PAVmed (NASDAQ:PAVM) was a winner on Wednesday. The medical device maker's stock rose by over 12% on the back of a key appointment to the board of directors of its most important subsidiary.
That appointment is of Stanley Lapidus, the founder and onetime CEO of DNA-based diagnostics company Exact Sciences (NASDAQ:EXAS). Lapidus has been tapped to be vice chairman of the board of Lucid Diagnostics, the home of PAVmed's core suite of cancer testing products.
The Exact Sciences leading light and healthcare industry veteran is no stranger to PAVmed. Last month, the latter company announced it had brought Lapidus on to Lucid Diagnostics as a strategic advisor. At the time, PAVmed said that he would assist it with its activities in the commercial, capital markets, and regulatory realms.
As for this latest appointment, PAVmed quoted its CEO Lishan Aklog as saying that "Stan has long been a leading figure in the medical diagnostics industry and is one of its most accomplished innovators in the early detection of cancer -- innovations which have prevented countless deaths from cervical and colon cancer."
PAVmed did not specify how much Lapidus will be paid for his labors at Lucid Diagnostics. Regardless, the company's deepening involvement with a respected veteran holding deep and wide experience in its area of specialization feels like quite a "get." It promises to not only lock in Lapidus' knowledge of cancer diagnosis, but also bumps up the company's own profile and visibility by secondary association with the well-known Exact Sciences.