PAVmed, a medical technology company focused on devices, diagnostics and digital health, and its subsidiary, cancer care platform Veris Health, completed a $2.37 million private placement financing.

Accredited investors acquired PAVmed securities priced at-the-market and shares of Veris common stock indicating a pre-money Veris valuation of almost $35 million. 

The financing augments a recently secured $1.8 million non-dilutive two-year National Institutes of Health (NIH) grant aimed at funding the development of Veris' implantable physiological monitor.

"This financing marks an important milestone which will allow Veris Health to advance its commercial strategy, including regulatory clearance and launch of its implantable physiological monitor," Dr. Lishan Aklog, chairman and CEO of PAVmed and executive chairman of Veris Health, said in a statement.

"We believe the Veris pre-money valuation reflects strong investor confidence in Veris' long-term commercial potential as it seeks to enhance personalized cancer care through the early detection of complications and reduced unplanned hospitalizations."

Aklog added, "We expect that, once cleared and launched, the implantable monitor will significantly enhance this commercial potential."

THE LARGER TREND

In 2024, Veris Health was awarded a $1.8 million grant from the National Institute on Minority Health and Health Disparities, part of the NIH. The aim of the two-year grant was to fund research and upgrade and verify the Veris cancer care platform designed for medically underserved patients with cancer.

That same year, oncology digital therapeutics company Mika Health and global nonprofit Cancer Support Community (CSC) announced they would jointly provide an AI-enabled oncology-focused digital therapeutic for U.S.-based cancer patients and their caregivers to access mental health and other support services free of charge. 

Mika provides cancer patients with an app where they can access psychological support to reduce disease-related anxiety, depression and stress. Additionally, patients can also track side effects from medications, receive medication reminders, obtain education and nutrition advice, and coordinate appointments. The digital therapeutic, which is already certified as a medical device and released in the EU, can be personalized to an individual's specific type of cancer and will be made available to patients in North America. 

In 2023, Carrum Health, a digital marketplace for employers to purchase bundled healthcare services, partnered with Florida Cancer Specialists & Research Institute to offer employers in Florida breast cancer care services. 

Carrum offers a value-based platform that allows self-funded employers to buy specialty care, focusing on surgical and cancer care. The platform provides a digital platform that gives patients access to a care specialist, who guides them through the surgical process, and employers a platform for navigating Carrum's network.

That same year, GE HealthCare announced a collaboration with Grand Rapids, Michigan-based cancer treatment center BAMF Health to advance the adoption of theranostics in the U.S. 

Theranostics is an emerging technology and a form of precision medicine that fuses imaging technology with therapeutic agents to pinpoint and target cancer cells for destruction. 

BAMF Health offers molecular imaging for various types of cancer as well as molecular therapy for patients with prostate and neuroendocrine cancer, with a substantial focus on theranostics. GE HealthCare produces tools that support theranostics, such as cyclotrons, tracer production facility solutions and PET radiochemistry systems, which help BAMF operate its theranostics program.