- The stock price of PAVmed Inc (NASDAQ: PAVM) increased over 20% in the past 5 trading days. This is why it happened.
The stock price of PAVmed Inc (NASDAQ: PAVM) – a highly differentiated, multi-product, commercial-stage medical technology company – increased over 20% in the past 5 trading days. Investors are responding positively to announcing recently that its major subsidiary Veris Health has been accepted into Microsoft for Startups, a global program from Microsoft dedicated to accelerating the trajectory of startups.
The company also announced that Veris has entered into a definitive services agreement with leading full-service Silicon Valley-based full-stack software development firm Loka to build its remote digital healthcare platform. And as a Microsoft for Startups program member, Veris will have access to Microsoft technology, mentorship, and business support — which will allow it to use Microsoft’s cloud storage, data analytics, and other technologies to rapidly build and deploy its platform with built-in redundancy and security. Loka is going to build the Veris platform on Microsoft Azure, which includes Azure AI & Machine Learning clinical analytics and Azure IoT patient monitoring.
Veris — a majority-owned subsidiary of PAVmed, acquired Oncodisc — a digital health company with groundbreaking tools to improve personalized cancer care in May 2021. And Veris is developing a remote cancer care platform that integrates an intelligent implantable vascular access port with physiologic sensing, software with symptom reporting and telehealth functions, and advanced data analytics. Veris’ groundbreaking vascular access port contains biologic sensors capable of generating continuous data on key physiologic parameters known to predict adverse outcomes in cancer patients undergoing treatment.
Wireless communication to the patient’s smartphone and its cloud-based digital healthcare platform seek to deliver actionable real time data to patients and physicians efficiently and effectively. And Veris is targeting FDA 510(k) clearance of the intelligent implantable vascular access port and launch of the remote digital healthcare platform for H2-2022.
“We are honored that our new digital health subsidiary Veris Health is one of a select group of worldwide companies inducted into the Microsoft for Startups program. We plan to fully leverage this relationship with Microsoft to assure that the Veris platform utilizes the most cutting-edge technologies to facilitate and optimize cancer care through remote patient monitoring and data analytics, including machine learning and artificial intelligence. In Loka, we have identified the ideal software development partner, with extensive experience in using these sophisticated tools in complex healthcare applications.”
— Lishan Aklog, M.D., PAVmed’s Chairman and Chief Executive Officer and Veris’ Executive Chairman
“Today’s aggressive outpatient cancer treatments leave patients unmonitored while at risk of serious complications, leading to high rates of hospitalization, poor patient quality of life, and increasing health system costs. Our technology is designed to allow oncologists to detect early signs of common cancer-related complications, provide longitudinal trends of physiologic and clinical data, offer data-driven risk management tools for precision oncology, and incorporate additional prospects for substantial value-creation through data monetization and biotherapeutic clinical trial support.”
“Complex digital health platforms such as ours require interoperability with other health information technology systems, robust data security, and strict regulatory compliance. Microsoft is at the forefront of providing such critical features within their cloud infrastructure. State-of-the-art, Microsoft-led healthcare initiatives including healthcare applications of machine learning and artificial intelligence will play an important role in Veris’ plan to use data analytics to improve care and enhance shareholder value.”
— James Mitchell, M.D., PAVmed’s VP of Digital Health and Veris’ Chief Medical Officer
“Veris Health’s mission to create an integrated digital healthcare platform for millions of cancer patients and their oncologists is a great fit for our program. We look forward to working with Veris to accelerate its development and growth while helping to deliver innovative solutions to cancer patients and their physicians.”
— Sally Ann Frank, Worldwide Lead—Health and Life Sciences, Microsoft for Startups
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.