve personalized cancer care through remote patient monitoring. Cancer patients enrolled in the Veris CCP program receive a VerisBox™ with Veris-branded Bluetooth enabled connected health care devices. The devices transmit clinical data to the cancer care team through the Veris CCP patient smartphone app and the cloud-based Veris CCP clinician portal. The platform will allow the cancer care team to detect early signs of common cancer-related complications, provide longitudinal trends of physiologic and clinical data, and offer data-driven risk management tools for precision oncology. The practice uses RPM codes to bill for review and interpretation of clinical data.
About PAVmed and Veris
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its majority-owned subsidiary, 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. PAVmed’s other majority-owned subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), is a commercial-stage cancer prevention medical diagnostics company which 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 prevent esophageal cancer deaths. PAVmed’s product pipeline also includes the CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome, EsoCure™ Esophageal Ablation Device with Caldus™ Technology, and PortIO™ Implantable Intraosseous Vascular Access Device, as well as other earlier stage technologies. For more information on PAVmed, please visit PAVmed.com and follow PAVmed on Twitter, LinkedIn, and YouTube. For more information on Veris, please visit VerisHealth.com and follow Veris on Twitter and LinkedIn.
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. In addition, PAVmed has been monitoring the COVID-19 pandemic and the pandemic’s impact on PAVmed’s businesses. PAVmed expects the significance of the COVID-19 pandemic, including the extent of its effect on its financial and operational results, to be dictated by, among other things, the success of efforts to contain the pandemic and the impact of such efforts on PAVmed’s businesses. 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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Adrian K. Miller