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NEW YORK - Highmark Blue Cross Blue Shield, an independent licensee of the Blue Cross Blue Shield Association, has announced its decision to provide coverage for Lucid Diagnostics Inc.’s EsoGuard Esophageal DNA Test in New York state. This policy applies to patients who meet the criteria for esophageal precancer testing as per professional society guidelines. The announcement comes as Lucid Diagnostics shows strong momentum, with InvestingPro data revealing impressive revenue growth of 179% in the last twelve months.
Lucid Diagnostics, a subsidiary of PAVmed Inc. (Nasdaq: PAVM), is a commercial-stage medical diagnostics company focused on cancer prevention, currently valued at $73.19 million in market capitalization. Its EsoGuard test is designed to detect esophageal precancer and cancer in individuals at risk due to gastroesophageal reflux disease (GERD), commonly known as chronic heartburn. The test is performed on samples collected through a brief, non-invasive office procedure using the EsoCheck Esophageal Cell Collection Device.
Lishan Aklog, M.D., Chairman and CEO of Lucid, expressed optimism that this coverage decision will set a precedent for other commercial insurers to follow suit, acknowledging the strength of Lucid’s clinical evidence base. He stated that the company is actively engaging with insurers across the country to expand access to the EsoGuard test.
This development is particularly significant for Lucid Diagnostics as it represents the first positive policy coverage from a commercial insurer for their esophageal precancer screening tool. The company’s mission is to prevent cancer deaths through early detection in patients with GERD, a condition that can increase the risk of developing esophageal cancer.
The information for this article is based on a press release statement from Lucid Diagnostics.
In other recent news, Lucid Diagnostics Inc. has completed a significant stock sale, generating approximately $15.3 million in gross proceeds. This transaction involved the sale of over 13 million shares at $1.10 each and was facilitated by Canaccord Genuity as the exclusive placement agent. The net proceeds, after deducting placement agent fees and other expenses, will be directed towards working capital and general corporate purposes. Additionally, Lucid Diagnostics has terminated its "at the market" equity offering, which had initially allowed the sale of up to $6.5 million in common stock but only raised about $292,790.
In another development, Lucid Diagnostics has regained compliance with Nasdaq’s minimum bid price rule, ensuring its continued listing on the Nasdaq Capital Market. The company achieved this by maintaining a closing bid price of at least $1.00 per share for 10 consecutive trading days. Furthermore, Lucid has entered into a new partnership with LEAA Health, marking its entry into the concierge medicine space. This contract allows LEAA Health’s members to access Lucid’s EsoGuard Esophageal DNA Test, a tool designed for early detection of esophageal precancer. These recent developments highlight Lucid Diagnostics’ strategic efforts to enhance its financial standing and expand its market presence.
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