Mike Havrilla Director of Investor Relations
Lishan Aklog Chairman & Chief Executive Officer
Dennis McGrath President & Chief Financial Officer
Kyle Mikson Cantor Fitzgerald
Frank Takkinen Lake Street Capital Markets
Anthony Vendetti Maxim Group
Ed Woo Ascendiant Capital
Frank Ibarra IbarMax, LLC
Call transcript
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Greetings, and welcome to the PAVmed Inc. Business Update Conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure Relations your for my Director Mike now Investor of PAVmed. is to host introduce Havrilla, It Please, go ahead.

Mike Havrilla

participating update Thanks operator. of for Director Mike Havrilla, today's Good afternoon, everyone. Investor This Relations. call. is PAVmed's in business Thanks

release read the Exchange to Joining a Chief Chairman and Chief and disclaimer Aklog, press and call, known statements the Dr. available could cause the and made. forward-looking to to financial Press may Officer. PAVmed's on moment release include subject risks me these Please President business with Executive on Securities and unknown results update and statements updates results the statements. uncertainties, and Factors today are disclaimer forward-looking McGrath, and that And are this the in conference Lishan results The call described release. Dennis in and to cause in press actual Financial are Officer; from take forward-looking differ announcing website. filings materially about statements our our Commission. actual is both differ the business

by list future further that With may differ contained any I, reports or or may I Lishan Securities on see description Form over For that turn annual the recent IA important PAVmed quarterly on in from or and conditions Aklog? the Form expectations PAVmed's like to Exchange or any said, filed based, law, circumstances the will call report required obligation forward-looking to changes in results and likelihood Item to expectations and disclaims XX-Q. in those publicly forward-looking statements. in Risk would those statements Dr. affect Aklog. revise reflect that most to actual operations, entitled update Factors intention Part updates Commission or in may filed uncertainties on of risks and the Except subsequent other XX-K and affect these with as any which events, be

Lishan Aklog

Thank you, for you update Mike. call. joining Good today's afternoon. Thank

are For delighted I'm to during improve first strong of commitment those family, bolder our and for in welcome, strategic bigger who recent the creating we thanks patients' already part and quarter to to of you have we long-term as and while lives momentum new that of shareholder the substantial experienced vision support you weeks, PAVmed, to our for those to long-term execute our for strengthen plan value. success. report seek and foundation your and

runway, our always, EsoGuard groundbreaking while focus partnership to continue efforts sheet our areas, Board, strengthening management extending We our key taken commercialization, cash and balance public several opportunities Lucid and driving solidifying innovations. our on as new in exploring

with the Let me our efforts company. foundation of successful to reinforce start our

we We receive our Blackstone. anchored Vanguard Series will of by and $XX long-term later, their by We As proceeds Day, of long-term strategic generated our institutional and We've a pleased of be that Fidelity, continue offering leading gross describe, exercise approximately public including million were heavily offering including Valentine's was validation plan. $XX approximately approximately strong We from over and substantially underwritten common straight the very to fundamental strengthened position proceeds. a additional raised maybe, and those B received Dennis financial bit gross funds, million Cantor this participation cash our recent the to first consider A have meaningful led warrants. quarter. in oversubscribed months. during offerings Fitzgerald the of million stock detail more Christmas $XX between

view of sheet. of million European to the runway in strengthen $XX ended the As price financing further convertible avoided substantially debt. with in cash million warrant million our We debt approximately debt approximately $XX million requirement combined We our current account the PAVmed's exercise extends as previously small cash its funds. fully had our for announced, burn dilution, $XX the stock into $XX have cash use started forgivable in going was taking and no capital. upon and quarter debt The approximately financings PPP proceeds retire to into not off our February to by exceeded at and quarter except in XXXX rate we conversion. balance convertible debt Lucid public own a now it the decided prospect the paying with demand and loans. held cash raising and The debt of

focus I Another discuss management to strengthen team later. and a been the will bit has of of commercial our team important Board. expansion area our

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business major the into Now Diagnostics. subsidiary our let's with starting now our majority-owned -- Lucid dive of details

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started to the effective January in last payment pleased in of out-of-network CMS fourth This previously We CMS -- private an EsoGuard, EsoGuard receive insurance began payment payments. that pleased -- year, noted have first later are to claims submit quarter X. we've became $X,XXX. CMS attractive the granted and we to As are determination

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close other products. So some our I'll across with now updates brief

