PAVmed Announces Closing of Firm Commitment Common Stock Offering
23 Gennaio 2018 - 10:00PM
Business Wire
PAVmed Inc. (Nasdaq: PAVM, PAVMW) (“PAVmed”), a highly
differentiated, multiproduct medical device company, today
announced the closing of its previously announced underwritten
public offering of 2,415,278 shares of its common stock at a public
offering price of $1.80 per share.
Dawson James Securities, Inc. acted as sole underwriter of the
offering.
Net proceeds from the sale by PAVmed of the shares after
underwriting discounts, commissions, and other offering expenses
are expected to be approximately $3.9 million (not including the
overallotment option). PAVmed plans to use the net proceeds for
working capital and other general corporate purposes.
The underwriter has a 45-day option to purchase up to 362,292
additional shares of PAVmed’s common stock to cover overallotments,
if any.
The offering was made pursuant to a shelf registration statement
(File No. 333-220549) declared effective by the Securities and
Exchange Commission on October 6, 2017. A preliminary prospectus
supplement and final prospectus supplement relating to the offering
were filed with the Securities and Exchange Commission. Copies of
the prospectus supplement and accompanying base prospectus relating
to the offering may be obtained from the Securities and Exchange
Commission at http://www.sec.gov, or from Dawson James Securities,
Inc., Attention: Prospectus Department, 1 North Federal Highway,
5th Floor, Boca Raton, FL 33432, mmaclaren@dawsonjames.com or toll
free at 866.928.0928.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, the shares of common stock. PAVmed
will not, and has been advised by the underwriters that they and
their affiliates will not, sell any of the shares of common stock
in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or
jurisdiction.
About PAVmed
PAVmed Inc. is a highly differentiated, multiproduct medical
device company employing a unique business model designed to
advance products from concept to commercialization much more
rapidly and with significantly less capital than the typical
medical device company. This proprietary model enables PAVmed to
pursue an expanding pipeline strategy with a view to enhancing and
accelerating value creation. PAVmed’s diversified pipeline of
products address unmet clinical needs, have attractive regulatory
pathways and market opportunities and encompass a broad spectrum of
clinical areas including carpal tunnel syndrome (CarpX™),
interventional radiology (PortIO™ and NextCath™), pediatric ear
infections (DisappEAR™) medical infusions (NextFlo™ and NextCath™),
and tissue ablation and cardiovascular intervention (Caldus™). The
Company intends to further expand its pipeline through engagements
with clinician innovators and leading academic medical centers. For
further information, please visit www.pavmed.com.
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 the
Company’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 the
Company’s common stock; the uncertainties inherent in research and
development, including the cost and time required advance our
products to regulatory submission; whether regulatory authorities
will be satisfied with the design of and results from our
preclinical studies; whether and when our products are cleared by
regulatory authorities; market acceptance of our 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 any of
its products. 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 our control. For a further list and description of these and
other important risks and uncertainties that may affect our future
operations, see Part I, Item IA, “Risk Factors,” in our 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 Reports on Form 10-Q filed by us after
our most recent Annual Report. We disclaim any intention or
obligation to publicly update or revise any forward-looking
statement to reflect any change in our 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180123006459/en/
InvestorsLHA Investor RelationsKim
Sutton Golodetz212-838-3777kgolodetz@lhai.comorMediaPAVmed Inc.212-949-4319info@pavmed.com
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