Therapy Areas: Cardiovascular
PAVmed Temporarily Offers Exercise of Warrants at Reduced Price of USD2.50 per Share
29 December 2017 - - New York, New York-based medical device company PAVmed Inc. (NASDAQ: PAVM, PAVMW) intends to temporarily reduce the exercise price of the company's outstanding Series W warrants to USD2.50 per share, the company said.
The company intends to file tender offer materials providing the holders of certain warrants the opportunity to exercise their warrants at the temporarily reduced cash exercise price.
Each of the company's outstanding warrants is currently exercisable for one share of PAVmed common stock at an exercise price of USD 5.00 per share. Pursuant to the Offer, the warrants will be temporarily exercisable at an exercise price of USD 2.50 per share, or 50% of the current exercise price.
Specifically, each holder of Series W warrants will be entitled to receive one share of PAVmed common stock for each warrant tendered along with USD 2.50 in cash.
The company anticipates the offer will be good for a period of 20 business days, but may extend the offer at its sole discretion.
In order to participate in the offer and exercise warrants at the reduced exercise price, the holders must tender the warrants along with the requisite cash prior to the expiration of the offer.
Any warrants not tendered will revert to their original USD5.00 exercise upon expiration of the offer.
PAVmed is providing this opportunity in order to encourage holders to exercise a meaningful portion of the outstanding warrants, providing the company with additional capital to advance its lead products, particularly its CarpX minimally invasive carpal tunnel syndrome device, through near-term regulatory and commercialization milestones.
PAVmed's business model is designed to advance products from concept to commercialization more rapidly and with significantly less capital than the typical medical device company.
The company's pipeline of products address unmet clinical needs, have attractive regulatory pathways and market opportunities, and encompass a broad spectrum of clinical areas including carpal tunnel syndrome, interventional radiology, pediatric ear infections, medical infusions, and tissue ablation and cardiovascular intervention.
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