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Dennis McGrath

good Thanks, everyone. afternoon, and Lishan,

results for earlier summary filed our afternoon release our XX, first concurrently at on Let March that on me and our available report was financial with quarterly we our ended was quarter in Form SEC and the also website. XX-Q reported press is sec.gov this the published brief and

previously February know any As not recognized from result in update until actually performed cash is November, in the test collected. revenue in in and given our you already GAAP will quarter call

on be true coverage was revenue quarter. private will reimbursement in policies. and no There recognized payer occasions, contracts transition the third-party of negotiating the several period this mentioned related during previously As

third-party can the result As consequently, received submitted by collections for private first revenues only obviously will and were the timing reimbursement. XXXX throughout in regard to With the recently actual payments test XXXX billing that by Medicare submitted be received of realized of time GAAP only revenue our our agency. expectation are versus so they balance reimbursement. payer This on recognized for

we're As and tests submitted very press release. early corporate EsoGuard Obviously, in now last call, promised update on for provided are innings. in our the the performed payment

Presently, issued metrics off. sales further various who our evolve continue marketing there Phoenix influence coverage efforts and We reporting upcoming now as with our four have kick particularly Project adoption, to are banking analysts doing others are are analysts also provided dependent are and that reimbursement company the collections achievable. The estimates the revenue highly and their landscape. diligence. due quantity XXXX by evolving But on the upon

increase quarter first outside CarpX, corresponding presented including for the expenses has $X.X PortIO, project. approximately As are were With approximately G&A million not G&A. development $X.X is increase published. costs, in principally sales EsoGuard professional same $XXX,XXX the not $XXX,XXX costs, year, separately for and regard were decision first as update, to the glucose been our also LCD the marketing to million and with trial compensation quarter with and financial for or compared and compensation services related quarter local related related costs, respect the levels results $X.X prior research $X.X in XXXX. approximate in quarter, related which million the costs. and staffing still corporate of now million last to period coverage for principally you increase to costs to are Nextflo, million compared engineering to likely for clinical principally research $X.X from aware development the monitoring reimbursement the to The our stock-based related related increase And approximate CMS

public were expenses. of review expenses about for business for and to $XXX,XXX and contract $XXX,XXX approximately first in related and expenses services million general patents, $X.X in another compliance to and compared Sales $XXX,XXX legal In quarter addition, regulatory in of processes $X.X and consulting marketing company increased entitled services an non-GAAP in to loss principally to charges measures highlight more press the and financial $XX.X common $X.XX performance. with the prior versus charges to periods. million expense compensation, namely and Also loss the stock-based press million release along detail understanding of for the release per which common sales or these corresponding PAVmed of increase related A common interest professional stockholders and reported occurring the attributable noncash and provides $XXX,XXX same prior better personnel a other substantially XXXX. period provides financing-related respect net $X.XX activities. a marketing consulting commercial to principally table per increased with the period and with amounts company's share depreciation, headcount non-cash and related enable to loss costs $XXX,XXX a share related increase year to for the a current

$X.XX from adjusted $X.X charges, of loss company that first of as our million. $XX.X quarter PAVmed reported mentioned for non-cash adjusting You million a as will per common after convertible financing-related cash million the the share. Lishan $X.XX after notice in loss XXst by had or million of or of March off $XX.X for debt GAAP non-GAAP the the the paying table March in approximately amount

proceeds the from stock of $XX.X quarter, the issuance from first the additional $X.X common Z received During the of net million company approximately exercise warrants. of million and

So, for it with open that, operator, up let's questions.


you. Thank

We will Instructions] [Operator Cantor conducting is from Mikson now from Please a session. The Kyle be question go first question-and-answer Fitzgerald. ahead.

Kyle Mikson

afternoon. Hi, good

Lishan Aklog

Hi Kyle, how you? are

Kyle Mikson

Doing are doing? you. Thank guys you strong. How

during wanted quarter. So, just processed to the I confirm the Lucid tests on

well it's bit tests a expectation bit was but -- about for for wondering is I that of the that a a wondering tests reimbursement we or uncertain, were of be the little talked your And pacing that? more denials of on the I even detail EsoGuard was about number Thanks. performed? you and the cash also then versus just this bit just if provide claims should submitted little how XX rest you year then I the just rate for the thinking Dennis So know simply know could or because of I but collections as performed

Dennis McGrath

Yes. XX -- yes.

they of And rate quarter would that be. first the denials submitted still been in for test have is terms reimbursement of fully what not collected the are and So, yet. the uncertain in

