NEW YORK–(COMMERCIAL THREAD) –PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product, commercial medical technology company, today announced that its principal subsidiary Veris Health Inc. (“Veris”) has been accepted into Microsoft for Startups, a global Microsoft program dedicated to accelerating the trajectory of startups. The Company also announced that Veris has entered into a definitive services agreement with leading Silicon Valley-based full-stack software development company, Loka Inc. (“Loka”) to build its digital healthcare platform. from a distance.
As a member of the Microsoft for Startups program, Veris will have access to Microsoft technology, mentorship and business support, which will enable it to utilize cloud storage, data analytics and other technologies. Microsoft to quickly build and deploy its platform with the state of the art. art, built-in redundancy and security. Loka will build the Veris platform on Microsoft Azure, which includes Azure AI clinical analysis & Machine Learning, Azure IoT patient monitoring, and many other leading healthcare-focused products and services.
“We are honored that our new digital health subsidiary Veris Health is part of a select group of global companies inducted into the Microsoft for Startups program,” said Lishan Aklog, MD, president and CEO of PAVmed and executive chairman of Veris. “We plan to take full advantage of this relationship with Microsoft to ensure that the Veris platform uses the most advanced technologies to facilitate and optimize cancer care through remote patient monitoring and data analysis. , including machine learning and artificial intelligence. At Loka, we have identified the ideal software development partner, with extensive experience using these sophisticated tools in complex healthcare applications.
“Today’s aggressive outpatient cancer treatments leave patients unattended while at risk of serious complications, resulting in high rates of hospitalization, poor patient quality of life and increased costs health system, ”said James Mitchell, MD, PAVmed’s vice president of digital health and Veris’ Chief Medical Officer. “Our technology is designed to enable oncologists to detect early signs of common cancer-related complications, provide longitudinal trends in physiological and clinical data, provide data-driven risk management tools for precision oncology. and integrate additional perspectives of creating substantial value through data. monetization and support for biotherapeutic clinical trials.
“Complex digital health platforms like ours require interoperability with other health information technology systems, robust data security, and strict regulatory compliance. Microsoft is at the forefront of delivering these critical features within its cloud infrastructure. Microsoft-led cutting-edge healthcare initiatives, including machine learning and artificial intelligence health applications, will play an important role in Veris’ plan to use data analytics to improving care and increasing shareholder value, ”added Dr. Mitchell.
“Veris Health’s mission to create an integrated digital healthcare platform for millions of cancer patients and their oncologists is a perfect fit for our program,” said Sally Ann Frank, Global Head of Health and Science of life, Microsoft for Startups. “We look forward to working with Veris to accelerate its development and growth while helping to provide innovative solutions to cancer patients and their physicians. ”
Veris, a majority-owned subsidiary of PAVmed, acquired Oncodisc Inc., a digital health company with revolutionary tools to improve personalized cancer care in May 2021. Veris is developing a remote cancer care platform that integrates an intelligent implantable vascular access port with physiological sensing, software with symptom reporting and telehealth functions, and advanced data analysis. Veris’ revolutionary vascular access port contains biological sensors capable of generating continuous data on key physiological parameters known to predict adverse outcomes in cancer patients undergoing treatment. Wireless communication with the patient’s smartphone and its cloud-based digital healthcare platform aim to deliver real-time actionable data to patients and physicians effectively and efficiently. Veris is targeting FDA 510 (k) clearance of the smart implantable vascular access port and the launch of the digital remote healthcare platform for H2-2022.
About PAVmed and Veris
PAVmed Inc. is a highly differentiated, multi-product, commercial-stage medical technology company with a diverse product portfolio addressing unmet clinical needs encompassing a wide range of clinical areas with attractive regulatory pathways and market opportunities. Its principal subsidiary, Lucid Diagnostics Inc., markets the first and only commercial tool for the widespread early detection of precancer and esophageal cancer – the EsoGuard® Esophageal DNA test and EsoCheck® Esophageal cell collection device. Its GI Health division also includes the complementary esophageal ablation device EsoCure ™ with Caldus ™ technology. Another major subsidiary, Veris Health Inc., is a digital health company developing the first smart implantable vascular access port with biological sensors and wireless communication to improve personalized cancer care through remote patient monitoring. . Its Minimally Invasive Interventions division markets its CarpX® Minimally invasive device for carpal tunnel syndrome. Other divisions include Infusion Therapy (PortIO ™ implantable intraosseous vascular access device and NextFlo ™ intravenous infusion kit) and Emerging Innovations (non-invasive laser blood glucose monitoring, pediatric ear tubes and mechanical circulatory support). For more information, please visit www.pavmed.com, Follow us on Twitter, connect with us on LinkedIn, and watch our videos on Youtube. For more information on our majority owned subsidiary, Lucid Diagnostics Inc., please visit www.luciddx.com, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit www.EsoGuard.com and follow us on Twitter, Facebook and Instagram.
Loka, Inc. (Loka) is a full-stack, Silicon Valley-based software consultancy that helps companies ship innovations faster. Loka serves a wide range of clients who share the eagerness to make an impact – from startups funded by Sequoia and Greylock, to companies on Forbes 50 AI of 2021 and World Changing Ideas from Fast Company, to Fortune 500 brands. than simply “getting the job done,” Loka helps founders and executives envision, design and execute software projects every step of the way. Visit www.loka.com for more information.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. These forward-looking statements, based on the current beliefs and expectations of PAVmed’s management, are subject to risks and uncertainties, which could cause actual results to differ from forward-looking statements. The risks and uncertainties that may cause such differences include, among others, the volatility of the price of PAVmed common shares, Series W warrants and Series Z warrants; general economic and market conditions; 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 and results of the preclinical studies of PAVmed; if and when PAVmed’s products are authorized by regulatory authorities; market acceptance of PAVmed products once authorized and marketed; our ability to raise additional funds and other competitive developments. PAVmed has not yet received clearance from the FDA or other regulatory body to market many of its products. The Company is monitoring the COVID-19 pandemic and its impact on our business. The Company expects the significance of the COVID-19 pandemic, including the extent of its effects on the Company’s financial and operating results, to be dictated, among other things, by the success of efforts to contain it and the impact of the measures taken in response. New risks and uncertainties can arise from time to time and are difficult to predict. All of these factors are difficult or impossible to predict accurately and many of them are beyond the control of PAVmed. For a more detailed list and description of these and other risks and uncertainties that could affect PAVmed’s future operations, see Part I, Article IA, “Risk Factors”, in the most recent PAVmed Annual Report. on Form 10-K filed with the Securities and Exchange Commission, as it may be updated in Part II, Item 1A, “Risk Factors” in any Quarterly Report on Form 10-Q filed by PAVmed after its report most recent annual. PAVmed disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in the events, conditions or circumstances on which such expectations may be based, or which may affect the likelihood that actual results differ from those contained in forward-looking statements.