Lucid DiagnosticsPavmed (NSDQ:PAVM) announced today that its Lucid Diagnostics subsidiary entered into an agreement to buy CapNostics.

Lucid Diagnostics, a wholly-owned subsidiary of Pavmed, entered into a definitive membership interest purchase agreement with Martin Von Dyck, the sole member and owner of North Carolina-based CapNostics, according to a news release.

CapNostics manufactures the FDA-cleared and CE-marked EsophaCap non-endoscopic esophageal cell collection device that has been used in pre-commercial clinical research of esophageal precancer biomarkers at major academic medical centers.

Lucid Diagnostics, which recently publicly filed a registration statement related to a proposed initial public offering (IPO), concurrently entered into an exclusive long-term consulting agreement with Von Dyck, as well as an exclusive long-term manufacturing agreement with the EsophaCap contract manufacturer.

Financial details of the acquisition were not disclosed.

“Since entering this sector in 2018, Pavmed and its subsidiaries have aggressively sought to increase shareholder value by building a fully integrated and expanding portfolio of products which broadly address early detection, monitoring and treatment of esophageal disease,” Pavmed chairman & CEO Dr. Lishan Aklog said in the release. “Our major subsidiary, Lucid Diagnostics Inc., has been focused on patients with gastroesophageal reflux disease (“GERD”), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. We believe Lucid’s EsoCheck remains the only noninvasive esophageal cell collection device capable of performing the anatomically targeted and protected sampling necessary to optimize diagnostic accuracy in these patients.”