PAVmed Announces Pricing of Firm Commitment Common Stock Offering
January 19 2018 - 8:25AM
Business Wire
PAVmed Inc. (Nasdaq: PAVM, PAVMW) (“PAVmed”), a highly
differentiated, multiproduct medical device company, today
announced the pricing of its previously announced underwritten
public offering of 2,415,278 shares of its common stock at a price
to the public of $1.80 per share. In addition, PAVmed has granted
the underwriters of the offering a 45-day option to purchase up to
362,292 additional shares of its common stock to cover
overallotments, if any.
Net proceeds from the sale by PAVmed of the shares after
underwriting discounts, commissions, and other offering expenses
are expected to be approximately $3.9 million (not including the
overallotment option). PAVmed plans to use the net proceeds for
working capital and other general corporate purposes. The offering
is subject to customary closing conditions and is expected to close
on January 23, 2018.
Dawson James Securities, Inc. is acting as the sole underwriter
of the offering.
The offering is being made pursuant to a shelf registration
statement (File No. 333-220549) declared effective by the
Securities and Exchange Commission on October 6, 2017. A
preliminary prospectus supplement relating to the offering has been
filed, and a final prospectus supplement relating to the offering
will be filed, with the Securities and Exchange Commission. The
securities may be offered only by means of a written prospectus
forming a part of the effective registration statement. When
available, copies of the prospectus supplement and accompanying
base prospectus relating to the offering may be obtained from the
Securities and Exchange Commission at http://www.sec.gov, or from
Dawson James Securities, Inc., Attention: Prospectus Department, 1
North Federal Highway, 5th Floor, Boca Raton, FL 33432,
mmaclaren@dawsonjames.com or toll free at 866.928.0928.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, the shares of common stock. PAVmed
will not, and has been advised by the underwriters that they and
their affiliates will not, sell any of the shares of common stock
in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or
jurisdiction.
About PAVmed
PAVmed Inc. is a highly differentiated, multiproduct medical
device company employing a unique business model designed to
advance products from concept 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. PAVmed’s diversified pipeline of
products address unmet clinical needs, have attractive regulatory
pathways and market opportunities and encompass a broad spectrum of
clinical areas including carpal tunnel syndrome (CarpX™),
interventional radiology (PortIO™ and NextCath™), pediatric ear
infections (DisappEAR™) medical infusions (NextFlo™ and NextCath™),
and tissue ablation and cardiovascular intervention (Caldus™). The
Company intends to further expand its pipeline through engagements
with clinician innovators and leading academic medical centers. For
further information, please visit www.pavmed.com.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements, based upon the current beliefs and expectations of the
Company’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, the Company’s ability to complete the
Offer; volatility in the price of the Company’s common stock; the
uncertainties inherent in research and development, including the
cost and time required advance our products to regulatory
submission; whether regulatory authorities will be satisfied with
the design of and results from our preclinical studies; whether and
when our products are cleared by regulatory authorities; market
acceptance of our products once cleared and commercialized; our
ability to raise additional funding and other competitive
developments. PAVmed has not yet received clearance from the FDA or
other regulatory body to market any of its products. New risks and
uncertainties may arise from time to time and are difficult to
predict. All of these factors are difficult or impossible to
predict accurately and many of them are beyond our control. For a
further list and description of these and other important risks and
uncertainties that may affect our future operations, see Part I,
Item IA, “Risk Factors,” in our 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
Reports on Form 10-Q filed by us after our most recent Annual
Report. We disclaim any intention or obligation to publicly update
or revise any forward-looking statement to reflect any change in
our 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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InvestorsLHA Investor RelationsKim
Sutton Golodetz, 212-838-3777kgolodetz@lhai.comorMediaPAVmed Inc.212-949-4319info@pavmed.com
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