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EsoGuard 2.0 incorporates advanced molecular techniques and leverages improvements in sample DNA yields and processes to enhance assay performance and lower costs Lucid Diagnostics Investor Day, where Lucid executives, key opinion leaders, and other experts will discuss Lucid's business and technologies, to be held in New York City on December 13th NEW YORK, Nov. 9, 2023 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ("PAVmed"), today announced that its CAP-accredited, CLIA-certified laboratory, LucidDx Labs, Inc., has launched the next generation of the EsoGuard® Esophageal DNA test ("EsoGuard 2.0") for the detection of esophageal precancer, having demonstrated enhanced assay performance and lower costs in extensive validation studies. All commercial and research samples received by the laboratory will now be processed using the EsoGuard 2.0 assay. Lucid also announced that it will be hosting an Investor Day on December 13, 2023, in New York City. "The launch of EsoGuard 2.0 is a seminal milestone for our company and the culmination of over a year of meticulous R&D work by our Chief Scientific Officer, Suman Verma, M.D, Ph.D., and her dedicated and talented team," said Lishan Aklog, M.D., Lucid's Chairman & Chief Executive Officer. "EsoGuard had previously demonstrated unprecedented cancer and precancer detection results, including detecting 100 percent of esophageal cancers and over 80 percent of precancers in a recent study from the National Cancer Institute-funded BETRNet consortium. EsoGuard 2.0 improves upon EsoGuard 1.0's already outstanding performance in multiple respects, including by enhancing DNA yield, streamlining down-stream processes that incorporate advanced molecular techniques and more efficient bioinformatics, and enabling higher-throughput testing. These improvements also lower the per-sample costs of the assay, which we expect to decrease even further in the coming months when we upgrade our NGS-sequencing platform to a higher-throughput model to accommodate increased EsoGuard testing volume. We appreciate the critical input of Sandy Markowitz, M.D., Ph.D., and his colleagues at Case Western Reserve University, the inventors of EsoGuard, in helping us reach this milestone." The results of the analytical validation studies of the EsoGuard assay, culminating in EsoGuard 2.0, have been accepted for presentation at the upcoming Association of Molecular Pathology Annual Meeting (AMP 2023) on November 18th. The EsoGuard assay involves first extracting DNA from esophageal cells collected by the EsoCheck® Cell Collection Device. The DNA then undergoes bisulfite conversion, which tags sites which are not methylated. Two genes, VIM and CCNA1, with 31 methylation sites that correlate with esophageal precancer and cancer, are amplified using polymerase chain reaction ("PCR") techniques and then sequenced using next-generation sequencing ("NGS") techniques. Advanced bioinformatics software analyzes the DNA sequence data and determines the proportion of the 31 target sites which are methylated, returning a positive or negative EsoGuard result. The original version of the assay used a singleplex technique, which required the DNA to be split and separately processed for each gene. EsoGuard 2.0 uses multiplexing which allows both genes to be interrogated on a single DNA sample. This breakthrough allows the laboratory to run the assay three times and call positive and negative results by consensus, blunting stochastic noise for low positive samples near the cutoff. The next-generation assay underwent rigorous analytical and clinical validation studies, including head-to-head comparisons of multiplexed triplicate consensus versus singleplex techniques, consistent with CLIA standards. Clinical validation analysis included samples from the ESOGUARD-BE-1 study and demonstrated improved sensitivity and specificity. Lucid will host an Investor Day event to be held in New York, NY on December 13, 2023. The Lucid executive leadership team will present on several topics including the company's commercial progress, the launch of EsoGuard 2.0, and the recent expansion of clinical utility and clinical validity data to support adoption and reimbursement. Key opinion leaders in the field of esophageal disease and other experts will present on their experiences with EsoGuard and its impact on patient outcomes. Details on how to register for the Investor Day will be made available on the Investor Relations section of the Company's website. 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 is performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device. EsoCheck and EsoGuard are 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, please visit and for more information about its parent company PAVmed, please visit . 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. SOURCE Lucid Diagnostics

