Lucid Diagnostics Completes Convertible Debt Refinancing to Strengthen Balance Sheet and Extend Cash Runway Past Key Near-Term Milestones
Summary
New convertible debt financing with existing long-term equity shareholders yields ~$18M in net cash proceeds after paying off existing convertible debtNEW YORK, Dec. 3, 2024 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"), a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced the successful completion of a convertible debt refinancing transaction that strengthens its balance sheet and extends its cash runway past near-term reimbursement milestones. Lucid issued five-year convertible notes to long-term equity shareholders in an aggregate principal amount of $21.95 million. Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucids EsoGuard\xae Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck\xae Esophageal Cell Collection Device, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.For more information, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.pavmed.com.Forward-Looking StatementsThis press release includes forward-looking statements that involve risk and uncertainties. Lucid disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.