PAVmed Inc. (NASDAQ:PAVM) shares are trading lower after the company announced a workforce reduction of roughly 20% alongside other cost-cutting measures.

What happened: PAVmed and its subsidiaries, Lucid Diagnostics Inc. (NASDAQ:LUCD) and Veris Health Inc., announced Tuesday via a strategic business update that the companies have implemented a workforce reduction of 20%, which aims to reduce quarterly cash burn rate by at least 25%.

PAVmed plans to prioritize near-term commercialization for Lucid and Veris Health through:

• Both continued research and product development for Lucid and Veris
• Continued limited business development opportunities focused on high-value, near-term, accretive opportunities.
• Pausing or halting all other product development activities, including CarpX, PortIO, and NextFlo
• Pursuing additional cost-cutting measures such as not paying annual cash bonuses.

Lishan Aklong, M.D., PAVmed's and Lucid's Chairman and CEO, notes, "We have engaged in a systematic effort to maximize our cash runaway and protect our long-term shareholder interests while executing our strategic objectives in what remain challenging market conditions."

PAVmed Inc is a medical device company engaged in advancing a pipeline of medical technologies from concept to commercialization using a business model focused on capital and time efficiency.

According to data from Benzinga Pro, PAVmed Inc. shares were down 18.7%, trading at $0.51 at the time of publication. It has a 52-week high of $0.62 and a 52-week low of $0.5086.