Industry veterans from leading cancer
detection firm join Lucid to support expansion in fully-contracted
#CheckYourFoodTube Precancer Testing Events, Concierge Medicine,
and Employer Markets
NEW
YORK, Nov. 5, 2024 /PRNewswire/ -- Lucid
Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the
"Company"), a commercial-stage, cancer prevention medical
diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM),
today announced that its commercial team has embarked on an
expansion of its direct contracting initiative, focusing on
programs designed to drive near-term EsoGuard®
Esophageal DNA Test revenue, complementing ongoing efforts in
traditional reimbursement. These programs include fully-contracted
#CheckYourFoodTube Precancer Testing Events, Concierge Medicine,
and Employer Markets. To support these initiatives, Lucid has hired
two seasoned professionals from GRAIL, Inc., who have successfully
driven revenue from the Galleri® multi-cancer early
detection test in similar programs.
"Following the recent explosion in our clinical evidence base
for EsoGuard esophageal precancer testing, our team carefully
explored new opportunities to expand our commercial strategy while
we also seek to leverage this data to secure traditional commercial
and Medicare coverage," said Lishan
Aklog, M.D., Lucid's Chairman and Chief Executive Officer.
"With this data in hand, we are now laser-focused on translating
our test volume growth into contractually-guaranteed revenue. We
are confident that we can convert our growing #CheckYourFoodTube
testing events into contracted events, as we recently demonstrated
at the Fort Worth Fire Department
in partnership with Front Line Mobile Health. Our Employer Markets
initiatives are demonstrating that brokers and self-insured
entities are willing to offer EsoGuard as a covered benefit.
Finally, we believe that we have the opportunity to successfully
penetrate the Concierge Medicine market, just as GRAIL has
done."
Fully-Contracted #CheckYourFoodTube Precancer Testing
Events
Lucid's #CheckYourFoodTube events program will now focus on
securing agreements with self-insured entities, including
employers, unions, and municipal departments to drive
contractually-guaranteed revenue. Recent successes in this program
include Lucid's first major directly-contracted precancer testing
event, where 200 Fort Worth Fire Department firefighters received
EsoGuard testing in partnership with Front Line Mobile Health.
Following this initial success, the Company has designated a senior
member, Erica Austin, of its
commercial team to focus exclusively on such contracted
#CheckYourFoodTube events.
Concierge Medicine Program
The concierge medicine sector, which offers patients enhanced
access to physicians and personalized care for an annual fee, is
rapidly growing nationwide. Patients in these concierge medicine
practices routinely seek access to cutting-edge technologies such
as EsoGuard. Carlie Craig, Lucid's
new Senior Director of Strategic Partnerships for Concierge &
Executive Medicine, has extensive relationships in the concierge
medicine sector and has demonstrated success at driving revenue
from this sector at GRAIL and elsewhere.
Employer Markets Program
Over half of patients in the United
States are insured under self-funded plans, including
through their employers, unions, or other entities. These plans are
typically established through a network of health and wellness
program brokers who seek to offer their clients value-added
services, such as EsoGuard esophageal precancer testing.
Lisa Krause has joined Lucid as
Senior Director of Employer Partnerships, bringing extensive
experience from her role at GRAIL, where she successfully
introduced the Galleri multi-cancer early detection test to
employers and brokers.
About Lucid Diagnostics
Lucid Diagnostics Inc. is a
commercial-stage, cancer prevention medical diagnostics company and
subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the
millions of patients with gastroesophageal reflux disease (GERD),
also known as chronic heartburn, who are at risk of developing
esophageal precancer and cancer. Lucid's EsoGuard®
Esophageal DNA Test, performed on samples collected in a brief,
noninvasive office procedure with its EsoCheck®
Esophageal Cell Collection Device, represent the first and only
commercially available tools designed with the goal of preventing
cancer and cancer deaths through widespread, early detection of
esophageal precancer in at-risk patients.
For more information about Lucid, please visit www.luciddx.com
and for more information about its parent company PAVmed, please
visit www.pavmed.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 Lucid'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 Lucid's common stock; general economic and market
conditions; the uncertainties inherent in research and development,
including the cost and time required to advance Lucid's products to
regulatory submission; whether regulatory authorities will be
satisfied with the design of and results from Lucid's clinical and
preclinical studies; whether and when Lucid's products are cleared
by regulatory authorities; market acceptance of Lucid's products
once cleared and commercialized; Lucid's ability to raise
additional funding as needed; and other competitive developments.
In addition, Lucid continues to monitor the COVID-19 pandemic and
the pandemic's impact on Lucid's businesses. These factors are
difficult or impossible to predict accurately and many of them are
beyond Lucid'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 Lucid's future operations, see Part
I, Item 1A, "Risk Factors," in Lucid'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 Lucid Diagnostics after its
most recent Annual Report. Lucid 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 Lucid Diagnostics