PAVmed Signs Letter of Intent to License Groundbreaking Endoscopic Esophageal Imaging Technology

Newly-formed PAVmed subsidiary to license endoscopic imaging technology designed to identify and facilitate ablative treatment of esophageal dysplasia

Lucid Diagnostics to collaborate with PAVmed as a strategic and equity partner on the technology

NEW YORK, Aug. 26, 2025 /PRNewswire/ -- PAVmed Inc. (Nasdaq: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors,  today announced that it has executed a non-binding letter of intent with Duke University to license, through a newly-formed subsidiary, Duke's technology to identify and facilitate treatment of advanced esophageal precancer (dysplasia) during upper endoscopy. This technology—a multi-modality probe combining angle-resolved low coherence interferometry (a/LCI) with optical coherence tomography (OCT)—could allow for a more efficient and effective alternative to traditional biopsies.

"This groundbreaking technology has the potential to fundamentally transform how we diagnose and treat esophageal precancer, while simultaneously improving patient outcomes, procedural efficiency, and healthcare resource utilization," said Nicholas Shaheen, M.D., M.P.H., Bozymski-Heizer Distinguished Professor, and Senior Associate Dean for Clinical Research at the University of North Carolina, Chapel Hill School of Medicine and UNC Health.

"We anticipate that widespread non-endoscopic biomarker testing will drive substantially more patients to confirmatory endoscopy, surveillance, and treatment. Currently, the diagnosis of esophageal dysplasia—which directly guides treatment—relies on traditional biopsies, which are prone to sampling error and may delay treatment decisions for weeks. In contrast, this a/LCI + OCT technology offers the potential for real-time detection, enabling, for the first time, immediate treatment of dysplasia during the same endoscopic procedure. Once developed and cleared, I believe it would be of significant utility to clinicians caring for patients with Barrett's esophagus," Dr. Shaheen added.

Dr. Shaheen is an international authority on esophageal precancer and cancer. He is the past President of the International Society for Diseases of the Esophagus (ISDE) and is the lead author of the major society guidelines on the diagnosis and management of esophageal precancer and cancer. He also played an instrumental role in the development and widespread utilization of endoscopic treatments to eradicate this precancer and prevent progression to cancer.

The a/LCI technology was developed by Duke biomedical engineer Adam Wax, Ph.D., in partnership with Dr. Shaheen. Dr. Wax is Professor of Biomedical Engineering and Physics at Duke University and member of the Duke Cancer Institute. He is a leading expert in the field of biomedical imaging, focusing on early cancer detection techniques, and has co-authored over 400 publications. He serves as Editor-in-Chief of Optical Engineering, a leading journal in this space, and as a Fellow of the American Institute for Medical and Biological Engineering, the International Society for Optics and Photonics, and the Optical Society of America.

"We have been developing light scattering technologies for many years, showing their ability to detect cancer and precancer by measuring cell nuclei, but our recent work combining the approach with OCT imaging could unlock its use in the clinic," said Dr. Wax.  "By providing a platform that fits in with endoscopy, the combination of light scattering and OCT is poised to enable new diagnostic capabilities for detecting and treating esophageal precancer without a biopsy."

Prior clinical research performed by Dr. Shaheen and Dr. Wax has shown that a/LCI can accurately detect precancerous changes in the esophagus during live examinations with 100% sensitivity and overall accuracy of 88% when used alone. More recently, they completed a pilot clinical study using this integrated a/LCI and OCT technology, which demonstrated comparable sensitivity and improved specificity for detecting dysplasia during endoscopic surveillance for early precancer and prior to endoscopic eradication therapy for advanced precancer. The results have been submitted for peer-reviewed publication.

"We are delighted to partner on this endoscopic imaging technology and look forward to the opportunity to advance its commercialization," said PAVmed Chairman and Chief Executive Officer, Lishan Aklog, M.D. "Widespread EsoGuard adoption is expected to significantly increase the number of patients diagnosed with esophageal precancer. The exceptional performance of this technology to date promises to make the evaluation and treatment of these patients more streamlined, timely, and effective in preventing progression to cancer. Its significant clinical and commercial potential should attract strong interest from strategics active in the endoscopic ablation space. The venture fits seamlessly within PAVmed's corporate structure of independently financeable subsidiaries operating under a shared services infrastructure and builds on the successful academic medical center partnership model that launched Lucid. It is especially compelling as it leverages the unmatched expertise in esophageal precancer across PAVmed and Lucid."

Under the terms outlined in the letter of intent, PAVmed, through the newly-formed subsidiary, will enter into a definitive license agreement for the exclusive worldwide license of the intellectual property rights for the a/LCI + OCT technology. The letter of intent does not constitute a binding contract, and the proposed license will not be become effective unless and until a definitive license agreement has been executed by all parties.

About PAVmed and its Subsidiaries

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard^® Esophageal DNA Test and EsoCheck^® Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.

For more and for more information about PAVmed, please visit pavmed.com.

For more information about Lucid Diagnostics, please visit luciddx.com.

For more information about Veris Health, please visit verishealth.com. 

About Duke University

Entering its second century, Duke University is consistently ranked among the top U.S. research universities and is home to leading graduate and professional schools in business, divinity, engineering, the environment, law, medicine, nursing, and public policy. Located in Durham, N.C., Duke's global reach extends through the Duke-NUS Graduate Medical School in Singapore, Duke Kunshan University in China, and various international research and education programs.

Forward-Looking Statements

This press release 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 PAVmed's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's clinical and preclinical studies; whether and when PAVmed's products are cleared by regulatory authorities; market acceptance of PAVmed's products once cleared and commercialized; PAVmed's ability to raise additional funding as needed; and other competitive developments. These factors are difficult or impossible to predict accurately and many of them are beyond PAVmed's control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed after its most recent Annual Report.  PAVmed 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.

SOURCE PAVmed Inc.