And on there payer the side, sizable which private rate some far side, the the so have the appealed. we shouldn't denials private levels, at policies because side then which the enough, CMS payer have expect receiving is would we payments been on reimbursement coverage private denials. And not On non-network get will been there's on side yet. interestingly -- expect the you

that have encouraged base XX% we by Again, side. too approximately tell I early will payment that. we heavier private that so pay payer coverage and giving on patients that you denials the in it's and you audience in until known on fact will of provide So, private getting in are some the that guidance any uncertain the payer of side being are policies XX% the forthcoming. Medicare metrics time. are part our likely determination it's of think is private for the be They of to we tell place. payments what CMS-related this investor targeted too evolving at patients terms That or among able I terms our as rate but is to the denials, be more likely be be, further. reporting denial would to the project experience will that to have

Lishan Aklog

could response were in gotten of the the quarter yet If reemphasize second is those the we tests those -- just I in one plan. the that submitted performed that of with first any vast haven't to quarter, that point, majority which the neither regard

how color it. more months. early over with going the have to some we'll signal the getting just break we're regard that And on things to as So, are obviously coming

Kyle Mikson

I can you the with to if makes that. commercial I for right, quantify can a you just I any Thanks team. wondering EsoGuard, numbers hear wanted sales and heard And two these sense. All was provide if I wondering but Lucid sticking -- specialists, clinical or managers? around around of and few think like any numbers reps -- I did kindly I sales

Lishan Aklog


through So, let's go that.

systematically. just Let's go through that

under the that seven that sales Sales, the new access Regional things cover independent was sales reps. just managers started. mentioned -- on doing the couple strategy the past Officer, XX growth Director in mentioned one territory. market of That expand approximately them those of Commercial the of is and sorry, So Sales, each Sales, US managers, to of begun seven. one building to Business call that including managers is process our reps -- my group at support but we the level they group on that flavors. have independent start primary sales of and including forth. parts the two have call one care entire we I GIs, regional other one different as the a in things folks supervise just we've the and some And of not And under we managers One Director and territory we started comments currently the of so getting to ago, collectively have weeks of But start is physicians. -- National that have Chief territory John Below Managers Director of

to hire to of On our goal of that and be our seven. the out the that seven test include start clear not special staffing clinical does is two center. side, To so hired we've far

this are and marketing team. centers test a strictly the going to So, be sales separate. Lucid The is

Kyle Mikson

guess, I the be similarly helpful. for what and let kind and you're guess as that was If the new EsoCheck and the approval would time I the you That by receive regime begins? issues I could just well? Europe the in cleared of in. don't through XX then, I'll Mark CE headwinds strategy the kind would you Okay. presented? I'll And walk by ask assay guess assuming May EsoGuard CE distribution arise or hop get more, one you for of Mark the commercial On approval others Europe,

Lishan Aklog


because Let me trying I the to are sort that. wire, there's applications these confident. that mean there's get. I lot to notified pretty of really -- mean everything of we're answer bodies a being is down

-- long-term doesn't -- world not But pretty impact. going of confident the do going of transforming we'll time, delay it's any of take have the application application an it's it's to not will the terms mean not MDR I end it but end So is we're in if to the sort happen, so. to not of some our

dust it's XX So will but make held it and it be then we'll as we again, submit through the it just off -- doesn't then MDR. it pretty optimistic,

adopters commercial with here this countries you is different do very is have thing generally and leaders target So Kyle, Europe one early speaking getting this. having as different think know, traction but I than where good to drive the of believe a you what play want try We to very we do. CE traction to would is expectations that in Mark -- And key it you and is getting is opinion US. can in

would plans focus our we're be clinical focusing what so, two study. to our countries the on where And

very So summer. Netherlands we're in particularly, of space Barrett's studies in that, prominent countries to the esophageal we've as the Spain. those Netherlands, And about and the mentioned, Esophagus start I part have in enrollment and the our centers engagement Both -- very physicians in clinical in strong the had as space. in very with European of they're prominent

So commercialization our once to on efforts our CE efforts -- initial focus would those to be get to mark clearance, get two we countries.

strong in Debbie UK The this, have that other new the in the there's very in the of technologies White. connections prospect where Board our UK, would through because a interest other be we UK been member, in have developed and also some

it's over pretty shorter So comeback. Europe, reiterate, just to much

infrastructure setup. country commercial performed emphasize time will a still in be your that, US. get clear, the do I'll this assay don't and know at but if I You the a it's

the get by Mail US there. assays we'll will and to the samples Express continue the So perform still to sent

Kyle Mikson

Interesting. perfect. was That Okay.

