Lucid Diagnostics plans stock offering to boost capital

NEW YORK - Lucid Diagnostics Inc. (NASDAQ:LUCD), a medical diagnostics company specializing in cancer prevention, announced today its plan to conduct an underwritten public offering of common stock. The subsidiary of PAVmed Inc. (NASDAQ:PAVM), currently valued at $11.5 million in market capitalization, aims to use the proceeds for working capital and other general corporate purposes. According to InvestingPro data, PAVM faces significant debt challenges with a current ratio of 0.06, indicating potential liquidity concerns. The offering's completion is subject to market conditions and there are no guarantees regarding its timing, size, or terms.

Canaccord Genuity LLC has been named as the sole bookrunner for the offering, with Maxim Group LLC serving as the co-manager. The offering follows a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on December 6, 2022. Details on the offering, including the prospectus supplement and accompanying base prospectus, will be available through the SEC's website or directly from Canaccord Genuity LLC.

Lucid Diagnostics also intends to provide underwriters a 45-day option to purchase additional shares of common stock, potentially expanding the offering's reach. This move comes as the company continues to focus on patients with gastroesophageal reflux disease (GERD) at risk of esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell Collection Device are marketed as the first commercially available tools for early detection of esophageal precancer.

The press release makes clear that this announcement does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock. The sale of shares will not occur in jurisdictions where it would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of PAVM's financial metrics, including debt structure, cash flow patterns, and growth prospects, available in the detailed Pro Research Report covering over 1,400 US stocks.

This news is based on a press release statement from Lucid Diagnostics, which contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. These risks include market volatility, general economic conditions, and the challenges inherent in medical product development and regulatory approval. Lucid Diagnostics has cautioned that it does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

In other recent news, PAVmed Inc. reported a significant financial turnaround for the fourth quarter of 2024. The company achieved a GAAP net income of $1.3 million, equivalent to $0.12 per diluted share, primarily driven by strategic debt restructuring and increased revenue from its subsidiary, Lucid Diagnostics. Lucid Diagnostics contributed $1.2 million in revenue, marking a 45% increase in EsoGuard test sales. Additionally, PAVmed successfully reduced its debt by $25 million and secured $2.4 million in financing for Verus Health, which focuses on implantable physiologic monitors.

The company also benefited from a $900,000 NIH grant, which helped offset a non-GAAP loss of $688,000. In terms of strategic moves, PAVmed deconsolidated Lucid Diagnostics, reducing its controlling interest to 32%, a step aimed at optimizing operational efficiency. Analyst firm Maxim Group participated in the earnings call, highlighting PAVmed's strategic partnerships and potential growth in the cancer care sector. These developments underscore PAVmed's focus on innovation and financial restructuring as it continues to navigate regulatory and market challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.