PAVM - PAVmed forms digital health company Veris Health

PAVmed ([[PAVM]] +2.1%) launched a new subsidiary, digital health company Veris Health, which acquired digital health company Oncodisc which has groundbreaking tools to improve personalized cancer care through remote patient monitoring."PAVmed is entering the rapidly expanding digital health sector at an exciting time, characterized by high-multiple IPO’s and M&A activity driven by dramatically increased utilization of telemedicine, remote patient monitoring and artificial intelligence, which collectively seek to establish new standards for data-driven optimized care," chairman & CEO Lishan Aklog, M.D. commented.In exchange, PAVmed granted Oncodisc a 19.6% equity interest in Veris and provided $155,250 in cash to pay off two Oncodisc convertible notes; no additional cash consideration or PAVmed stock consideration was provided.The planned Veris business model is intended to generate 100% recurring revenue through oncology practice and hospital-based subscriptions."We expect Veris to leverage strong synergies with the robust expanded infrastructure we built to support Lucid during this period," Aklog added.

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PAVmed forms digital health company, Veris Health