Industry veterans from leading cancer detection firm join Lucid to support expansion in fully-contracted #CheckYourFoodTube Precancer Testing Events, Concierge Medicine, and Employer Markets
NEW YORK, Nov. 5, 2024 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"), a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced that its commercial team has embarked on an expansion of its direct contracting initiative, focusing on programs designed to drive near-term EsoGuard® Esophageal DNA Test revenue, complementing ongoing efforts in traditional reimbursement. These programs include fully-contracted #CheckYourFoodTube Precancer Testing Events, Concierge Medicine, and Employer Markets. To support these initiatives, Lucid has hired two seasoned professionals from GRAIL, Inc., who have successfully driven revenue from the Galleri® multi-cancer early detection test in similar programs.
"Following the recent explosion in our clinical evidence base for EsoGuard esophageal precancer testing, our team carefully explored new opportunities to expand our commercial strategy while we also seek to leverage this data to secure traditional commercial and Medicare coverage," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "With this data in hand, we are now laser-focused on translating our test volume growth into contractually-guaranteed revenue. We are confident that we can convert our growing #CheckYourFoodTube testing events into contracted events, as we recently demonstrated at the Fort Worth Fire Department in partnership with Front Line Mobile Health. Our Employer Markets initiatives are demonstrating that brokers and self-insured entities are willing to offer EsoGuard as a covered benefit. Finally, we believe that we have the opportunity to successfully penetrate the Concierge Medicine market, just as GRAIL has done."
Fully-Contracted #CheckYourFoodTube Precancer Testing Events
Lucid's #CheckYourFoodTube events program will now focus on securing agreements with self-insured entities, including employers, unions, and municipal departments to drive contractually-guaranteed revenue. Recent successes in this program include Lucid's first major directly-contracted precancer testing event, where 200 Fort Worth Fire Department firefighters received EsoGuard testing in partnership with Front Line Mobile Health. Following this initial success, the Company has designated a senior member, Erica Austin, of its commercial team to focus exclusively on such contracted #CheckYourFoodTube events.
Concierge Medicine Program
The concierge medicine sector, which offers patients enhanced access to physicians and personalized care for an annual fee, is rapidly growing nationwide. Patients in these concierge medicine practices routinely seek access to cutting-edge technologies such as EsoGuard. Carlie Craig, Lucid's new Senior Director of Strategic Partnerships for Concierge & Executive Medicine, has extensive relationships in the concierge medicine sector and has demonstrated success at driving revenue from this sector at GRAIL and elsewhere.
Employer Markets Program
Over half of patients in the United States are insured under self-funded plans, including through their employers, unions, or other entities. These plans are typically established through a network of health and wellness program brokers who seek to offer their clients value-added services, such as EsoGuard esophageal precancer testing. Lisa Krause has joined Lucid as Senior Director of Employer Partnerships, bringing extensive experience from her role at GRAIL, where she successfully introduced the Galleri multi-cancer early detection test to employers and brokers.
About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.
For more information about Lucid, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.pavmed.com.
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 Lucid'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 Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid's clinical and preclinical studies; whether and when Lucid's products are cleared by regulatory authorities; market acceptance of Lucid's products once cleared and commercialized; Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, Lucid continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid's businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid'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 Lucid's future operations, see Part I, Item 1A, "Risk Factors," in Lucid'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 Lucid Diagnostics after its most recent Annual Report. Lucid 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.
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