PAVmed's Veris Health Secures $1.8 Million NIH Funding for Cancer Care
PAVmed Inc. (NASDAQ: PAVM) has announced an exciting development regarding its subsidiary, Veris Health Inc. Recently, Veris Health was awarded a significant grant of $1.8 million from the National Institute on Minority Health and Health Disparities (NIMHD), a component of the National Institutes of Health (NIH). This grant is a crucial step towards enhancing the Veris Cancer Care Platform, which is designed to support medically underserved cancer patients.
Understanding the Grant's Purpose
The awarded grant will be instrumental in researching how the Veris Cancer Care Platform can be optimized for patients who often face numerous barriers in accessing adequate cancer care. These barriers can include language differences, limited access to technology, and critical socioeconomic challenges. The project is notably titled "Bridging the Gap: Enhancing Cancer Care for Underserved Populations with the Veris Health Cancer Care Platform" and will be developed in collaboration with an academic cancer center.
Statements from Key Personnel
James D. Mitchell M.D., who serves as the Vice President of Digital Health at PAVmed and Chief Medical Officer at Veris, expressed gratitude at receiving this prestigious NIH grant. He noted that it underscores the platform’s potential in enhancing cancer care. According to Dr. Mitchell, this grant will empower them to broaden the reach and efficacy of their technology while fostering stronger connections with academic centers and the oncology community. He emphasized their dedication to leveraging this technology to benefit a wider and more diverse range of patients, ultimately improving healthcare outcomes and accessibility.
The Importance of the Grant for Veris
In a similar vein, Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer, highlighted the significance of the NIH grant for Veris. He remarked that it represents crucial non-dilutive funding at a pivotal moment for the company. Veris is looking to advance its commercial strategy, including the regulatory approval and launch of its innovative implantable physiological monitor. The goal is for Veris to attain independent financeability while leveraging PAVmed's shared resources.
About the Veris Cancer Care Platform
Veris Health is particularly known for its flagship product, the Veris Cancer Care Platform. This comprehensive digital health solution integrates various features, including remote physiological data collection, symptom reporting, telehealth functionality, and integration with electronic health records. The primary aim is to enhance personalized cancer care, enabling early detection of complications and minimizing unnecessary hospitalizations.
How the Platform Works
Cancer patients utilizing the Veris platform receive a VerisBox™, a set of connected health devices that send physiological data to a cloud-based clinician portal through an embedded cellular connection. Additionally, patients have access to a dedicated app that allows them to report symptoms and general well-being to their healthcare team. Notably, this app encourages users to include caretakers and family members in their cancer care journey.
Future Developments and Innovations
As part of its ongoing commitment to innovation, Veris is developing an implantable physiological monitor that can integrate seamlessly with the Veris Cancer Care Platform. This implantable device aims to provide consistent physiologic data, significantly enhancing both clinical and commercial prospects for the platform.
About PAVmed and Its Vision
PAVmed Inc. stands out as a diversified medical technology enterprise actively involved in medical devices, diagnostics, and digital health. Alongside Veris Health, PAVmed is advancing its initiatives, including Lucid Diagnostics, which focuses on early detection tools for esophageal cancer.
Frequently Asked Questions
What is the purpose of the NIH grant awarded to Veris Health?
The NIH grant aims to enhance the Veris Cancer Care Platform to better serve medically underserved populations by addressing their unique challenges in accessing cancer care.
Who are the key individuals involved in this project?
James D. Mitchell M.D. is the Vice President of Digital Health and Chief Medical Officer at Veris, while Lishan Aklog, M.D. is the Chairman and CEO of PAVmed.
What does the Veris Cancer Care Platform offer?
The platform provides remote patient monitoring, symptom reporting, telehealth capabilities, and integrates electronic health records to enhance patient care.
How does the Veris platform improve cancer care?
By using connected devices and mobile applications, the platform facilitates early detection of complications and enhances patient-provider communication.
What is the significance of the implantable physiological monitor?
This monitor is designed to provide continuous physiologic data, thereby improving treatment and monitoring of cancer patients.