Quarterly EsoGuard® test volume increased 20 percent sequentially and 159 percent annually Revenue cycle management upgrade completed with immediate positive impact to claims processing and payments Unprecedented cancer and precancer detection results from an NCI-funded EsoGuard study released Conference call and webcast to be held tomorrow, August 15th at 8:30 AM EDT NEW YORK, Aug. 14, 2023 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ( "PAVmed"), today provided a business update for the Company and presented financial results for the three and six months ended June 30, 2023. Conference Call and Webcast The webcast will take place on Tuesday, August 15, 2023, at 8:30 AM and will be accessible in the investor relations section of the Company's website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 1-833-816-1418 and international listeners should dial 412-317-0511. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join. Following the conclusion of the conference call, a replay will be available for 30 days on the investor relations section of the Company's website at luciddx.com. Business Update Highlights "Lucid closed out a strong first half of 2023, with yet another quarter of double-digit EsoGuard test volume growth and major accomplishments on multiple strategic fronts, which we believe will drive substantial value in the coming quarters" said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "Commercial execution underpinning the sustained test volume growth remained very strong, driven by steadily increasing per-seller productivity as well as expanding utilization of our satellite Lucid Test Center program and high-volume #CheckYourFoodTube testing events. The launch of our first mobile test unit and the execution of our first direct contract with an employer to offer EsoGuard testing as an employee benefit, reflect our relentless commitment to expanding EsoGuard access across all available channels." "Key accomplishments critical to translating this commercial success into future revenue growth include: the recently completed upgrade to our revenue cycle management infrastructure; reaching target enrollment in our prospective clinical utility studies which, together with the pending posting and submission of the results of those studies, will support payor coverage; and the release of unprecedented cancer and precancer detection results from an NCI-funded EsoGuard study. I am particularly encouraged by the immediate positive impact that the revenue cycle management upgrade has had on EsoGuard claims processing and payments," Dr. Aklog added. Highlights from the second quarter and recent weeks: Lucid's CLIA-certified clinical laboratory performed 2,202 commercial EsoGuard® Esophageal DNA Tests in 2Q23, which represents a 20 percent increase sequentially from 1Q23 and a 159 percent annual increase from 2Q22. Satellite Lucid Test Center activity, including #CYFT high-volume testing events, increased 51 percent and now represents over half of all testing activity. Lucid upgraded its revenue cycle management provider to the market leader, completing the transition to an upgraded claims submission, adjudication, and payment collection process in late June. Claims submission and adjudication was paused during the transition starting in early May. An immediate positive impact on claims processing, allowances and collections was noted for the month of July. Lucid achieved its target end-of-quarter enrollment in its two prospective clinical utility studies. The Lucid Registry and multi-center CLUE studies have enrolled over 500 patients. Data on these cohorts is being analyzed and results will be posted on a preprint server later this month in advance of peer review. Clinical utility data, along with claims history, remains the key gating item in engaging payors on EsoGuard coverage. Lucid executed its first employer contract under its direct contracting strategic initiative. A Texas-based automotive group will now offer EsoGuard testing by Lucid as an employee benefit across twelve locations. Further details will be forthcoming. The NCI-funded BETRNet consortium, consisting of the leading academic medical centers in the field, released unprecedented cancer and precancer detection results of its highly anticipated case-control study of 242 patients comparing EsoGuard to upper endoscopy. EsoGuard detected 100 percent of esophageal cancers and over 80 percent of precancers, with an estimated negative predictive value of 99 percent—unprecedented results for such a molecular diagnostic test. Further details and analysis of these results will be forthcoming. Financial Results For the three months ended June 30, 2023, EsoGuard related revenues were $0.2 million. Operating expenses were approximately $11.7 million, including stock-based compensation expenses of $1.4 million. GAAP net loss was approximately $11.4 million, or $(0.27) per common share. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's preliminary non-GAAP adjusted loss for the three months ended June 30, 2023, was approximately $9.6 million or $(0.23) per common share. Lucid had cash and cash equivalents of $32.6 million as of June 30, 2023, compared to $39.5 million as of March 31, 2023. The unaudited financial results for the three months ended June 30, 2023, were filed with the SEC on Form 10-Q on August 14, 2023, and available at or . Lucid Non-GAAP Measures To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three and six months ended June 30, 2023, and 2022 are as follows: About EsoGuard® and EsoCheck® Millions of patients with GERD are at risk of developing esophageal precancer and a highly lethal form of esophageal cancer ("EAC"). Over 80 percent of EAC patients