NEW YORK - PAVmed Inc . (NASDAQ:PAVM), a medical technology company, and its digital health subsidiary Veris Health Inc., have partnered with The Ohio State University Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute (OSUCCC – James) to launch a pilot program for the Veris Cancer Care Platform™.
The collaboration, announced today, aims to enroll cancer patients in a pilot program to utilize the Veris Cancer Care Platform, a digital health tool designed to enhance personalized cancer care through remote patient monitoring. The platform includes remote physiological data collection, symptom reporting, telehealth capability, and electronic health record integration.
Patients participating in the program will receive a VerisBox™ containing connected healthcare devices that transmit physiological data to a cloud-based clinician portal. Additionally, a patient smartphone app will enable symptom reporting and provide caretakers and family members insight into the patient's cancer care journey.
Dr. Lishan Aklog, Chairman and CEO of PAVmed and Executive Chairman of Veris, expressed excitement about the partnership with OSUCCC – James, highlighting the institution's prestige in cancer care. Gary K. Manning, President of Veris, emphasized the pilot's goal to enhance personalized cancer care through digital health tools.
Dr. David Cohn of The James Cancer Hospital and Solove Research Institute underscored the importance of integrating remote monitoring into patient care, aligning with their pursuit of a cancer-free world.
The Veris platform also promises to reduce unplanned hospitalizations and provide data-driven risk management tools, aiming to improve patient and provider satisfaction. Veris is also developing an implantable physiological monitor to further enhance the platform's capabilities.
The OSUCCC – James, recognized as a National Cancer Institute-Designated Comprehensive Cancer Center, is known for its advanced cancer treatment and clinical trials.
This news article is based on a press release statement.
InvestingPro Insights
As PAVmed Inc. (NASDAQ:PAVM) embarks on its innovative partnership with The Ohio State University Comprehensive Cancer Center, the company's financial health and market performance provide critical context for investors considering its potential. With a market capitalization of $15.87 million and a significant revenue growth rate of 550.4% over the last twelve months as of Q1 2023, PAVmed has shown its ability to expand its top-line figures.
However, the company's financial data also reveals some challenges. PAVmed's gross profit margin stands at a concerning -161.83%, indicating that despite growing revenues, the cost of goods sold significantly exceeds the revenue generated. This metric, coupled with an operating income margin of -2805.67%, suggests that the company's costs far outweigh its earnings, impacting its profitability.
In terms of stock performance, PAVmed has faced a steep decline, with a 1-year price total return of -74.09% as of the latest data. The stock is currently trading near its 52-week low, which may present a potential entry point for investors, but also reflects the market's current valuation of the company.
InvestingPro Tips for PAVmed highlight concerns such as the company's difficulty in making interest payments on debt and the rapid rate at which it is burning through cash. Additionally, analysts do not anticipate PAVmed will be profitable this year, and the stock has fared poorly over recent periods, with significant hits taken over the last week, month, and six months.
For investors seeking a deeper dive into PAVmed's financials and performance, InvestingPro offers additional insights and metrics. There are currently 14 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/PAVM. For those interested in a yearly or biyearly Pro and Pro+ subscription, use the coupon code PRONEWS24 to get an additional 10% off.
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