Thanks. the it EsoGuard. thanks on and I So leave the will there, questions for guys for taking congrats getting these but

Lishan Aklog

care. Thanks Kyle. Great. Yes. Take


Please question Frank Markets. from The Takkinen Lake Street Capital next is ahead. from go

Lishan Aklog

Hi, Frank. Good afternoon.

Dennis McGrath

Hi, Frank.

Frank Takkinen

Good questions. my afternoon, guys. Thanks for taking

the onboarding your launching utilization that at to just actually account trained you being has some accounts. their wanted to you shelving us could And talk I US the of Just and procedures? a of onboarded then, couple you through and since approximately hoping right start XXX you. trended earlier the product? for I beginning, was with to how to with could product, walk accounts process guys performing interested their

Lishan Aklog


primary engagement take sort other or long. an step, typically So There's Once process educational the steps patients, the we've within them the And pretty deliver on care would with of dinner team. case to bear patients. they them practice from referrals work typical. immediately may pretty The the this, of interested users is make in be technology can rest straightforward. to have they by particularly to their on their been or other that their from be benefit able the That opportunities in, the there process. too colonoscopy There's sales are the that the educate that to a to bring should astrologist most we that doesn't network.

getting EsoGuard straightforward EsoCheck well. as set And that the quite straightforward their are We is as the location. devices get product come facility. training well their and to sales You just certificates quite frankly, -- as actually to

do nurse, procedure our office perform the to of of be And accounts. sales they're delegated the that of or an regional to simply the trading themselves -- various individual. capable and All teach to the if setting steps either are to them how going in physician a managers they

can I time in aspects I'd So account or you think, turn hard-pressed any know, I line be to put devices on diagnostics medical you it. an as businesses, a mean, of takes days longer I to a two board. more process them get education can it sometimes practices say more just one would in point private on the quickly. or and that, move

but centers. As you medical greater the at case longer of got in might the imagine, academic some ultimately terms of yields times, volume are the lead

do medical to took hang busiest and have enough of -- take reproducibility to for the a answer I regard our -- We at can the of I'm of you center. NYU. to logistics once that. your data of of with with you and just that good lot quite don't sort get academic accounts. accounts -- you head believe of terms sure the complexities a in that the -- metrics cases. can a of But account our I accounts academic It the the then really not on regard business started, have large you date So through account is a get actually to while

that We an going back there's express that we're we now during accounts have the there's some interest on that access. that to on more product that pandemic have the shelf early contacted

to that don't of way provide that. more don't think the that. moved accounts have have don’t can quickly on It more of that add anything Dennis, just I other -- are varied. you I I recent. you in has if guidance to And know have We sort really else with numeric I

Dennis McGrath

to seen. yet be think still the pattern No, predictable I

through be know and that early I first of vaccinations picked clinics were but on rather that quarter future early metrics. the focusing choppy part pattern as will of up, the still think it the that part was Frank is you too has

Lishan Aklog

hard that separate it's I want I'll from is thing you other concrete the trends give one to And example also one add that. the important which is expanding to team. of which

have from as to of again sort to provide a you touches. And accounts expanding clinical of a procedures as managers other the do device sales so often the doing So, I'm time and we're you why once business new lot so maintaining face requires sure markets, account know reps focus an can one accounts. and that on lot getting new our accounts -- open, and support that's the of reasons procedural specialist of

our some recently, to really folks had support So, been we free provide for to put able haven't but the and until accounts that established we've procedures and up of steps.

will think I that start to the some of over itself So, months. coming declare

Frank Takkinen

helpful. that's it, Got

you I side could us But understand reimbursement the you I hoping help hoping days and the reimbursement had was on have and I me the it's to-date. And for level understand -- you conversations then you relation term, could commercial was to early CMS? Next see how in XXXX insurers expect the a expected out-of-network you to set a little could longer reimbursement by reimbursement level time? the over establish very

Lishan Aklog

said mean latter Yes, -- -- we're we I we're starting just hard think very you is really excited. have I to as the predict.

first meeting on We Board Friday have Orlando. our in

are in of But to data a mean it's We that We barriers for to rate. present going think certainly will the that to presentation. set payers think very have from early them. have Medicare powerful our be I hope say. major Directors near I Medical many present come or at we to you too

you the know familiar private with a pricing a motivation strong might contracts because Medicare. that have Medicare motivation regulations, could I with have to how undercut others with payer be follow-on or strong We PAMA don't effects not very for have -- we but our

approximately that ones The interpret but small, point very wouldn't that contractual at And discussions we've very where building about So, you'd network size from all it's I And in been of in far because we're XX% of But wouldn't $X,XXX so a small, early. really at view. but that. the we've sample expect been have predictive be. a we'll very I'm the the really the received where more you sure that's to private it's is and attuned interact price. patients ballpark end payment not out-of-network I much up the pay -- of subsitive to

