PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company”
or “PAVmed”), a highly differentiated, multi-product,
commercial-stage medical technology company, today announced the
appointment of prominent global technology industry leader Tim
Baxter, to its Board of Directors. Mr. Baxter will serve as Chair
of the Company’s Nomination Committee and as a member of its Audit
Committee.
“I am very pleased to welcome Tim Baxter to
PAVmed’s Board of Directors,” said Lishan Aklog M.D., PAVmed’s
Chairman and Chief Executive Officer. “Mr. Baxter is among the most
accomplished and respected executives in the technology industry.
His long and distinguished career as a senior global executive at
AT&T, Sony and, most recently, at Samsung Electronics, where he
was President and CEO, have kept him at the frontlines of
technological innovation for over three decades. He shares our
passion for leveraging technology in the service of society
and has championed the same culture of trust and shared success we
have built at PAVmed.”
“I was eager to initiate a dialogue with Dr.
Aklog and the PAVmed team after learning about the company’s
groundbreaking technologies, unique business model, strong
management team, world-class board, and long-term growth
potential,” said Mr. Baxter. “I believe that PAVmed’s recent
successes at Lucid Diagnostics and the launch of Veris Health
epitomize its team’s commitment to introducing disruptive
technologies to transform healthcare and save lives. I look forward
to contributing to PAVmed’s ongoing success and transformation into
a leading global medical technology company.”
“Mr. Baxter brings a global perspective, a focus
on long-term strategy, a vast network on the leading-edge of
technology, and strong relationships with some of the world’s most
innovative companies,” said Dr. Aklog. “I look forward to
leveraging his experience in disrupting markets and his strategic
guidance as PAVmed and its subsidiaries execute their growth
strategies. Lucid’s emerging direct-to-consumer marketing strategy,
as well as our newly launched digital health subsidiary, Veris
Health, will particularly benefit from his experience,
relationships and access to resources – including in electronics,
wireless communications, artificial intelligence, digital user
interfaces, cloud-based digital platforms, go-to-market strategies
and consumer engagement.”
Mr. Baxter spent thirteen years in senior
executive roles during a rapid-growth period at Samsung Electronics
Co., LTD, the world’s second-largest technology company. He was its
first non-Korean-born C-suite executive and rose to become
President and Chief Executive Officer, North America – responsible
for 6,000 employees and $30 billion in revenue. He was lauded for
capitalizing on emerging trends, scaling businesses, building
teams, strengthening brand loyalty, deploying emerging technology
platforms, and successfully managing unanticipated challenges.
Before retiring, he developed the company’s long-term strategic
plan for capitalizing on emerging technologies, including 5G,
artificial intelligence, cloud-based computing, and Internet of
Things (IOT).
Prior to Samsung, Mr. Baxter spent ten years in
various senior marketing and general manager roles at Sony
Corporation, where he helped navigate the analog to digital shift
in its crown jewel television business unit and successfully led
all Hollywood studio negotiations in the Blu-Ray packaged media
format war win. Earlier in his career, he served in senior sales
and marketing roles at AT&T Inc. and Lucent Technologies Inc.,
where he was instrumental in launching go-to-market plans,
lifecycle management as well as building and globalizing its brand
for a $1 billion business unit.
Mr. Baxter has served as an industry-wide
leader, including as a member of the Executive Board of CTIA, a
leading wireless communication industry trade association, and as a
Director of the Consumer Electronics Association (CEA), the leading
consumer technology association. He currently serves as a Senior
Advisor at McKinsey & Co, Operating Partner at Centre Partners
Management LLC, a leading middle market private equity firm,
Executive Chair of private-equity backed Tastemakers Holdings LLC,
a leading developer and marketer of specialty gaming products, Lead
Outside Director of First Orion Corp., a technology software
company, Advisory Board member of Almo Distribution, the largest
independent U.S. distributor of appliances, consumer electronics,
professional audio/video equipment, furniture and housewares, and
as an advisor to Raxium Inc., a start-up company developing next
generation display technology. Mr. Baxter received his
undergraduate degree in Marketing and Finance at Roger Williams
University and currently serves as Chairman of its Board of
Trustees.
Concurrent with Mr. Baxter’s appointment, David
Battleman, M.D. has transitioned off the PAVmed Board of Directors,
where he has served since his appointment as a debtholder designee
in 2017. David Weild IV, who has served as a PAVmed Director since
its 2016 IPO, will also be departing upon completion of his term
following the Company’s annual shareholder meeting to be held on
June 15, 2021.
Dr. Aklog concluded, “on behalf of my board
colleagues, our company and shareholders, I would like to express
my deepest gratitude to Dr. Battleman and Mr. Weild for their long
and distinguished service to this company. They have each made many
important contributions during a remarkable period of
transformation and growth for the company, while consistently
demonstrating a strong commitment to the long-term interests of its
shareholders.”
About PAVmed
Inc., Lucid Diagnostics Inc.
and Veris Health Inc.
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. 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. Its Minimally Invasive Interventions division
markets its CarpX® Minimally Invasive Device for Carpal Tunnel
Syndrome. 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. 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.
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.
Contacts:InvestorsMike HavrillaDirector of
Investor Relations(814) 241-4138JMH@PAVmed.com
MediaKatie Gallagher / Kristi BrunoLaVoieHealthScience(617)
792-3937 / (617) 865-3940PAVmed@lavoiehealthscience.com
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