die within five years of diagnosis, making it the second most lethal cancer in the U.S. The mortality rate is high even in those diagnosed with early stage EAC. The U.S. incidence of EAC has increased 500 percent over the past four decades, while the incidences of other common cancers have declined or remained flat. In nearly all cases, EAC silently progresses until it manifests itself with new symptoms of advanced disease. All EAC is believed to arise from esophageal precancer, which occurs in approximately 5-to-15 percent of at-risk GERD patients. Early esophageal precancer can be monitored for progression to late esophageal precancer which can be cured with endoscopic esophageal ablation, reliably halting progression to cancer. Esophageal precancer screening is already recommended by clinical practice guidelines in millions of GERD patients with multiple risk factors, including age over 50 years, male gender, White race, obesity, smoking history, and a family history of esophageal precancer or cancer. Unfortunately, fewer than 10 percent of those recommended for screening undergo traditional invasive endoscopic screening. The profound tragedy of an EAC diagnosis is that likely death could have been prevented if the at-risk GERD patient had been screened and then undergone surveillance and curative treatment. The only missing element for a viable esophageal cancer prevention program has been the lack of a widespread screening tool that can detect esophageal precancer. Lucid believes EsoGuard, performed on samples collected with EsoCheck, is the missing element. EsoGuard is the first and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through the early detection of esophageal precancer in at-risk GERD patients. An updated American College of Gastroenterology clinical practice guideline and an American Gastroenterological Association clinical practice update both endorse non-endoscopic biomarker tests as an acceptable alternative to costly and invasive endoscopy for esophageal precancer screening. EsoGuard is the only such test currently available in the United States. EsoGuard is a bisulfite-converted NGS DNA assay performed on surface esophageal cells collected with EsoCheck, which quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was evaluated in a 408-patient, multicenter, case-control study published in Science Translational Medicine and showed greater than 90 percent sensitivity and specificity at detecting esophageal precancer and cancer. EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. Lucid believes this proprietary Collect+Protect™ technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling. The sample is sent by overnight express mail to Lucid's CLIA-certified, CAP-accredited laboratory, LucidDx Labs, for EsoGuard testing. About Lucid Diagnostics Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. 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 - the first and only commercially available tools designed with the goal of preventing esophageal cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients. For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit 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 Diagnostics' 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 Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. In addition, Lucid Diagnostics continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid Diagnostics' businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' 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 Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Lucid Diagnostics 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. SOURCE Lucid Diagnostics

EsoGuard® test volume increases 57 percent sequentially and 245 percent year-on-year Conference call and webcast to be held tomorrow, May 16th at 8:30 AM EST NEW YORK, May 15, 2023 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company, and majority-owned subsidiary of PAVmed Inc. (Nasdaq: PAVM, PAVMZ) ( "PAVmed"), today provided a business update for the Company and presented financial results for the three months ended March 31, 2023. Conference Call and Webcast The webcast will take place on Tuesday, May 16, 2023, at 8:30 AM and will be accessible in the investor relations section of the Company's website at luciddx.com. Alternatively, to access the conference call by telephone, U.S.-based callers should dial 877-870-4263 and international listeners should dial 412-317-0790. All listeners should provide the operator with the conference call name "Lucid Diagnostics Business Update" to join. Business Update Highlights "Lucid had a strong start in the first quarter of 2023, with robust sequential growth in EsoGuard testing volume," said Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer. "We attribute this progress to our relentless focus on EsoGuard commercial expansion, including the growing popularity and utilization of our satellite Lucid Test Center (sLTC) program, a broad expansion of #CheckYourFoodTube Precancer Detection Events (#CYFT) and growing awareness of EsoGuard as a much-needed widespread screening tool that is highly effective in detecting esophageal precancer in a sizeable at-risk patient population." Highlights from the first quarter and recent weeks: Lucid's CLIA-certified clinical