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PAVmed's Subsidiary, Lucid Diagnostics Files For $58M IPO

  • Lucid Diagnostic, a maker of diagnostic tests for esophageal precancer and cancer, filed to raise up to $58 million in an IPO.
  • In its Form S-1 filed with SEC, the New York-based company said it intends to list on NASDAQ under the ticker symbol LUCD.
  • Lucid is a wholly-owned subsidiary of medical technology firm PAVmed Inc (NASDAQ:PAVM), which owns approximately 72.6% of Lucid’s common stock.
  • Lucid Diagnostics markets the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device to detect esophageal precancer and cancer. 
  • The tools are used to detect gastroesophageal reflux disease, also known as chronic heartburn and acid reflux, in patients at risk of developing esophageal precancer and cancer, specifically esophageal adenocarcinoma.
  • EsoGuard is commercialized in the US as a laboratory-developed test and was granted a final Medicare payment determination of $1,938.01, effective January 1. 
  • EsoCheck is commercialized as FDA 510(k)-cleared esophageal cell collection device.
  • Price Action: PAVM shares are up 15.6% at $9.49 during the market session on the last check Thursday.

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