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 its participation as a founding member of CancerX – a public-private partnership co-hosted by Moffitt Cancer Center and the Digital Medicine Society ("DiMe"), alongside the Office for the National Coordinator for Health Information Technology ("ONC") and Office of the Assistant Secretary for Health ("OASH"). President Biden and Dr. Jill Biden announced CancerX in February 2023 as part of The White House's national Cancer Moonshot initiative to serve as a national accelerator to boost innovation in the fight against cancer.
"We are truly honored to be a founding member of CancerX and eager to contribute to this important partnership," said James Mitchell, MD, Veris' Chief Medical Officer, and board-certified radiation oncologist. "At Veris, we firmly believe that digital innovations, such as our Veris Cancer Care Platform, can revolutionize the fight against cancer and lower the burden and disparities for patients undergoing cancer care. Together, we have an unprecedented opportunity to advance best practices in digital health that can positively influence every step of a cancer patient's journey. We look forward to collaborating with other CancerX members to help realize the Cancer Moonshot's ambitious goals."
Veris and other founding members are tasked with driving the success of CancerX by establishing priorities and practices that will harness the full power of innovation to achieve the goals of the Cancer Moonshot initiative. The partnership unites the diverse stakeholders and innovators necessary to leverage the power of digital innovation to realize a cancer-free future.
"Multi-stakeholder collaboration is critical to harness the potential of digital innovation in the fight against cancer, and we're honored to partner with Veris Health to achieve the ambitious goals of CancerX," said Smit Patel, Associate Program Director at DiMe. "Through this impressive collaboration, we will establish best practices, build capacity, and demonstrate the impact of innovation on the life of every person on a cancer journey."
At the end of March 2023, CancerX announced its inaugural project, "Advancing Digital Innovation to Improve Equity and Reduce Financial Toxicity in Cancer Care and Research," to assess, quantify, and enhance the impact of digital solutions on cancer care cost, access, and outcomes dimensions.
"Beating cancer demands bold innovation and deliberate collaboration," added Santosh Mohan, Vice President, Digital, Moffitt Cancer Center. "CancerX is creating a dynamic ecosystem where ideas can flourish, expertise and resources can be shared, and innovative solutions can be rapidly developed and equitably deployed in the fight against cancer. As a co-host, we take immense pride in the diverse and inclusive community of pioneers coming together as members, all driven by a shared commitment to advancing the goals of the Cancer Moonshot. Together, we will advance the frontiers of cancer research and treatment through digital innovation, while striving to reduce the incidence and burden of cancer for all people."
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Visit Veris Health for more information about its mission to enhance cancer treatment through digitally enabled virtual care.
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 a comprehensive digital oncology technology platform. The company is concurrently developing an implantable physiological monitor, designed to be implanted alongside 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. With the incidence of cancer growing and patients living longer with cancer, 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.