In a decisive gathering, medical device company PAVmed Inc . (NASDAQ:PAVM) held its annual stockholders meeting on Thursday, where shareholders voted on key company matters. The meeting saw the re-election of two Class B directors and the ratification of the company's independent accounting firm for the upcoming fiscal year.
Stockholders representing 58.5% of the eligible voting shares convened to cast their ballots on the company's board of directors and the appointment of its independent registered certified public accounting firm.
The two Class B directors, James L. Cox, M.D. and Debra J. White, were successfully re-elected for another term. Dr. Cox received 2,177,207 votes for and 128,338 withheld, while Ms. White garnered 2,234,311 votes for and 71,234 withheld. Neither faced opposition from broker non-votes, which totaled 3,209,395 for both candidates.
Additionally, the shareholders approved the appointment of Marcum LLP as PAVmed's independent registered certified public accounting firm for the year ending December 31, 2024. The proposal was passed with 5,378,887 votes for, 92,448 against, and 43,605 abstentions.
The re-election of the board members and the ratification of the accounting firm are routine corporate governance activities that ensure PAVmed continues its operations with a stable leadership and financial oversight structure. These decisions reflect the shareholders' confidence in the current direction and management of the company, which specializes in the development and commercialization of surgical and medical instruments and apparatus.
The voting outcomes from the 2024 Annual Meeting affirm the current trajectory of PAVmed, as it strives to maintain its commitment to innovation in the medical device sector. The information for this article is based on a press release statement from PAVmed Inc. provided in a recent SEC filing.
In other recent news, PAVmed Inc. held its First Quarter 2024 Business Update Conference Call, highlighting key financials, subsidiary progress, and future strategies. The company reported a steady increase in test volume for Lucid (NASDAQ:LCID)'s EsoGuard product, a partnership with Ohio State University for Veris Health's pilot program, and a promising outlook for the PortIO technology. PAVmed's quarterly revenue for Lucid's EsoGuard remained flat, but test volume grew by 10% quarter-on-quarter.
The company also announced a clear path to FDA approval for PortIO, with a potential $3 billion market. The launch of the PMX incubator targets PortIO, an intraosseous vascular access device, with secured financing. PAVmed's cash balance at the end of Q1 was $25.5 million, bolstered by $11.6 million from Lucid financing.
The company's continued operations rely on revenue ramp-up and financing, with a convertible debt balance of $37.3 million. PAVmed is optimistic about the engagement with Hatch for raising capital. These are recent developments that reflect PAVmed's strategic optimism and its efforts to secure the necessary funds to propel its innovative medical technologies forward.
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