PAVmed, subsidiaries implement workforce reduction of roughly 20%

PAVmed Inc. (PAVM) and its majority-owned subsidiaries Lucid Diagnostics Inc. (LUCD) and Veris Health 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 percent, product portfolio streamlining, and other cost-cutting measures which seek to lower quarterly cash burn by at least 25 percent. "Over the past few quarters, we have engaged in a systematic effort to maximize our cash runway and protect our long-term shareholder interests, while executing on our strategic objectives in what remain challenging market conditions," said Lishan Aklog, M.D., PAVmed’s and Lucid’s Chairman and Chief Executive Officer. "We have decided to further extend this initiative by aggressively streamlining operations to focus substantially all our resources and near-term efforts on accelerating the commercialization of Lucid’s and Veris’ products, resulting in a meaningful reduction in our workforce and quarterly cash burn. We believe these groundbreaking commercial products, with their large market opportunities, are our most valuable assets and focusing on them provides our shareholders the greatest near and long-term value creation opportunity. Our leaner, more commercially focused posture puts us in the best position to realize this opportunity."