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PAVmed, Lucid Diagnostics Pause Some Development Programs, Announce Layoffs

Benzinga Real-time News ·  Jan 18, 2023 06:27
  • PAVmed Inc (NASDAQ:PAVM), its majority-owned subsidiaries Lucid Diagnostics Inc (NASDAQ:LUCD), and Veris Health Inc provided a strategic business update outlining near-term strategic priorities and resource reallocation.
  • The companies will prioritize near-term Lucid and Veris Health commercialization efforts.
  • They have implemented a workforce reduction of approximately 20%, product portfolio streamlining, and other cost-cutting measures which seek to lower quarterly cash burn by at least 25%.
  • Lucid plans to pause further development of the EsoCure Esophageal Ablation device and delay completion of the EsoGuard BE-2 study to the second half of 2023.
  • Veris plans to delay the development and regulatory submission of the implantable physiologic monitor to the second half of 2023
  • PAVmed will indefinitely pause or halt all other product development activities, including CarpX, PortIO, and NextFlo, and pursue additional cost-cutting initiatives, including not paying annual cash bonuses.
  • Price Action: PAVM shares closed 8.10% higher at $0.6326, and LUCD 20% higher at $1.56 on Tuesday.
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