PAVmed Announces Proposed Public Offering of Common Stock
February 22 2021 - 3:13PM
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company”
or “PAVmed”), a highly differentiated, multi-product,
commercial-stage medical device company, today announced that it is
commencing an underwritten public offering of its common stock (the
“Offering”). PAVmed also expects to grant to the underwriter for
the Offering a 30-day option to purchase up to an additional 15% of
the number of shares of common stock offered in the public
offering. All of the shares to be sold in the Offering will be sold
by PAVmed, subject to customary closing conditions. PAVmed intends
to use the net proceeds from the Offering to repay all of the
Company’s outstanding debt, including all outstanding convertible
notes (subject to our agreeing with the holder of such notes on the
terms of repayment), with the balance to be used for working
capital and general corporate purposes.
Cantor Fitzgerald & Co. is acting as sole
book-running manager for the Offering.
The Offering is being made pursuant to a shelf
registration statement (File No. 333-248709) declared effective by
the Securities and Exchange Commission (“SEC”) on September 17,
2020. A preliminary prospectus supplement relating to the Offering
will be filed with the SEC. The securities may be offered only by
means of a written prospectus, including a prospectus supplement,
forming a part of the effective registration statement. When
available, copies of the preliminary prospectus supplement and
accompanying base prospectus relating to the Offering may be
obtained from the SEC at http://www.sec.gov. Alternatively,
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the Offering can be obtained,
when available, from Cantor Fitzgerald & Co., Attn: Capital
Markets, 499 Park Avenue, 6th floor, New York, NY 10022; Email:
prospectus@cantor.com. The final terms of the Offering will be
disclosed in a final prospectus supplement to be filed with the
SEC.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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 other 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).
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
Katie GallagherLaVoieHealthScience(617)
792-3937PAVmed@lavoiehealthscience.com
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