PAVmed Secures $7 Million Convertible Note Financing

NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product, commercial-stage medical device company, today announced it has received approximately $7 million in gross proceeds from a private placement (the “Financing”) of Senior Convertible Promissory Notes with an existing institutional investor.

Proceeds from the Financing will support the Company’s commercialization, regulatory and product development activities, including the commercialization of EsoGuard/EsoCheck and CarpX, its EsoGuard BE-1 and BE-2 clinical trials and for general working capital purposes.

The Financing is led by an existing institutional investor who participated in senior convertible promissory note financings with similar terms in December 2018, November 2019, and April 2020. The Notes in this Financing carry a conversion price of $5.00 per share. Additional information on the Financing is available on the Company's current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”).

About PAVmed

PAVmed Inc. is a highly differentiated, multi-product, commercial-stage medical device company employing a unique business model designed to advance innovative products to commercialization much more rapidly and with significantly less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding pipeline strategy with a view to enhancing and accelerating value creation while seeking to further expand its pipeline through relationships with its network of clinician innovators at leading academic centers. PAVmed’s diversified product pipeline addresses unmet clinical needs encompassing a broad spectrum of clinical areas with attractive regulatory pathways and market opportunities. Its four operating divisions include GI Health (EsoGuard Esophageal DNA Test, EsoCheck Esophageal Cell Collection Device, and EsoCure Esophageal Ablation Device with Caldus Technology), Minimally Invasive Interventions (CarpX Minimally Invasive Device for Carpal Tunnel Syndrome), Infusion Therapy (PortIO Implantable Intraosseus Vascular Access Device and NextFlo Highly Accurate Disposable Intravenous Infusion Set), and Emerging Innovations (non-invasive laser-based glucose monitoring, NextCath self-anchoring catheters, 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.