Grant will fund research to optimize Veris
Cancer Care Platform for medically underserved cancer patients, in
partnership with an academic cancer center
NEW
YORK, Oct. 10, 2024 /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 digital health subsidiary Veris Health Inc.
("Veris"), today announced that Veris has been awarded a
$1.8 million grant from the National
Institute on Minority Health and Health Disparities (NIMHD), an
institute of the National Institutes of Health (NIH). The two-year
grant will fund research to optimize and validate the Veris Cancer
Care Platform for the needs of medically underserved cancer
patients, in partnership with an academic cancer center. The
research project, "Bridging the Gap: Enhancing Cancer Care for
Underserved Populations with the Veris Health Cancer Care
Platform," will focus on patients facing language barriers,
limited access to technology, and socioeconomic disparities.
"We are honored to receive this prestigious NIH grant, which
recognizes the potential of our Veris Cancer Care Platform to
enhance cancer care," said James D. Mitchell M.D.,
PAVmed's Vice President of Digital Health and Veris's Chief Medical
Officer. "This grant will accelerate our efforts to expand the
reach and impact of our technology, while strengthening our
relationships with academic cancer centers and within the oncology
community. We look forward to bringing the benefits of this
technology to broader and more diverse patient populations, to
improve patient outcomes, reduce healthcare costs, and increase
patient access to enhanced cancer care."
"This NIH grant, which provides Veris with important
non-dilutive funding, comes at a pivotal time for Veris, as it
pursues financing to advance its commercial strategy, including
regulatory clearance and launch of its implantable physiological
monitor," said Lishan Aklog, M.D.,
PAVmed's Chairman & Chief Executive Officer. "This aligns with
PAVmed's long-term strategy, which seeks to assure that its
subsidiaries, such as Veris, are independently financeable but able
to leverage PAVmed's shared infrastructure."
About Veris Health
Veris 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 PAVmed
PAVmed 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 Lucid Diagnostics, please visit
luciddx.com.
Forward-Looking Statements
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.
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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SOURCE PAVmed Inc.