Full Press Release Details
PAVmed Announces Closing of Additional
Aggregate Private Placement Proceeds
NEW YORK (March 9, 2017) - PAVmed
Inc. (Nasdaq: PAVM, PAVMW), a highly differentiated, multi-product medical device company, today announced the closing of approximately
$1.0 million in additional financing, bringing the aggregate gross proceeds of our private placement to $2.5 million. The private
placement consists of shares of Series A Convertible Preferred Stock and Series A Warrants. The initial closing was previously
announced in February.
Dr. Lishan Aklog, Chairman and CEO of PAVmed,
stated, "Investor interest in our Company continues to be very strong. Robust demand has enabled us to engage in a deliberate
process focused on bringing in long-term and value-added investors. We feel extremely fortunate to have the opportunity to be highly
selective as we continue to build our shareholder base."
PAVmed employs a unique business model
designed to advance products from concept to commercialization much more rapidly and with significantly less capital than traditional
medical device companies. This model enables its multi-product pipeline strategy. Its initial two products, PortIOTM
and CarpXTM, have meaningful milestones in the coming months and possess combined addressable market opportunities in
excess of $1 billion dollars.
Dr. Aklog added, "We remain highly
focused on building shareholder value. We are confident that our recent product developments, as well as our financing and capitalization
initiatives, have the potential to deliver such value creation."
PAVmed Inc. (Nasdaq: PAVM, PAVMW) is a
highly differentiated, multi-product medical device company employing a unique business model designed to advance products from
concept to commercialization much more rapidly and with significantly less capital than the typical medical device company. This
proprietary model enables PAVmed to pursue an expanding multi-product pipeline strategy with a view to enhancing and accelerating
value creation. PAVmed's diversified pipeline of products address unmet clinical needs, have attractive regulatory pathways
and market opportunities and encompass a broad spectrum of clinical areas including carpal tunnel syndrome (CarpX ), medical
infusions (NextFlo and NextCath ), interventional radiology (PortIO and NextCath), tissue ablation and cardiovascular
intervention (Caldus ) and pediatric ear infections (DisappEAR ). For further information, please visit www.pavmed.com.
Safe Harbor Statement
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 the Company'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, the uncertainties inherent in research and development, including the cost
and time required advance our products to regulatory submission; whether regulatory authorities will be satisfied with the design
of and results from our pre-clinical studies; whether and when our products are cleared by regulatory authorities; market acceptance
of our 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 any of its products. 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 our control. For a further list and description of these and other important risks and uncertainties
that may affect our future operations, see Part I, Item IA, "Risk Factors," in our 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 Reports on Form 10-Q filed by us after our most recent Annual Report. We disclaim any intention or obligation
to publicly update or revise any forward-looking statement to reflect any change in our 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.
Kim Sutton Golodetz, 212-838-3777
Kate Barrette, 212-223-0561