The deal also enabled Oncodisc Holdings to purchase a 19.6% equity interest in Veris
Veris Health has acquired digital health company Oncodisc. (Credit: Gerd Altmann from Pixabay)
Medical technology company PAVmed’s new subsidiary Veris Health has acquired digital health company Oncodisc.
Veris Health is a new digital health company launched by PAVmed.
Oncodisc offers advanced tools to enhance personalised cancer care via remote patient monitoring.
Under the stock purchase agreement, Veris Health has agreed to buy 100% of the outstanding shares of Oncodisc from Oncodisc Holdings. The deal includes the acquisition of Oncodisc’s intellectual property, hardware, and software assets.
The deal also enabled Oncodisc Holdings to purchase a 19.6% equity interest in Veris, as well as receive $155,250 in cash to pay off two Oncodisc convertible notes.
PAVmed chairman and CEO Dr Lishan Aklog said: “PAVmed is entering the rapidly expanding digital health sector at an exciting time, characterized by high-multiple IPO’s and M&A activity driven by dramatically increased utilization of telemedicine, remote patient monitoring and artificial intelligence, which collectively seek to establish new standards for data-driven optimized care.”
Physician entrepreneurs Dr James Mitchell and Dr Andrew Thoreson have established Oncodis. Mitchell will join Veris as a full-time chief medical officer and Thoreson as a consultant.
The core technologies provided by Oncodisc consist of an intelligent implantable vascular access port with biologic sensors and wireless communication, combined with an oncologist-designed remote digital healthcare platform.
The biologic sensors hold the potential to produce continuous data on major physiologic parameters known to predict adverse outcomes in cancer patients undergoing treatment.
Veris aims to secure 510(k) clearance from the US Food and Drug Administration (FDA) for the intelligent implantable vascular access port. It also intends to introduce the remote digital healthcare platform in the second half of 2022.
According to PAVmed, the planned Veris business model targets aims to generate 100% recurring revenue through oncology practice and hospital-based subscriptions.
Lucid Diagnostics, a subsidiary of PAVmed, markets commercial tools for widespread early detection of esophageal precancer and cancer. The tools include the EsoGuard Esophageal DNA Test and EsoCheck Esophageal Cell Collection Device.