NEW YORK--(BUSINESS WIRE)--PAVmed Inc. (Nasdaq:PAVM,PAVMW), a highly differentiated, multi-product medical device company, today announced financial results for the third quarter ended September 30, 2016 and that the Company will host a conference call on December 7, 2016 at 4:30 p.m. Eastern time.
During this call, PAVmed’s Chairman and Chief Executive Officer Lishan Aklog, M.D. will provide a business update including an overview of the Company’s near-term milestones and growth strategy. Christopher J. Hartnick, M.D. will be joining Dr. Aklog to discuss PAVmed’s recently announced partnership with a group of leading academic institutions to develop and commercialize a revolutionary device to treat ear infections. The device, called DisappEAR™, is an antibiotic-eluting resorbable ear tube based on a proprietary aqueous silk technology. Dr. Hartnick, who recently joined PAVmed’s Medical Advisory Board, is one of the visionaries behind this technology and serves as Professor of Otolaryngology at Harvard Medical School and Chief of Pediatric Otolaryngology at Massachusetts Eye and Ear Infirmary and Massachusetts General Hospital.
“We continue to make solid progress in advancing our product pipeline towards clearance and commercialization. The addition of our sixth lead product, and our first to be developed and commercialized in partnership with leading outside institutions, is a very important milestone for our company,” Dr. Aklog said. “It is consistent with our growth strategy of building an expanding multi-product pipeline of innovative products addressing unmet clinical needs, which we believe have attractive regulatory pathways and market opportunities and encompass a broad spectrum of clinical areas,” he added.
For the three and nine months ended September 30, 2016, the Company incurred $578,474 and $1,112,616 of research and development costs, respectively, and $1,350,248 and $2,827,721 of formation and operating costs, respectively. Cash was $1,788,650 at September 30, 2016.
To access the conference call, U.S.-based listeners should dial (844) 666-7591 and international listeners should dial (443) 961-0431. All listeners should provide the following passcode: 30329780. Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Company’s website at www.pavmed.com.
Following the conclusion of the conference call, a replay will be available through December 13, 2016 and can be accessed by dialing (855) 859-2056 from within the U.S. or (404) 537-3406 from outside the U.S. All listeners should provide passcode 30329780.
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 pediatriac ear infections (DisappEAR™). The Company intends to further expand its pipeline through engagements with clinician innovators and leading academic medical centers. For further information, please visit www.pavmed.com.
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 sought or 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.