Veris remote digital healthcare platform to
utilize first intelligent implantable vascular access port with
biologic sensors and wireless communication to improve cancer
care
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or
“PAVmed”), a highly differentiated, multi-product, commercial-stage
medical technology company, today announced that its major
subsidiary Veris Health Inc. (“Veris”) has been accepted into
Microsoft for Startups, a global program from Microsoft dedicated
to accelerating the trajectory of startups. The Company also
announced that Veris has entered into a definitive services
agreement with leading full-service Silicon Valley-based full-stack
software development firm Loka Inc. (“Loka”) to build its remote
digital healthcare platform.
As a Microsoft for Startups program member, Veris will have
access to Microsoft technology, mentorship and business support
which will allow it to use Microsoft’s cloud storage, data
analytics, and other technologies to rapidly build and deploy its
platform with state-of-the-art, built-in redundancy and security.
Loka will build the Veris platform on Microsoft Azure, which
includes Azure AI & Machine Learning clinical analytics, Azure
IoT patient monitoring, and numerous other cutting-edge healthcare
focused products and services.
“We are honored that our new digital health subsidiary Veris
Health is one of a select group of worldwide companies inducted
into the Microsoft for Startups program,” said Lishan Aklog, M.D.,
PAVmed’s Chairman and Chief Executive Officer and Veris’ Executive
Chairman. “We plan to fully leverage this relationship with
Microsoft to assure that the Veris platform utilizes the most
cutting-edge technologies to facilitate and optimize cancer care
through remote patient monitoring and data analytics, including
machine learning and artificial intelligence. In Loka, we have
identified the ideal software development partner, with extensive
experience in using these sophisticated tools in complex healthcare
applications.”
“Today’s aggressive outpatient cancer treatments leave patients
unmonitored while at risk of serious complications, leading to high
rates of hospitalization, poor patient quality of life, and
increasing health system costs,” said James Mitchell, M.D.,
PAVmed’s VP of Digital Health and Veris’ Chief Medical Officer.
“Our technology is designed to allow oncologists to detect early
signs of common cancer-related complications, provide longitudinal
trends of physiologic and clinical data, offer data-driven risk
management tools for precision oncology, and incorporate additional
prospects for substantial value-creation through data monetization
and biotherapeutic clinical trial support.”
“Complex digital health platforms such as ours require
interoperability with other health information technology systems,
robust data security, and strict regulatory compliance. Microsoft
is at the forefront of providing such critical features within
their cloud infrastructure. State-of-the-art, Microsoft-led
healthcare initiatives including healthcare applications of machine
learning and artificial intelligence will play an important role in
Veris’ plan to use data analytics to improve care and enhance
shareholder value,” Dr. Mitchell added.
“Veris Health’s mission to create an integrated digital
healthcare platform for millions of cancer patients and their
oncologists is a great fit for our program,” said Sally Ann Frank,
Worldwide Lead—Health and Life Sciences, Microsoft for Startups.
“We look forward to working with Veris to accelerate its
development and growth while helping to deliver innovative
solutions to cancer patients and their physicians.”
Veris, a majority-owned subsidiary of PAVmed, acquired Oncodisc
Inc., a digital health company with groundbreaking tools to improve
personalized cancer care in May 2021. Veris is developing a remote
cancer care platform that integrates an intelligent implantable
vascular access port with physiologic sensing, software with
symptom reporting and telehealth functions, and advanced data
analytics. Veris’ groundbreaking vascular access port contains
biologic sensors capable of generating continuous data on key
physiologic parameters known to predict adverse outcomes in cancer
patients undergoing treatment. Wireless communication to the
patient’s smartphone and its cloud-based digital healthcare
platform seek to deliver actionable real time data to patients and
physicians efficiently and effectively. Veris is targeting FDA
510(k) clearance of the intelligent implantable vascular access
port and launch of the remote digital healthcare platform for
H2-2022.
About PAVmed and Veris
PAVmed Inc. is a highly differentiated, multi-product,
commercial-stage medical technology company with a diversified
product pipeline addressing unmet clinical needs encompassing a
broad spectrum of clinical areas with attractive regulatory
pathways and market opportunities. Its major subsidiary, Lucid
Diagnostics Inc., markets the first and only commercial tools for
widespread early detection of esophageal precancer and cancer – the
EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell
Collection Device. Its GI Health division also includes the
complementary EsoCure™ Esophageal Ablation Device with Caldus™
Technology. Another major subsidiary, Veris Health Inc., is a
digital health company developing the first intelligent implantable
vascular access port with biologic sensors and wireless
communication to improve personalized cancer care through remote
patient monitoring. Its Minimally Invasive Interventions division
markets its CarpX® Minimally Invasive Device for Carpal Tunnel
Syndrome. Other divisions include Infusion Therapy (PortIO™
Implantable Intraosseous Vascular Access Device and NextFlo™
Intravenous Infusion Set), and Emerging Innovations (non-invasive
laser-based glucose monitoring, 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. For detailed information on EsoGuard, please visit
www.EsoGuard.com and follow us on Twitter, Facebook and
Instagram.
About Loka
Loka, Inc. (Loka) is a Silicon Valley-based full-stack software
consultancy that helps companies ship their innovations faster.
Loka serves a wide range of customers who share an impatience to
make an impact – from startups funded by Sequoia and Greylock, to
companies on Forbes 50 AI of 2021 and Fast Company’s World Changing
Ideas, all the way up to Fortune 500 brands. More than just “doing
the work”, Loka helps founders and leaders envision, design, and
execute software projects at every stage. Visit www.loka.com for
more information.
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
PAVmed’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, volatility in the price of PAVmed’s
common stock, Series W Warrants and Series Z Warrants; general
economic and market conditions; the uncertainties inherent in
research and development, including the cost and time required
advance PAVmed’s products to regulatory submission; whether
regulatory authorities will be satisfied with the design of and
results from PAVmed’s preclinical studies; whether and when
PAVmed’s products are cleared by regulatory authorities; market
acceptance of PAVmed’s 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 many of its products. The Company
has been monitoring the COVID-19 pandemic and its impact on our
business. The Company expects the significance of the COVID-19
pandemic, including the extent of its effect on the Company’s
financial and operational results, to be dictated by, among other
things, the success of efforts to contain it and the impact of
actions taken in response. 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 PAVmed’s control. For a further list and
description of these and other important risks and uncertainties
that may affect PAVmed’s future operations, see Part I, Item IA,
“Risk Factors,” in PAVmed’s 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
Report on Form 10-Q filed by PAVmed after its most recent Annual
Report. PAVmed disclaims any intention or obligation to publicly
update or revise any forward-looking statement to reflect any
change in its 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/20210921005193/en/
Investors Lisa DeScenza
LaVoieHealthScience (617) 351-0243
ldescenza@lavoiehealthscience.com
Media Shaun O’Neil Chief Commercial
Officer 619-881-0370 SMO@PAVmed.com
Kristi Bruno / Katie Gallagher LaVoieHealthScience (617)
865-3940 / (617) 792-3937 PAVmed@lavoiehealthscience.com
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