On October 29, 2021 PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the "Company" or "PAVmed"), a highly differentiated, multi-product, commercial-stage medical technology company, reported that it hosted a virtual investor event with several hundred participants on October 26, 2021 (Press release, PAVmed, OCT 29, 2021, View Source [SID1234592202]). The event, Veris Heath: Bringing Digital Health to Cancer Care, focused on PAVmed’s digital health subsidiary Veris Health ("Veris").
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"When I first heard about Veris Health I was impressed by their big vision to make a measurable impact on cancer care"
The event recording and presentation deck are now available for viewing.
The panelists provided a comprehensive overview of Veris’ disruptive technology, vision, business model, and strategy. They discussed how PAVmed’s entry into the digital health sector fits within its broader long-term growth strategy and how Veris seeks to utilize the first intelligent implantable vascular access port with biologic sensors to facilitate and optimize cancer care through remote patient monitoring and data analytics. Panelists included:
Lishan
Aklog, MD
PAVmed Chairman & Chief Executive Officer
Veris Executive Chairman
James D.
Mitchell, MD
PAVmed VP, Digital Health
Veris Chief Medical Officer
Sumit
Shah, MD, MPH
Veris Medical Advisory Board Member
Director of Clinical Innovation & Digital Health, Division of Oncology, Stanford Cancer Institute, Stanford Health Care
Clinical Assistant Professor, Medicine-Oncology, Member, Stanford University School of Medicine
Timothy E.
Baxter
PAVmed Board of Directors
Former President & CEO of Samsung Electronics North America
Sunny
Webb
PAVmed VP, Data & Analytics
Veris Chief Technology Officer
The event concluded with a moderated question and answer session, which provided the attendees the opportunity to interact with the panelists.
Veris, a majority-owned subsidiary of PAVmed, acquired Oncodisc Inc., a digital health company with groundbreaking tools to improve personalized cancer care in May 2021. Veris is developing a remote cancer care platform that integrates an intelligent implantable vascular access port with physiologic sensing, software with symptom reporting and telehealth functions, as well as advanced data analytics. Veris’ groundbreaking vascular access port contains biologic sensors capable of generating continuous data on key physiologic parameters known to predict adverse outcomes in cancer patients undergoing treatment. Wireless communication to the patient’s smartphone and Veris’ cloud-based digital healthcare platform will deliver actionable real time data to patients and physicians efficiently and effectively. Veris is targeting FDA 510(k) clearance of the intelligent implantable vascular access port and launch of the remote digital healthcare platform for H2-2022.
"We have about 20% of the U.S. economy, which is what healthcare represents, finally leveraging digital tools that have been long available in other sectors," said Lishan Aklog, MD, PAVmed’s Chairman and Chief Executive Officer and Veris’ Executive Chairman. "The Veris technology…offers data-driven risk management tools for precision oncology, and incorporates additional prospects for substantial value-creation through data monetization and biotherapeutic clinical trial support."
James Mitchell, MD, PAVmed’s VP, Digital Health and Veris’ Chief Medical Officer noted, "today’s aggressive outpatient cancer treatments, including immunotherapy and chemotherapy, leave patients unmonitored and at risk of serious, avoidable complications, leading to high rates of hospitalization, poor patient quality of life, and increasing health system costs. Every year in the United States there are about 1.5 million unplanned hospital admissions in cancer patients…[which] cost up to $70,000 per patient on average. We also know through cancer research that 19-50% of these hospitalizations are potentially preventable with appropriate timely outpatient interventions."
"If we look at other solutions…there is no solution that really checks all the boxes—providing the uninterrupted data needed for true patient care, that tucks easily into the existing workflow, leverages existing reimbursement, and really takes advantage of telemedicine technology," said Dr. Mitchell.
"When I first heard about Veris Health I was impressed by their big vision to make a measurable impact on cancer care," said Sunny Webb, PAVmed’s VP, Data & Analytics and Veris’ Chief Technology Officer. "Like many of you, I have had people close to me that have battled cancer…Applying data science to cancer care is a world changer for future generations. Treatment has come a long way in recent years, but we can do better. I’m certain that Veris has the right approach…to build an integrated digital health care platform that will help millions of cancer patients and their oncologists."
"Veris is fundamentally a healthcare-oriented tech platform that uses smart devices," said Timothy E. Baxter, a member of PAVmed’s Board of Directors and former President & CEO of Samsung Electronics North America. "[In the tech sector] we are moving from…what some might call ‘dumb’ products to now ‘smart’ devices and ‘smart’ solutions…The growth we have seen is quite remarkable…driven by a host of new technologies…it’s AI, it’s big data, it’s cloud, it’s 5G, IoT, VR/AR…When you combine these new technologies with relevant data…we are now creating new possibilities and disrupting old."
Recently, Veris entered into a global program relationship with Microsoft, and engaged with leading full-service Silicon Valley-based full-stack software development firm Loka Inc. to build its remote digital healthcare platform.