Executes first commercial contract with leading New Jersey oncology practice
PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (“PAVmed”), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today announced that its majority-owned digital health subsidiary Veris Health Inc. (“Veris”), has commercially launched its Veris Cancer Care Platform™ (“Veris CCP”). Veris executed its first commercial contract with New Jersey Cancer Care, PA (“NJCC”), a leading oncology practice and member of the prestigious Quality Cancer Care Alliance.
“Veris’ first commercial launch is a testament to our team and partners’ hard work over the past eighteen months,” said Lishan Aklog, M.D., PAVmed’s Chairman & Chief Executive Officer and Veris’ Executive Chairman. “We are excited to offer oncology practices and their patients a state-of-the-art cancer-focused digital health platform designed to enhance care and improve outcomes through remote patient monitoring (RPM). Our software-as-a-service recurring-revenue business model leverages well-established RPM codes and provides attractive margins to Veris and its clients. We look forward to further enhancing the power of the platform next year, with the anticipated launch of our implantable physiological monitor designed to be implanted in conjunction with a vascular access port for chemotherapy.”
“At New Jersey Cancer Care we take pride in staying on the cutting edge of science and technology and delivering unsurpassed personal attention to our patients,” said NJCC’s Executive Director, Denise Johnstone. “We are excited to implement the Veris Cancer Care Platform. Its groundbreaking remote patient monitoring tools will help us enhance the care of our patients while strengthening our practice’s economics.”
Veris CCP is a digital cancer care platform with physiologic data collection, symptom reporting and telehealth functions, designed to improve personalized cancer care through remote patient monitoring. Cancer patients enrolled in the Veris CCP program receive a VerisBox™ with Veris-branded Bluetooth enabled connected health care devices. The devices transmit clinical data to the cancer care team through the Veris CCP patient smartphone app and the cloud-based Veris CCP clinician portal. The platform will allow the cancer care team to detect early signs of common cancer-related complications, provide longitudinal trends of physiologic and clinical data, and offer data-driven risk management tools for precision oncology. The practice uses RPM codes to bill for review and interpretation of clinical data.
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