PAVmed Announces Registered Direct Offering of its Common Stock Priced At-the-Market under Nasdaq Rules
January 06 2021 - 8:29AM
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a
highly differentiated, multi-product, commercial-stage medical
device company, today announced it has entered into agreements
for the sale of 6.0 million shares of common stock at a price of
$2.24 per share for gross proceeds of approximately $13.4 million
in a registered direct offering (the “Offering”) priced
at-the-market under Nasdaq rules.
The estimated net proceeds to PAVmed from the
Offering are expected to be approximately $12.4 million after
deducting the placement agent’s fees and other estimated offering
expenses. The Offering is expected to close on or about January 8,
2021 subject to the satisfaction of customary closing
conditions.
Maxim Group LLC is acting as the sole placement
agent in connection with the Offering.
The securities described above are being offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-248709) declared effective by the Securities and Exchange
Commission on September 17, 2020. A prospectus supplement relating
to the Offering is being filed with the Securities and Exchange
Commission. Copies of the prospectus supplement relating to the
offering, together with the accompanying base prospectus included
in the registration statement, may be obtained from the Securities
and Exchange Commission at www.sec.gov, or from the Company at One
Grand Central Place, Suite 4600, New York, New York 10165,
Telephone (212) 949-4319. Electronic copies of the prospectus
supplement and accompanying base prospectus may also be obtained
from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, at (212) 895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall 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
the registration or qualification under the securities laws of any
such state or jurisdiction.
About PAVmed
PAVmed Inc. is a highly differentiated,
multi-product, commercial-stage medical device company employing a
unique business model designed to advance innovative products to
commercialization rapidly and with 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 while seeking to further expand its
pipeline through relationships with its network of clinician
innovators at leading academic centers. PAVmed’s diversified
product pipeline addresses unmet clinical needs encompassing a
broad spectrum of clinical areas with attractive regulatory
pathways and market opportunities. Its four operating divisions
include GI Health (EsoGuard® Esophageal DNA Test, EsoCheck®
Esophageal Cell Collection Device, and EsoCure™ Esophageal Ablation
Device with Caldus™ Technology), Minimally Invasive Interventions
(CarpX® Minimally Invasive Device for Carpal Tunnel Syndrome),
Infusion Therapy (PortIO™ Implantable Intraosseus Vascular Access
Device and NextFlo™ Highly Accurate Infusion Platform Technology),
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.
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, PAVmed’s ability to
complete the offering; 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.
Contacts:
InvestorsMike HavrillaDirector of Investor
Relations(814) 241-4138JMH@PAVmed.com
MediaShaun O’NeilChief Commercial Officer(518)
812-3087SMO@PAVmed.com
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