The New York-based company posted a net loss of -$989,707, or -8¢ per share, for the 3 months ended June 30, for bottom-line growth of 25% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -13¢, a penny ahead of consensus on The Street.
“During this past quarter and in recent weeks Pavmed has continued to grow stronger as a company, moving steadily towards major developmental, regulatory and commercialization milestones, while exploring all opportunities to enhance shareholder value,” chairman & CEO Dr. Lishan Aklog said in prepared remarks.”We significantly strengthened our balance sheet raising $5.5 million in gross proceeds from seasoned and well-known healthcare investors. These funds provide us with sufficient capital to reach our key milestones well into 2018.”
“Our development and commercialization strategy has been to focus our resources on three products in our pipeline with the greatest and nearest-term commercial opportunities – PortIO, CarpX and DisappEAR,” Aklog added. ““These are exciting times for Pavmed. Our recent financings have put us in a sound capital position, our lead products are advancing towards important milestones and we remain nimble, creative and resourceful as opportunities to enhance shareholder value present themselves. We greatly appreciate the strong commitment of our long-term shareholders and remain laser-focused on enhancing the value of the company for the benefit of all of our shareholders.”