PAVmed Closes Preferred Stock and Senior Secured Note Financings, Eliminating All Previously Outstanding Convertible Securities

Core Viewpoint - PAVmed has successfully closed financings that eliminate all previously outstanding convertible securities, significantly strengthening its balance sheet and capital structure [1] Financing Details - The Series D Preferred Stock offering generated $30 million in gross proceeds, with warrants for an additional $30 million contingent on a positive Medicare local coverage determination for the EsoGuard test [1] - A new senior secured note with a three-year maturity raised an additional $15 million [1] - The total net cash proceeds from these transactions amount to approximately $7.7 million, which will be used for general working capital [1] Capital Structure Improvement - The proceeds from the financings were utilized to redeem all outstanding Series C Convertible Preferred Stock and fully retire existing convertible debt [1] - Assuming the exercise of associated warrants and conversion of Series D Preferred Stock, the company could achieve a clean capital structure consisting entirely of common stock and long-term debt, adding approximately $37.7 million in cash to the balance sheet [1] Strategic Positioning - PAVmed's Chairman and CEO highlighted that this transaction is a transformative outcome aimed at fixing the legacy capital structure and unlocking the company's asset strength for shareholders [1] - The company is now positioned to pursue additional commercial opportunities and enhance long-term shareholder value, leveraging its subsidiaries, including Lucid Diagnostics and Veris Health [1]