PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed”), a
highly differentiated, multi-product, commercial-stage medical
technology company, today announced that its major subsidiary Lucid
Diagnostics Inc. (“Lucid” or the “Company”) has appointed
nationally recognized healthcare executive Jacque J. Sokolov to its
Board of Directors (the “Board”). Dr. Sokolov will help establish
and serve as the inaugural Chair of the Board’s new Compliance
& Quality Committee. He will also serve on Lucid’s Audit and
Compensation Committees.
“I am delighted to welcome Jacque Sokolov to
Lucid’s Board of Directors,” said Lishan Aklog M.D., Lucid’s
Executive Chairman and PAVmed’s Chairman and Chief Executive
Officer. “Jacque brings remarkable breadth of experience and
expertise across all aspects of the healthcare industry including
as public and private company director, investor and strategic
consultant in healthcare delivery, regulatory compliance &
quality and biotechnology.”
“Dr. Sokolov has also long been a strong
advocate of Board oversight of compliance and quality for public
healthcare companies. He established and chaired such committees
for several major healthcare companies, and we are pleased that he
will do the same for Lucid,” continued Aklog. “This committee will
be of critical importance as we expand our commercial activities
across multiple channels to include our own EsoCheck testing sites,
direct-to-consumer marketing and telemedicine, all of which will
require meticulous attention to regulatory compliance.”
Dr. Sokolov will serve as Chair of the Board’s
Compliance & Quality Committee along with the Lucid Chairman,
Vice-Chairman, Audit Chair, Chief Compliance Officer, Director of
Quality and outside healthcare compliance counsel, as well as two
outside consultants who previously served in highly relevant FDA
positions – Alberto Gutierrez, PhD of NDA Partners and former FDA
Director of the Office of In Vitro Diagnostics and Radiological
Health and Office of In Vitro Diagnostic Device and Evaluation and
Safety, and Jeffrey N. Gibbs Esq. of Hyman, Phelps & McNamara
and a former FDA Associate General Counsel for Enforcement.
“I am thrilled to join this world-class team at
a very exciting time for Lucid, as it launches a major commercial
expansion and seeks to raise growth capital as a new standalone
public company,” said Dr. Sokolov. “I look forward to leveraging my
relevant experience with major public companies to assure that
Lucid maintains the highest standards of regulatory compliance and
quality as it executes on its long-term growth strategy.”
For over two decades, Dr. Sokolov has served as
chairman and chief executive officer of SSB Solutions Inc., a
diversified healthcare management, development and investment
company, which he founded. His company has worked with over 100
healthcare companies in virtually every healthcare sector to
develop value-based solutions in rapidly evolving markets. His
clients have included multiple Blue Cross/Blue Shield plans,
Anthem, CIGNA, Humana, multiple leading academic medical centers,
over a dozen health care systems and physician organizations and
multiple governmental entities, including the White House under
four presidents, Senate and House committees and multiple federal
agencies including Health and Human Services (HHS), the Center for
Medicare and Medicaid Services (CMS), the Veterans Administration
(VA) and the General Accounting Office (GAO).
Dr. Sokolov has served on the Board of Directors
of more than a dozen public and private companies. He established
and chaired the Science, Technology & Quality Committee and
served on the Audit, Nomination and Compensation Committees of
Hospira, which during his tenure became the world’s leading
provider of injectable drugs and infusion technologies and a global
leader in biosimilars, before being acquired by Pfizer Inc. for $17
billion. He currently serves on the boards of Calviri Inc., a
biotechnology company developing immunosignature technology for
diagnostic and therapeutic applications, GlobalMed a digital health
company which provides integrated software and hardware
telemedicine solutions, University PharmCo LLC, which partners with
schools of pharmacy to develop pharmaceutical products, AKOS LLC a
telemedicine provider, Veterans Accountable Care Group LLC, a
healthcare delivery organization helping the VA redesign its care
models, and the National Association of Corporate Directors,
Pacific Southwest Chapter. For over two decades he served on the
Board of Directors of the White House Health Project, including a
decade as Chairman of the Executive Committee of the Board.
Earlier in his career he served as Chief Medical
Officer of Southern California Edison Company/Edison International
with corporate responsibility for all of its health plans and
clinics covering 60,000 individuals. Dr. Sokolov received his
undergraduate and medical degrees from the University of Southern
California. He completed his internal medicine residency training
at Mayo Clinic and cardiology fellowship at University of Texas
Southwestern School of Medicine.
About PAVmed and
LucidPAVmed Inc. is a highly differentiated,
multi-product, commercial-stage medical technology company with a
diversified product pipeline addressing unmet clinical needs
encompassing a broad spectrum of clinical areas with attractive
regulatory pathways and market opportunities. Its major subsidiary,
Lucid Diagnostics Inc., markets the first and only commercial tools
for widespread early detection of esophageal precancer and cancer –
the EsoGuard® Esophageal DNA Test and EsoCheck® Esophageal Cell
Collection Device. Its GI Health division also includes the
complementary EsoCure™ Esophageal Ablation Device with Caldus™
Technology. Its Minimally Invasive Interventions markets its CarpX®
Minimally Invasive Device for Carpal Tunnel Syndrome. Other
divisions include Infusion Therapy (PortIO™ Implantable Intraosseus
Vascular Access Device and NextFlo™ Intravenous Infusion Set), and
Emerging Innovations (non-invasive laser-based glucose monitoring,
pediatric ear tubes, and mechanical circulatory support). For more
information, please visit www.pavmed.com, follow us on
Twitter, connect with us on LinkedIn, and watch our videos on
YouTube. For more information on our majority owned subsidiary,
Lucid Diagnostics Inc., please visit www.luciddx.com, follow Lucid
on Twitter, and connect with Lucid on LinkedIn. For detailed
information on EsoGuard, please visit www.EsoGuard.com and
follow us on Twitter, Facebook and Instagram.
Forward-Looking StatementsThis
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 PAVmed’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, volatility in the price of PAVmed’s common
stock, Series W Warrants and Series Z Warrants; general economic
and market conditions; the uncertainties inherent in research and
development, including the cost and time required advance PAVmed’s
products to regulatory submission; whether regulatory authorities
will be satisfied with the design of and results from PAVmed’s
preclinical studies; whether and when PAVmed’s products are cleared
by regulatory authorities; market acceptance of PAVmed’s 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
many of its products. The Company has been monitoring the COVID-19
pandemic and its impact on our business. The Company expects the
significance of the COVID-19 pandemic, including the extent of its
effect on the Company’s financial and operational results, to be
dictated by, among other things, the success of efforts to contain
it and the impact of actions taken in response. 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 PAVmed’s control.
For a further list and description of these and other important
risks and uncertainties that may affect PAVmed’s future operations,
see Part I, Item IA, “Risk Factors,” in PAVmed’s 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 Report on Form 10-Q filed by PAVmed after
its most recent Annual Report. PAVmed disclaims any intention or
obligation to publicly update or revise any forward-looking
statement to reflect any change in its 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.
Contacts:InvestorsMike HavrillaDirector of
Investor Relations(814) 241-4138JMH@PAVmed.com
MediaShaun O’NeilChief Commercial Officer(518)
812-3087SMO@PAVmed.com
Jim Heins / Katie GallagherLaVoieHealthScience(646) 491-7042 /
(617) 792-3937PAVmed@lavoiehealthscience.com
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