PAVmed Secures $2.4 Million to Propel Veris Health Advances
PAVmed Completes Significant Private Placement Financing
PAVmed Inc. (NASDAQ: PAVM) has recently completed a private placement financing that has raised approximately $2.37 million. This significant funding aims to support the development of Veris Health, a subsidiary focused on digital health solutions for cancer care. The financing reflects a pre-money valuation of Veris at approximately $35 million. This effort is pivotal for Veris as it continues to work towards the advancement of its innovative implantable physiological monitor.
Funding and Future Development
This recent funding effort coincides with a substantial NIH grant that PAVmed secured to foster cancer care advancements. Specifically, a $1.8 million non-dilutive two-year NIH grant will facilitate the continued development and commercialization of Veris' groundbreaking technologies aimed at improving patient outcomes in cancer treatment. The dual approach of financing from both private placement and government support illustrates PAVmed's commitment to pioneering solutions in the medical technology landscape.
Strategic Statements from Leadership
Dr. Lishan Aklog, M.D., the Chairman and CEO of PAVmed, articulated the importance of this funding round by stating, "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." His statement underscores the expected outcomes of this financing in bolstering the company's strategic goals for Veris Health.
About Veris Health's Offerings
Veris Health Inc. is dedicated to enhancing personalized cancer care through its Veris Cancer Care Platform. This platform provides remote physiological data collection, symptom reporting, and telehealth capabilities, allowing healthcare providers to monitor patients efficiently. The use of a VerisBox™ filled with connected health devices enables real-time data transmission, facilitating better communication between patients and their care teams.
Innovations Leading to Enhanced Patient Care
Veris Health is at the forefront of implementing advanced technologies designed to detect complications early. These innovations are expected to reduce the rates of unplanned hospitalizations, thereby improving the overall patient care experience. Moreover, the inclusion of an implantable physiological monitor will further enhance the platform’s capabilities, providing remote monitoring of patients, independent of their active participation in reporting their health metrics.
Connecting Cancer Patients with Caregivers
A unique aspect of the Veris platform is its patient engagement feature, which allows patients to invite family members and caregivers to follow their treatment journey. This level of connectivity ensures that loved ones can remain informed and supportive as patients navigate their health challenges.
Learn More About PAVmed
PAVmed Inc. is a diverse and innovative medical technology company operating across several sectors, including medical devices and diagnostics. Alongside Veris, its other subsidiary, Lucid Diagnostics, focuses on developing tools for cancer prevention, demonstrating PAVmed's extensive commitment to improving healthcare outcomes. For those interested in learning more about PAVmed and its initiatives, additional information can be found on their website.
Frequently Asked Questions
What was the amount raised in the private placement financing?
PAVmed completed a private placement financing that raised approximately $2.37 million.
What is the purpose of the proceeds from this financing?
The proceeds will fund the development of Veris Health's implantable physiological monitor and its associated technologies.
What is the significance of Veris Health's platform?
Veris Health's platform aims to enhance personalized cancer care by providing remote monitoring and data collection to improve patient outcomes and reduce hospitalizations.
Who leads PAVmed Inc.?
PAVmed Inc. is led by Dr. Lishan Aklog, M.D., who serves as the Chairman and CEO.
Where can I find more information about PAVmed?
More information about PAVmed can be found on their official website.
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