PAVmed Subsidiary Veris Health Joins Microsoft for Startups Global Program and Engages Loka as Software Development Partner
Veris remote digital healthcare platform to utilize first intelligent implantable vascular access port with biologic sensors and wireless communication to improve cancer care
NEW YORK, September 21, 2021–(BUSINESS WIRE)–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.
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 Fintech Zoom 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.
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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