PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed” or the
“Company”), a highly differentiated, multi-product,
commercial-stage medical technology company, today announced that
its major subsidiary Lucid Diagnostics Inc. (“Lucid” or the
“Company”) has substantially expanded its commercial leadership
team, adding four senior industry veterans to support one pillar of
its growth strategy focused on expanding commercialization of its
EsoGuard® Esophageal DNA Test across multiple channels.
“Shaun O’Neil, our Chief Commercial Officer, and
I are delighted to welcome four new members of our commercial
leadership team,” said Lishan Aklog M.D., Lucid’s Executive
Chairman and PAVmed’s Chairman and Chief Executive Officer. “Each
of these highly experienced professionals will play a critical role
in helping us execute our recently announced growth strategy, which
expands the commercialization of our groundbreaking EsoGuard
diagnostic test across multiple channels by targeting primary care
physicians and consumers in addition to GI specialists.”
“Messrs. Rubano, Ridge, Denney and Wickern bring
over seventy-five years of collective commercial experience, each
with specific skills and expertise directly relevant to our ongoing
EsoGuard commercialization efforts, including in sales and
marketing, sales training, market access, reimbursement and payor
coverage,” Dr. Aklog continued.
John Rubano
– Director of Sales
Mr. Rubano brings two decades of sales and
marketing experience, the majority in the medical device industry.
He has held various leadership roles in which he was responsible
for building high performance sales teams, commercializing
disruptive medical technologies, including the market leading Barrx
technology to treat dysplastic Barrett’s Esophagus, an esophageal
precancer. Most notably, he spent over a decade in the
gastroenterology space at Medtronic and Barrx Medical (acquired by
Covidien and subsequently acquired by Medtronic) where he was a
perennial recipient of sales performance awards. He previously
specialized in endoluminal interventions and diagnostics at Boston
Scientific Endourology.
Mr. Rubano will oversee a growing Lucid team of
full-time regional sales managers and independent sales
representatives who currently call on GI specialists. He will lead
the expansion of Lucid’s sales team to include two groups of
full-time territory managers, one calling on GI specialists and the
other on primary care physicians. He will work closely with the
executive leadership team as Lucid builds its own network of
EsoCheck testing sites to accommodate EsoGuard referrals from
primary care physicians and patient self-referrals.
John Ridge –
VP, Market Access and Reimbursement
Mr. Ridge brings twenty-five years of experience
as a leader in the complex area of market access and reimbursement
for diagnostic tests, with a proven track record of success
securing insurance reimbursement and driving revenue. He notably
served as Senior Director of Reimbursement and Managed Care at
Exact Sciences at an important period during which he secured
coding, payment, and coverage for its Cologuard early cancer
detection test, including through the CMS and FDA Parallel Review
Process. He had similar success in senior-level positions at
multiple other companies including at Roche Diagnostics, Ventana
Medical Systems and WL Gore. He is an acknowledged expert in his
area, having published and lectured extensively on reimbursement
and market access across the U.S.
Mr. Ridge will oversee EsoGuard market access
and reimbursement activities at a similarly important period for
Lucid which recently secured effective CMS payment of $1938.01 and
awaits CMS local coverage determination. He will also leverage his
experience by advancing the important task of securing EsoGuard
private payor insurance payment and coverage. He will lead Lucid’s
first advisory board meeting of private payor medical directors
scheduled for later this month.
Brian Denney – National Sales Training
Manager
Mr. Denney brings over two decades of experience
in medical device sales and sales training, including over a decade
in the gastroenterology space. He notably served as an area sales
director and national sales training manager at CDx Diagnostics,
which markets the widely utilized WATS3D device, a proprietary
upper GI endoscopic tool to enhance the diagnosis of Barrett’s
Esophagus. He had previously led training of large sales teams at
multiple other companies including EndoChoice, Baxter and
J&J-Synthes.
Mr. Denney oversees sales training of Lucid’s
rapidly expanding full-time and independent sales teams. He also
serves as Lucid’s Central regional business manager.
Paul Wickern
– Strategic Accounts Manager
Mr. Wickern brings over a decade of experience
in gastroenterology sales. He also comes to Lucid from CDx
Diagnostics, where he served as a regional sales manager and grew
WATS3D device sales in his region over 700% in just over two years.
He previously served in sales roles at Cogentix Medical and one of
its predecessors, Vision Sciences, a transnasal endoscopy company,
where he won multiple awards for sales performance in his
territory. Mr. Wickern also brings a strong clinical perspective to
his role having served as a surgical tech earlier in his career,
assisting in thousands of oncology procedures.
Mr. Wickern serves as Lucid’s Strategic Account
Manager overseeing the targeting, opening and support of major
strategic accounts across the U.S. He also serves as regional
business manager covering Texas and surrounding states.
About PAVmed
and Lucid
PAVmed 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 Statements
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 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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