PAVmed, Lucid Diagnostics Pause Some Development Programs, Announce Layoffs

PAVmed Inc PAVM, its majority-owned subsidiaries Lucid Diagnostics Inc 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.