NEW YORK--(BUSINESS WIRE)--PAVmed Inc. (Nasdaq: PAVM, PAVMW), a highly differentiated, multiproduct medical device company, today announced financial results for the three months ended March 31, 2017 and provided a business update.
“During the first quarter we continued to make solid progress in advancing our growth strategy and multiproduct pipeline towards commercialization, utilizing our capital- and time-efficient business model,” said Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer. “The first of our products, the PortIO™ implantable intraosseous vascular access device, is being evaluated by the U.S. Food and Drug Administration and we are hopeful it will receive initial 510(k) clearance in the near future. Our second product, the CarpX™ percutaneous device designed to treat carpal tunnel syndrome, is in the midst of pre-submission verification and validation testing and we expect to file for 510(k) clearance later this year.
“PortIO was designed to eliminate many of the shortcomings of existing implantable vascular access devices and intraosseous infusion systems, which gives it the potential to be game-changing with respect to improved outcomes and reduced costs. CarpX, as a completely percutaneous device, is designed to eliminate the need for invasive carpal tunnel surgery and has the potential to decrease costs, reduce pain, accelerate recovery and lower the threshold for intervention. More than 600,000 patients per year undergo invasive surgery for carpal tunnel syndrome and up to three times more suffer in silence to avoid surgery, which gives CarpX an addressable market of over $1 billion.”
Dr Aklog added, “During the quarter we also took important steps to strengthen our corporate infrastructure, improve our capitalization and enhance shareholder value. Medical device industry veteran Dennis McGrath joined the PAVmed team as Executive Vice President and Chief Financial Officer, bringing a proven track record of delivering results and driving shareholder value through numerous public and private financings, mergers and acquisitions, joint ventures and licensing deals. We raised $2.5 million in gross proceeds from an ongoing private placement of convertible preferred stock units.”