laboratory performed 1,841 commercial EsoGuard® Esophageal DNA Tests in the 1Q23, which represents a 57 percent increase sequentially from 4Q22 and a 245 percent annual increase from 1Q22. Satellite Lucid Test Center (sLTC) activity, whereby Lucid clinicians collect samples at physician offices or high-volume testing events, continues to increase rapidly, representing 51 percent of all samples collected in 1Q23, up from 31 percent in 4Q22. In January, Lucid launched its #CheckYourFoodTube Precancer Detection Event (#CYFT Event) program, bringing EsoGuard testing directly to at-risk patients at high-volume testing day events. Since the inaugural event, Lucid has held additional events across the country during the first quarter and recent weeks. These events have identified patients with suspected esophageal precancer based on a positive EsoGuard result, including some less than 40 years of age, who will undergo appropriate monitoring and treatment, as indicated by clinical practice guidelines, to prevent progression to esophageal cancer. Lucid and its collaborators presented compelling new data at the Digestive Disease Week® (DDW) 2023 conference. EsoGuard demonstrated excellent esophageal precancer and cancer detection performance, including in the most prevalent and challenging precancer subgroup—short segment non-dysplastic Barrett's Esophagus. In addition, EsoCheck cell collection achieved 98 percent technical success and high DNA yields in real-world study of 1,483 patients. In the first quarter and recent weeks, Medicare Administrative Contractors Palmetto GBA MolDX and Noridian Healthcare Solutions published foundational Future Effective Local Coverage Determinations ("LCD"), both titled "Molecular Testing for Detection of Upper Gastrointestinal Metaplasia, Dysplasia, and Neoplasia". Financial Results For the three months ended March 31, 2023, EsoGuard related revenues were $0.4 million, compared to $0.2 million as of March 31, 2022. Operating expenses were approximately $14.8 million, including stock-based compensation expenses of $3.2 million. GAAP net loss attributable to common stockholders was approximately $16.2 million, or $(0.40) per common share. As shown below and for the purpose of illustrating the effect of stock-based compensation and other non-cash income and expenses on the Company's financial results, the Company's preliminary non-GAAP adjusted loss for the three months ended March 31, 2023, was approximately $9.8 million or $(0.24) per common share. Lucid had cash and cash equivalents of $39.5 million as of March 31, 2023, compared to $22.5 million as of December 31, 2022. In March, the Company received $13.6 million from the sale of non-voting Series A Convertible Preferred Stock, which may not be converted until September 2023 and not until March 2025 without surrendering the right to an annual dividend. Also in March, the Company entered into a securities purchase agreement for Series A Convertible Notes with an aggregated principal amount of $11.1 million, which may not be converted below the stated $5.00 conversion price until September 2023. The proceeds of these offerings will extend the Company's cash runway into 2024, through near-term commercial milestones, including expanded reimbursement. The unaudited financial results for the three months ended March 31, 2023, were filed with the SEC on Form 10-Q on May 15, 2023, and are available at or . Lucid Non-GAAP Measures To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Company's financial results. These non-GAAP financial measures include net loss before interest, taxes, depreciation, and amortization (EBITDA), and non-GAAP adjusted loss, which further adjusts EBITDA for stock-based compensation expense and other non-cash income and expenses, if any. The foregoing non-GAAP financial measures of EBITDA and non-GAAP adjusted loss are not recognized terms under U.S. GAAP. Non-GAAP financial measures are presented with the intent of providing greater transparency to the information used by us in our financial performance analysis and operational decision-making. We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders, and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations. These non-GAAP financial measures are not intended to be, and should not be, a substitute for, considered superior to, considered separately from, or as an alternative to, the most directly comparable GAAP financial measures. Non-GAAP financial measures are provided to enhance readers' overall understanding of our current financial results and to provide further information for comparative purposes. Management believes the non-GAAP financial measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of our core operating results and business outlook. Specifically, the non-GAAP financial measures include non-GAAP adjusted loss, and its presentation is intended to help the reader understand the effect of the loss on the issuance or modification of convertible securities, the periodic change in fair value of convertible securities, the loss on debt extinguishment, and the corresponding accounting for non-cash charges on financial performance. In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods. A reconciliation to the most directly comparable GAAP measure of all non-GAAP financial measures