NEW YORK, Feb. 28, 2023 /PRNewswire/ -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ("PAVmed"), 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 the Veris Cancer Care Platform™ (Veris CCP), designed to enhance personalized cancer care through remote patient monitoring (RPM), is now live following successful onboarding of the first cohort of cancer patients and their clinicians.
Enrolled patients received a VerisBox™ and were then successfully trained to use its Veris-branded Bluetooth-enabled connected health care devices to transmit real-time physiologic data to the cloud-based Veris CCP clinician portal via an embedded cellular connection. The patients also began reporting symptoms, as well as general health and quality of life parameters, to their cancer care team through the Veris CCP patient smartphone app (which allows caretakers and loved ones to follow along the patient's journey). The app is now available on the Apple App Store and Google Play. The cloud-based clinician portal was integrated into the oncology practice's information technology systems and the cancer care team was trained to use the portal to review physiologic and clinical data to deliver enhanced personalized care, allowing the practice to start billing for these RPM services on a monthly basis.
"We are very excited that the promise of enhancing personalized cancer care through RPM using our state-of-the-art digital health platform, Veris CCP, has become a reality for cancer patients and their clinicians," said Lishan Aklog, M.D., PAVmed's Chairman & Chief Executive Officer and Veris' Executive Chairman. "Our team together with the New Jersey Cancer Care team flawlessly executed the required technical integration and onboarding processes. Early reports of our platform already having a real impact on clinical care are very gratifying. Our software-as-a-service recurring-revenue business model is now poised to deliver near-term value at attractive margins to both Veris and its clients."
"With the platform now live and facilitating enhanced cancer care, our focus is on optimizing the patient and clinician experience, achieving high patient compliance, and streamlining the integration processes as our commercial team drives adoption and delivers new accounts. We look forward to furthering the power of the platform next year, with the anticipated launch of our implantable physiological monitor," Dr. Aklog added.
"New Jersey Cancer Care (NJCC) is thrilled to have officially launched Veris CCP across our practice as it allows us to leverage a groundbreaking RPM tool that will further augment the level of personal care that we demand, and our patients deserve," said NJCC's Executive Director, Denise Johnstone. "Last week, we successfully onboarded our initial group of patients from whom we collected baseline readings prior to sending them home for remote monitoring. The Veris team made the process easy and was very responsive to our needs throughout. We look forward to expanding our use of the VerisBox™ and Veris CCP with more patients scheduled for enrollment this week and into the future."
For oncology practices interested in learning more about the Veris CCP, please visit www.verishealth.com to be contacted by a company representative.
About PAVmed and Veris Health
PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its majority-owned subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. The company is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy 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 continuous RPM data independent of patient compliance. With several million US patients undergoing cancer treatment each year, the addressable market opportunity for Veris' products is substantial. Importantly, commercial success is not predicated on securing third-party reimbursement, only on sales and product development execution.
PAVmed's other majority-owned subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), 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 prevent esophageal cancer deaths.
For more information about Lucid Diagnostics, please visit www.luciddx.com.
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. In addition, PAVmed has been monitoring the COVID-19 pandemic and the pandemic's impact on PAVmed's businesses. PAVmed expects the significance of the COVID-19 pandemic, including the extent of its effect on its financial and operational results, to be dictated by, among other things, the success of efforts to contain the pandemic and the impact of such efforts on PAVmed's businesses. 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.
Released February 28, 2023