The offering included 18 million shares of common stock, priced at $1 apiece. According to a news release, the company received a $15 million investment from a fundamental institutional investor to lead the financing. A large existing shareholder also supported the offering.
With offering now closed, the company plans to use proceeds to support working capital and general corporate purposes.
Lucid offers the EsoCheck and EsoGuard platforms that help in detecting cancer and ultimately preventing it. EsoCheck is a quick, non-invasive way for clinicians to collect esophageal cells for analysis, without endoscopy. EsoGuard is a DNA test that has been shown to accurately detect esophageal pre-cancer.
Together, these platforms continue to drive Lucid Diagnostics forward. They represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal pre-cancer in at-risk patients.
Lucid is a portfolio company of Pavmed, which recently appointed Joseph Virgilio as SVP and chief business officer for its Medical Devices business. The company tapped Virgilio, a medtech industry veteran, to oversee its current and future medical device portfolio. It marks a relaunch for the portfolio, which features assets across development and commercialization stages.
