Full Press Release Details
Lucid is now submitting Medicare claims and receiving payments at EsoGuard's established Clinical Laboratory Fee Schedule rate
Series C Preferred Stock private placement with existing long-term shareholders strengthens Lucid's balance sheet, extends its cash runway, and supports near-term commercial acceleration
NEW YORK, Oct. 22, 2026 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"), a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced that it has begun receiving payments from Medicare for its EsoGuard® Esophageal DNA Test. The Company also closed a $15.0 million private placement on October 21, 2026, for shares of its newly designated Series C Convertible Preferred Stock (the "Series C Preferred Stock") to existing long-term shareholders.
"Medicare is now paying for EsoGuard," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "For the first time, Medicare beneficiaries nationwide have fully reimbursed access to the groundbreaking EsoGuard test. This breakthrough marks a seminal moment in our mission to end the scourge of esophageal cancer through precancer testing of at-risk patients. It opens up significant near-term commercial opportunities that extend beyond primary care, gastroenterology, and geriatric practices. Medicare reimbursement removes a key headwind in our continued engagement with large health systems and will also help accelerate our efforts to secure coverage by commercial payors. Our team is laser-focused on translating this pivotal milestone into near-term commercial results, and this financing provides the resources we need to do so."
On September 22, Lucid announced that it would begin submitting Medicare claims for EsoGuard tests performed at one of its two CLIA-certified laboratories. Shortly thereafter, the Company began receiving payments on those claims at the established EsoGuard (PLA code 0114U) Clinical Laboratory Fee Schedule rate of $1,938.01 per test.
The Series C Preferred Stock was sold at a purchase price of $1,000 per share and is convertible into common stock at a conversion price of $0.3519 per share. Investors in the private placement included holders of a majority of the Company's 12.0% senior secured convertible notes due 2029 (the "Notes"). The Series C Preferred Stock includes customary terms, including certain mandatory conversion events, a dividend and liquidation preference, and an agreement by the Company to file a resale registration statement covering the underlying shares of common stock within 120 days following closing. Participating holders of the Notes also acknowledged that the Company's receipt of payments on submitted Medicare claims as described above has addressed the concerns underlying the Notes' Medicare-related event of default provision. Lucid intends to use the net proceeds to accelerate its near-term commercial operations and for working capital and general corporate purposes.
Additional details of the Series C Preferred private placement can be found in the Company's Current Report on Form 8-K filed concurrently with the Securities and Exchange Commission.
About Lucid Diagnostics Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.
For more information, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.pavmed.com.
Forward-Looking Statements This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid Diagnostics' 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 Lucid Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' 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 Lucid Diagnostics after its most recent Annual Report. Lucid Diagnostics 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.