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 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.