Lucid Diagnostics Receiving Medicare Payments For Its EsoGuard Esophageal DNA Test; Closed $15M Private Placement Of Its Newly Designated Series C Convertible Prefs To Existing Long-Term Shareholders On October 21

On September 22, Lucid announced that it would begin submitting Medicare claims for EsoGuard tests performed at one of its two CLIA-certified laboratories. Shortly thereafter, the Company began receiving payments on those claims at the established EsoGuard (PLA code 0114U) Clinical Laboratory Fee Schedule rate of $1,938.01 per test.

The Series C Preferred Stock was sold at a purchase price of $1,000 per share and is convertible into common stock at a conversion price of $0.3519 per share. Investors in the private placement included holders of a majority of the Company's 12.0% senior secured convertible notes due 2029 (the "Notes"). The Series C Preferred Stock includes customary terms, including certain mandatory conversion events, a dividend and liquidation preference, and an agreement by the Company to file a resale registration statement covering the underlying shares of common stock within 120 days following closing. Participating holders of the Notes also acknowledged that the Company's receipt of payments on submitted Medicare claims as described above has addressed the concerns underlying the Notes' Medicare-related event of default provision. Lucid intends to use the net proceeds to accelerate its near-term commercial operations and for working capital and general corporate purposes.