Pavmed (NSDQ:PAVM) subsidiary Lucid Diagnostics announced that Lucid publicly filed a registration statement related to a proposed initial public offering (IPO).
The number of shares of common stock and the price range for the offering have not yet been determined, according to a news release. Lucid Diagnostics intends to list its common stock on the Nasdaq market under the “LUCD” ticker.
Cantor Fitzgerald & Co. and Canaccord Genuity LLC will act as joint book-running managers for the proposed offering. BTIG, LLC and Needham & Co., LLC will act as co-lead managers for the proposed offering.
In February of this year, PavMed announced that Lucid would spin off into a separate public company “if favorable market conditions continue to hold, whether it be through an initial public offering (IPO) or a business combination with a healthcare special purpose acquisition corporation.”
At the time of announcing the planned spin-off, the companies said Lucid’s new commercial initiative would accelerate the commercialization of its EsoGuard technology by targeting multiple sales and marketing channels and building a network of EsoCheck operators to assure sufficient testing capacity and geographic coverage.
EsoCheck with “collect & protect technology” is designed to offer a less invasive, more efficient and cost-effective alternative to endoscopic biopsies when managing patients with eosinophilic esophagitis (EoE). PavMed sees it as a way to replace endoscopy with a non-invasive device for patients with a condition requiring multiple and frequent invasive endoscopies with biopsies.