Frank Takkinen


Okay. Last one for me.

us see could go have this you line company? we can IPO guys become standalone as Given see as when you refresh give to you filed, a a could route, it elected just time when well the

Lishan Aklog

Dennis, handle that. you

Dennis McGrath

and retained Yes sure. been and filing SEC the an through confidential with before had file separate completed. once shortly. is the we Frank update It we're quickly financial The has And and one working is comments. SX to expect to once we working Bankers through We'll with that light. filed can the process. factor which retained. going were the I It comments gating be a they -- how auditors been audit the guess includes be turn updated the financing. the we around audit we are requires statements be once update done we'll that and have banker that

really we So them. the related to we can't It hand timing. predict document the over once will SEC be

Lishan Aklog

It's just simply we're moving.

moving full items are the one. to We are the gating

Frank Takkinen

Thanks questions taking right. my All here. all Perfect. for

Lishan Aklog

Frank. Thanks


is Anthony from Group. Maxim Please question Vendetti Next go of ahead.

Lishan Aklog

Anthony afternoon. good

Anthony Vendetti

you how Lishan, doing. Hi, Dennis. are afternoon, Good

about a a to just little gears bit I bit talk shift to CarpX. So little

an So is can I how us just give that was wondering if on going? rollout update you

Lishan Aklog


us before commercialization. just do we've did hoping manager device safety put to some of that panel get know could as were hasn't to out get order the had our and phase case a commercialization need external and be not well surgeons of And distributors. So of panned forth experience. the using as we we sort developed issues out initial in sort we that as working full the were you And of surgeons we and procedural have we start so the and that non volume this we first then through full-time development that on with panel, have that just clinical to frank which

we commercialization reorganize kind one A experience realized -- this of had with someone frankly things with national effort So sales specific some and that working of recruiting. full-time to time I needed and whole done the we full-time went the they and spent out the price manager by gotten of is specific tunnel I before and decided person mentioned launch was the in successful tunnel carpal the the we of And device center space. couple the carpal which in we've is, segue have of that years at -- we ago. Calvin medical acquired now. as that a

he's surgeons and his track still today sort of have Calvin cases wallet a commercialization with way. And to starts go and So to and enhanced towards Doug getting and looking we we full to advisory the look here on get panel of regard distributors. back

Anthony Vendetti

-- full Is what commercialization we… when

Lishan Aklog

still we're under but So same hoping get across just there later in to initial reorganization. time with the year. new Yes, the this commercialization with line, our belts this

Anthony Vendetti


and on the just any DisappEAR okay? the That's of really by still quick then? guess -- end I -- update So Okay. year

Lishan Aklog

X:XX I mean -- I get through to spent as well. Yes, it XX minutes is again going get everything.

about have we've great don't I all But Canon. the had -- relationship talk really the Sometimes others. time we with working to do

have and expertise us sort their full their force their resources We of of now. that behind and team

to We the continue put on samples should that XXX(k) manufactured us submit good by to the FDA receive able and to actual to from animal Canon samples the of benchtop year. position for close in them end that a we're testing, testing being are do for by

it's happy that lost. how well. with going has relationship really So We're really

Anthony Vendetti

back Thanks I’ll over. turn Okay. Excellent. update. for the it

Lishan Aklog

Thanks. right. All


next Capital. go from question Please Woo is from ahead. Ascendiant The Ed

Ed Woo

mentioned for to that post-Lucid. for time? coming the possibly much of you thank how out your that of different giving have given products you set partners on target you at with Lishan, Also quarter. seeing have products very can many Yes. work vision of And in you you congratulations PAVmed Do you're with. lot one in mind a a us

Lishan Aklog

in opportunity. one not a No. is the the at I in I look the -- theoretical mean look where we I lesson one definitively. this a would the presented template we were frankly, don't to the it at here us. is us necessarily but had And looking a it's At the each we the think think at was not full-blown Lucid time to I and opportunity lesson subsidiary. of And diagnostic and it. that can time. contemplating that to say clear became not space us presented We were We adding sort the quite big on was opportunity passed lucid. I

to on And We'll we're look number either lot those at a act capital medium-term. a and of and capacity things. only in or because have you limited the so short not the of looking we limited outstrip

