Lucid Diagnostics Provides Business Update and Third Quarter 2022 Financial Results EsoGuard test volume increased 28% sequentially and 436% annually Conference call and webcast to be held today at 4:30

Diagnostics Provides Business Update and

Quarter 2022 Financial Results

test volume increased 28% sequentially and 436% annually

call and webcast to be held today at 4:30 PM EDT

YORK, November 14, 2022 (BUSINESS WIRE)-Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"),

a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (Nasdaq:

PAVM, PAVMZ) ("PAVmed"), today provided a business update for the Company and presented financial results for the three and

nine months ended September 30, 2022.

conference call and webcast for today's business update and third quarter 2022 financial results will take place at 4:30 PM EDT.

To access the conference call, listeners should dial 877-407-0789 toll-free in the U.S., and international listeners should dial 201-689-8562

and ask to join the "Lucid Diagnostics Business Update Conference Call". The webcast presentation and conference call

will be available live and for replay at the investor relations section of the Company's website at https://ir.luciddx.com.

Following the conclusion of the conference call, a replay will be available for one week and can be accessed by dialing 844-512-2921

toll-free in the U.S. or 412-317-6671, followed by the PIN number: 13732743.

recent transformational milestones behind us, the Lucid team is now intensely focused on executing on our long-term growth strategy and

delivered solid results for the past quarter," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer.

"I am particularly proud that the team is delivering these results well under budget for the quarter and year, as we continue to

keep a close eye on cash preservation to protect our long-term position. Testing volume continues to grow at a steady clip, consistent

with the mid-throttle' strategy we have implemented until reimbursement becomes more predictable. I am also gratified that

the claims submission process, which we launched mid-quarter, is starting to bear fruit in terms of payments and recognized revenue."

from the third quarter and recent weeks include:

EsoGuard and EsoCheck

of patients with GERD are at risk of developing esophageal precancer and a highly lethal form of esophageal cancer ("EAC").

Over 80% of EAC patients die within five years of diagnosis, making it the second most lethal cancer in the U.S. The mortality rate is

high even in those diagnosed with early stage EAC. The U.S. incidence of EAC has increased 500% over the past four decades, while the

incidences of other common cancers have declined or remained flat. In nearly all cases, EAC silently progresses until it manifests itself

with new symptoms of advanced disease. All EAC is believed to arise from esophageal precancer, which occurs in approximately 5% to 15%

of at-risk GERD patients. Early esophageal precancer can be monitored for progression to late esophageal precancer which can be cured

with endoscopic esophageal ablation, reliably halting progression to cancer.

precancer screening is already recommended by clinical practice guidelines in millions of GERD patients with multiple risk factors, including

age over 50 years, male gender, White race, obesity, smoking history, and a family history of esophageal precancer or cancer. Unfortunately,

fewer than 10% of those recommended for screening undergo traditional invasive endoscopic screening. The profound tragedy of an EAC diagnosis

is that likely death could have been prevented if the at-risk GERD patient had been screened and then undergone surveillance and curative

only missing element for a viable esophageal cancer prevention program has been the lack of a widespread screening tool that can detect

esophageal precancer. Lucid believes EsoGuard, performed on samples collected with EsoCheck, is the missing element - the first

and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through the

early detection of esophageal precancer in at-risk GERD patients. An updated American College of Gastroenterology clinical practice guideline

and an American Gastroenterological Association clinical practice update both endorse nonendoscopic biomarker tests as an

acceptable alternative to costly and invasive endoscopy for esophageal precancer screening. EsoGuard is the only such test currently

available in the United States.

is a bisulfite-converted NGS DNA assay performed on surface esophageal cells collected with EsoCheck, which quantifies methylation at

31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was evaluated in a 408-patient, multicenter, case-control study

published in Science Translational Medicine and showed greater than 90% sensitivity and specificity at detecting esophageal precancer

is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells

in a less than five-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter

from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied,

the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted

region during device withdrawal. Lucid believes this proprietary Collect+Protect technology makes EsoCheck the only noninvasive

esophageal cell collection device capable of such anatomically targeted and protected sampling. The sample is sent by overnight express

mail to Lucid's CLIA-certified, CAP-accredited laboratory, LucidDx Labs, for EsoGuard testing.

Diagnostics Inc. (Nasdaq: LUCD) is a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of

PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal 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, is the first and only commercially available diagnostic test capable of serving as a widespread screening tool to prevent cancer

and cancer deaths through early detection of esophageal precancer in at-risk GERD patients. EsoGuard is commercialized in the U.S. as

a Laboratory Developed Test (LDT). EsoCheck is commercialized in the U.S. as a 510(k)-cleared esophageal cell collection device. EsoGuard,

used with EsoCheck, was granted FDA Breakthrough Device designation and is the subject of multiple ongoing clinical trials. Lucid is

building nationwide direct sales and marketing teams targeting primary care physicians, specialists, and institutions, as well as a network

of Lucid Test Centers, where at-risk GERD patients can undergo the EsoCheck procedure for EsoGuard testing. For more information, please

visit www.luciddx.com, follow Lucid on Twitter, and connect with Lucid on LinkedIn. For detailed information on EsoGuard, please visit

press release includes forward-looking statements that involve risks 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'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 Lucid's common stock;

general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required

to advance Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results

from Lucid's clinical and preclinical studies; whether and when Lucid's products are cleared by regulatory authorities; market

acceptance of Lucid's products once cleared and commercialized; Lucid's ability to raise additional funding as needed; and

other competitive developments. 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's future operations,

see Part I, Item 1A, "Risk Factors," in Lucid'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 Lucid after its most recent Annual Report and Lucid's Registration Statement No. 333-259721 filed with the Securities

and Exchange Commission. Lucid 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.