A company that makes esophageal cancer tests based on Case Western Reserve University and University Hospitals research has raised $70 million in its initial public offering.
Lucid Diagnostics Inc., a subsidiary of New York-based PAVmed Inc., licensed its EsoCheck and EsoGuard technology through Case Western Reserve's Technology Transfer Office in 2018, the university said in a press release.
EsoGuard is a DNA assay performed on surface esophageal cells collected with EsoCheck, a swallowable balloon capsule catheter device that samples surface esophageal cells during an office procedure that takes less than five minutes, the university said.
According to the university, the technology underlying EsoGuard and EsoCheck was co-invented by:
- Dr. Sanford Markowitz, cancer genetics and medicine professor at Case Western Reserve's School of Medicine and oncologist at University Hospitals Seidman Cancer Center.
- Dr. Amitabh Chak, professor of medicine at the medical school, gastroenterologist at University Hospitals Digestive Health Institute, and clinician in innovation and discovery at the UH cancer center.
- Dr. Joseph Willis, professor of pathology at the medical school and pathology vice-chair for translational research at UH.
Markowitz, Chak and Willis rang the ceremonial bell at the Nasdaq stock exchange in New York on Friday, marking the close of Lucid Diagnostics' second day of trading, Case Western Reserve said.
"This is a wonderful milestone on a path aimed at preventing death from a miserable cancer through enabling simple, early detection of the silent and curable precursor lesions,” Markowitz said in the university's release.
At the IPO share price of $14, the company has an estimated value of $467 million, Case Western Reserve said.
Lucid Diagnostics shares (Nasdaq: LUCD) gained less than 1% to close at $9.43 on Monday.
