PAVmed to Receive $10.4 Million in Gross Proceeds from Oversubscribed Rights Offering
June 08 2018 - 7:30AM
Business Wire
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or
“PAVmed”), a highly differentiated, multiproduct medical device
company, today announced its previously announced equity
subscription rights offering (the “Rights Offering”) expired at
5:00 p.m. Eastern Time on Thursday, June 7, 2018 and, as such, the
rights are no longer exercisable. The Company received
subscriptions that exceeded the number of rights available to be
exercised under the Rights Offering and has accepted all valid
subscriptions including up to 9 million units of the total
oversubscribed amount. Allocations will be determined in accordance
with the provisions disclosed in the Company’s registration
statement on Form S-1 as filed with the Securities Exchange
Commission (“SEC”) (SEC File No. 333-222581). PAVmed expects the
Rights Offering will result in gross proceeds to be received by the
Company of approximately $10.4 million.
The results of the Rights Offering and estimates regarding gross
proceeds are subject to finalization and verification by the
Company’s subscription agent.
PAVmed anticipates that the closing of the Rights Offering will
occur on or about June 12, 2018 subject to satisfaction or waiver
of all conditions to closing. Upon the closing, the subscription
agent will distribute, by way of direct registration in book-entry
form or through the facilities of DTCC, as applicable, shares of
common stock and Series Z Warrants to holders of rights who have
validly exercised their rights and paid the subscription price in
full. No physical stock or warrant certificates will be issued to
such holders.
Each right entitled the holder to purchase one unit at a
subscription price of $1.15 per unit, with each unit consisting of
one share of common stock (Nasdaq: PAVM) and one Series Z Warrant
(Nasdaq: PAVMZ) to purchase one share of common stock with an
exercise price of $1.60. The Series Z Warrants expire on April 30,
2024 and have certain volume and price redemption features. The
units will immediately split into their underlying securities and
the common stock and the Series Z Warrants will be immediately
tradeable upon their issuance.
PAVmed engaged Maxim Group LLC and Dawson James Securities, Inc.
as dealer-managers in the offering. Questions about the rights
offering may be directed to Maxim Group LLC at 405 Lexington
Avenue, New York, NY 10174, Attention Syndicate Department, or via
email at syndicate@maximgrp.com or telephone at (212) 895-3745, or
to Dawson James Securities, Inc., Attention: Prospectus Department,
1 North Federal Highway, 5th Floor, Boca Raton, FL 33432, via email
at mmaclaren@dawsonjames.com or telephone (toll free) at (866)
928-0928.
The Rights Offering was made pursuant to the Company’s effective
registration statement on Form S-1 (File No. 333-222581) as filed
with the SEC. The registration statement was declared effective by
the SEC on May 23, 2018 and is available on the SEC’s web site
at http://www.sec.gov. The Rights Offering was made only by
means of a written prospectus. Copies of the written prospectus for
the Rights Offering may be obtained by contacting Morrow Sodali
Global LLC, the Information Agent for the Rights Offering, at:
Stockholders please call toll-free: (800)
662-5200Banks and Brokerage Firms please call: (203) 658-9400Email:
PAVM.info@morrowsodali.com
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
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 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. PAVmed’s diversified pipeline of
products address unmet clinical needs encompassing a broad spectrum
of clinical areas with attractive regulatory pathways and market
opportunities. Its three lead products provide groundbreaking
approaches to carpal tunnel syndrome (CarpX™), precancerous
conditions of the esophagus (EsoCheck), vascular access (PortIO™)
and pediatric ear infections (DisappEAR™). The company is also
developing innovative products in other areas, such as medical
infusions and tissue ablation, while seeking 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
Rights Offering; 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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version on businesswire.com: https://www.businesswire.com/news/home/20180608005123/en/
InvestorsLHA Investor RelationsKim
Sutton Golodetz, 212-838-3777kgolodetz@lhai.comorMediaPAVmed Inc.212-949-4319info@pavmed.com
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