🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

PAVmed, Lucid Diagnostics Pause Some Development Programs, Announce Layoffs

Published 18/01/2023, 11:24
© Reuters.  PAVmed, Lucid Diagnostics Pause Some Development Programs, Announce Layoffs
PAVM
-
LCDX
-
LUCD
-

Benzinga -

  • PAVmed Inc (NASDAQ: PAVM), its majority-owned subsidiaries Lucid Diagnostics Inc (NASDAQ: LUCD), and Veris Health Inc provided a strategic business update outlining near-term strategic priorities and resource reallocation.
  • The companies will prioritize near-term Lucid and Veris Health commercialization efforts.
  • They have implemented a workforce reduction of approximately 20%, product portfolio streamlining, and other cost-cutting measures which seek to lower quarterly cash burn by at least 25%.
  • Lucid plans to pause further development of the EsoCure Esophageal Ablation device and delay completion of the EsoGuard BE-2 study to the second half of 2023.
  • Veris plans to delay the development and regulatory submission of the implantable physiologic monitor to the second half of 2023
  • PAVmed will indefinitely pause or halt all other product development activities, including CarpX, PortIO, and NextFlo, and pursue additional cost-cutting initiatives, including not paying annual cash bonuses.
  • Price Action: PAVM shares closed 8.10% higher at $0.6326, and LUCD 20% higher at $1.56 on Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.