included in this press release for the three months ended March 31, 2023, and 2022 are as follows: About EsoGuard and EsoCheck Millions of patients with GERD are at risk of developing esophageal precancer and a highly lethal form of esophageal cancer ("EAC"). Over 80 percent of EAC patients die within five years of diagnosis, making it the second most lethal cancer in the U.S. The mortality rate is high even in those diagnosed with early stage EAC. The U.S. incidence of EAC has increased 500 percent over the past four decades, while the incidences of other common cancers have declined or remained flat. In nearly all cases, EAC silently progresses until it manifests itself with new symptoms of advanced disease. All EAC is believed to arise from esophageal precancer, which occurs in approximately 5 percent to 15 percent of at-risk GERD patients. Early esophageal precancer can be monitored for progression to late esophageal precancer which can be cured with endoscopic esophageal ablation, reliably halting progression to cancer. Esophageal precancer screening is already recommended by clinical practice guidelines in millions of GERD patients with multiple risk factors, including age over 50 years, male gender, White race, obesity, smoking history, and a family history of esophageal precancer or cancer. Unfortunately, fewer than 10 percent of those recommended for screening undergo traditional invasive endoscopic screening. The profound tragedy of an EAC diagnosis is that likely death could have been prevented if the at-risk GERD patient had been screened and then undergone surveillance and curative treatment. The only missing element for a viable esophageal cancer prevention program has been the lack of a widespread screening tool that can detect esophageal precancer. Lucid believes EsoGuard, performed on samples collected with EsoCheck, is the missing element – the first and only commercially available test capable of serving as a widespread screening tool to prevent esophageal cancer deaths through the early detection of esophageal precancer in at-risk GERD patients. An updated American College of Gastroenterology clinical practice guideline and an American Gastroenterological Association clinical practice update both endorse non-endoscopic biomarker tests as an acceptable alternative to costly and invasive endoscopy for esophageal precancer screening. EsoGuard is the only such test currently available in the United States. EsoGuard is a bisulfite-converted NGS DNA assay performed on surface esophageal cells collected with EsoCheck, which quantifies methylation at 31 sites on two genes, Vimentin (VIM) and Cyclin A1 (CCNA1). The assay was evaluated in a 408-patient, multicenter, case-control study published in Science Translational Medicine and showed greater than 90 percent sensitivity and specificity at detecting esophageal precancer and cancer. EsoCheck is an FDA 510(k) and CE Mark cleared noninvasive swallowable balloon capsule catheter device capable of sampling surface esophageal cells in a less than five-minute office procedure. It consists of a vitamin pill-sized rigid plastic capsule tethered to a thin silicone catheter from which a soft silicone balloon with textured ridges emerges to gently swab surface esophageal cells. When vacuum suction is applied, the balloon and sampled cells are pulled into the capsule, protecting them from contamination and dilution by cells outside of the targeted region during device withdrawal. Lucid believes this proprietary Collect+Protect™ technology makes EsoCheck the only noninvasive esophageal cell collection device capable of such anatomically targeted and protected sampling. The sample is sent by overnight express mail to Lucid's CLIA-certified, CAP-accredited laboratory, LucidDx Labs, for EsoGuard testing. About Lucid Diagnostics Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. 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, is the first and only commercially available diagnostic test capable of serving as a widespread screening tool to prevent cancer and cancer deaths through early detection of esophageal precancer in at-risk GERD patients. For more information, please visit luciddx.com and for more information about its parent company PAVmed, please visit 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 Diagnostics' 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 Diagnostics' common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid Diagnostics' products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid Diagnostics' clinical and preclinical studies; whether and when Lucid Diagnostics' products are cleared by regulatory authorities; market acceptance of Lucid Diagnostics' products once cleared and commercialized; Lucid Diagnostics' ability to raise additional funding as needed; and other competitive developments. In addition, Lucid Diagnostics continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid Diagnostics' businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid Diagnostics' 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 Diagnostics' future operations, see Part I, Item 1A, "Risk Factors," in Lucid Diagnostics' 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 Diagnostics 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. SOURCE Lucid Diagnostics