Item 7.01. Regulation FD Disclosure.
On
The information furnished under Item 7.01, including the exhibit related thereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.
Item 8.01. Other Events.
In the press release, the Company addressed the following strategic updates:
? The Company and Lucid will prioritize near-termLucid and Veris Health commercialization efforts. ? The companies have implemented a workforce reduction of approximately 20 percent, product portfolio streamlining, and other cost-cutting measures which seek to lower quarterly cash burn by at least 25 percent. ? Specifically, pursuant to this initiative, the Company and Lucid plan to take the following steps, among others: Lucid ? continue to drive EsoGuard testing volume through ongoing engagement of sales personnel with primary care physicians, specialists and institutions, with an increasing focus on closing larger strategic accounts and new market development initiatives; ? maintain current team of approximately forty sales professionals, having completed targeted layoffs and closed prior vacancies; ? shift sales leadership attention from recruiting and hiring to ongoing engagement with large institutional and strategic accounts, while continuing to drive productivity of the current team; ? maintain its team of nurse practitioners and other clinical personnel to support testing volume growth through existingLucid Test Centers (LTC) in eleven states, and its burgeoning satellite LTC program, whereby Lucid personnel perform EsoCheck cell sampling procedures at prescribing physicians' offices; ? continue to invest inLucidDx Labs , Lucid's CLIA-certified commercial clinical laboratory, to assure EsoGuard testing capacity and drive quality improvements and cost efficiencies; ? complete ongoing clinical utility studies to support in-network coverage; ? delay completion of the EsoGuard BE-2 study to the second half of 2023; and ? pause further development of the EsoCure Esophageal Ablation device.PAVmed ? with respect to the Company's majority-owned subsidiaryVeris Health : ? continue to drive commercial adoption of the Veris Cancer Care Platform utilizing its existing sales personnel, and expand the commercial team only when commercial traction has been well-established; ? delay development and regulatory submission of the implantable physiologic monitor to the second half of 2023; and ? focus its workforce on near-term commercialization of the Veris Cancer Care platform, having already eliminated certain technology positions focused on future data analytics, while retaining personnel directly involved in customer integration and technical support; ? continue research and product development activities in support of Lucid commercialization, including next generation EsoGuard and EsoCheck products; ? continue product development activities in support of Veris commercialization, namely its implantable physiologic monitor, as discussed above; ? continue its joint early-stage research and development project withNovosound Ltd. to explore applying its groundbreaking ultrasound technology to next-generation intravascular ultrasound imaging; ? continue limited business development activities focused on high value, near-term accretive opportunities that are synergistic with existing commercial activity; ? indefinitely pause or halt all other product development activities including CarpX, PortIO and NextFlo; and ? pursue additional cost-cutting initiatives including not paying annual cash bonuses. Forward-Looking Statements
This Form 8-K includes forward-looking statements that involve risk and
uncertainties. Forward-looking statements are any statements that are not
historical facts. Such forward-looking statements, which are based upon the
current beliefs and expectations of
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 99.1 Press release. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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