- PAVmed Inc (NASDAQ:PAVM), its majority-owned subsidiaries Lucid Diagnostics Inc (NASDAQ:LUCD), and Veris Health Inc provided a strategic business update outlining near-term strategic priorities and resource reallocation.
- The companies will prioritize near-term Lucid and Veris Health commercialization efforts.
- They have implemented a workforce reduction of approximately 20%, product portfolio streamlining, and other cost-cutting measures which seek to lower quarterly cash burn by at least 25%.
- Lucid plans to pause further development of the EsoCure Esophageal Ablation device and delay completion of the EsoGuard BE-2 study to the second half of 2023.
- Veris plans to delay the development and regulatory submission of the implantable physiologic monitor to the second half of 2023
- PAVmed will indefinitely pause or halt all other product development activities, including CarpX, PortIO, and NextFlo, and pursue additional cost-cutting initiatives, including not paying annual cash bonuses.
- Price Action: PAVM shares closed 8.10% higher at $0.6326, and LUCD 20% higher at $1.56 on Tuesday.
JP Morgan Initiates Coverage On CompoSecure with Overweight Rating, Announces Price Target of $10
JP Morgan analyst Reginald Smith initiates coverage on CompoSecure (NASDAQ:CMPO) with a Overweight rating and announces Price Target of $10.