It's is And Case know understand and seeing news market It for things good a Lucid. we're not involved diverse. So lot. but that we that a in we're lot of They out about the the people have of interesting covers directly terms created played great how opportunities. have in have Western. right areas -- read that very value they've that now

come But on responsibly based a do it our frank. certainly on capital. wouldn't I hard our with will resources up we number be to So

Ed Woo

big potentially looking question. And when in with some that know may to evaluating criteria key now. you're areas a you the that be opportunities? follow-up of just for Great. not said I it is you're you're involved What that

Lishan Aklog

does I was looking you device with if come have were eat you three words of is the diagnostics kind and what checklist enough the sort I -- in can check say industry and say we'll it count December have to said well think had clinically? me Is and we're we the top commoditized margins of I'm we'll later attention companies XXXX my are trying that to But evade that The it's have sciences it because an have at sort gave unmet investment? are and do I up need of really checklist of a question, impact? pretty And, market to pay to boxes at not to significant certainly industry there because an of margins we've broader the on it would generally -- to we that. now the I are sort in that but justify of to we to not could area but look going it that within large I at diagnostic so -- Does is opportunity. similar do -- a have right just gross to So space? I'll always opportunity the which kind an clinical a where of -- a your to -- market impact decent ask the you looked work months decent opportunity significant some have would that life of guess, and areas address on, have

more capturing may attention Lucid disagree the of some diagnostics with -- over life on sciences last there's the think areas others couple getting are got and we the and I terms perhaps capital but in that. clearly acquired of years street. attention that within But business,

synergize or top So existing those That certainly would whether be products -- put products that synergize finally be or look with on our be be would and of could add under for would where then, an criteria. that innovation. CarpX the could would we to would we impact I obviously that look certainly look our certain it inaugurate as an criteria that technologies, we that within umbrella. what say, ones And the Lucid -- we with we have or well. -- And I towards synergize technologies that have innovations guess, would we list would a useful within infusion

we I technologies. I guiding think these as at principles in of that's probably as look say, much can about, terms how

Ed Woo

thank Great. is very you. Well helpful. That

Dennis McGrath

Thank you.

Ed Woo

a Thanks Yeah. lot.

Dennis McGrath

Ed. Thanks,

Ed Woo



The from Frank Morgan go ahead. from next Please question is Stanley. Ibarra

Frank Ibarra

am Yeah. from … Frank I sorry. Ibarra

Dennis McGrath

Frank. Hi ahead. Go

Frank Ibarra

Hi How are you?

Dennis McGrath


Frank Ibarra

taking much call. you so for Thank my

I Ibarra Moran XX Frank it's here, with years, correct LLC. be was have for but Stanley from IbarMax, to Just retired. formerly

Dennis McGrath


Frank Ibarra

the if seem of in IPO, is questions, stock that the of of correct? to it any any doesn't that kind Lucid couple shareholders are going A prior receive current PAVmed to

Lishan Aklog

stated way one not the or that have We other.

yeah. -- we'll So

Frank Ibarra

thank for answering question. Well much that very Okay. you

do case, rights, would have it the be kind going shareholders to preemptive to were it PAVmed? possible, would we be allocate that of any if is, be to possible current Secondly portion to because of

Lishan Aklog

specific are with any best the about interest of except we'll the PAVmed that, decisions we're we in decision, in the make shareholders. that to think that, comments think, that we're the don't I at make faced ready time that

more specifics I provide So any that. can't on you

Frank Ibarra

But again…

Lishan Aklog

Frank are comes up lot. a there sentiment

Frank Ibarra

quarter congratulations and beginning. very Well thank you much good on very a the and actually for

Lishan Aklog

Thank you Frank. very much

Dennis McGrath

Thank you, Frank.


to the question-and-answer Dr. session. over closing floor Aklog Lishan to the back comments. I for This like turn concludes would

Lishan Aklog

thank for great discussion. of us and really and this bunch So afternoon joining great all for you a questions

it's As a pleasure. always,

our you to sign-up e-mail also So a updates as Have in best calls of social I media the calls conference events or we contact to to with in this alerts, website YouTube. our LinkedIn, press our day. abreast with on between future. And and releases such our look JMH@PAVmed.com. Investor on We and to great news up the to progress questions much. encourage I'd you Thank our one. is way forward keeping remind follow-up directly you for or Relations very at Mike any Twitter, you keep


teleconference. concludes today's This

you your time. lines You disconnect your at participation. for may Thank this