PAVmed Inc. (NasdaqCM:PAVM) announced that it has entered into a securities purchase agreement 500,000 units at $6 per unit for gross proceeds of $3,000,000 on January 26, 2017. Each unit consists of one series A convertible preferred shares of par value $0.001 per share and one Series A warrant exercisable for one share. Each convertible preferred share is convertible into one share at $6 per share. Each Series A warrant is exchangeable for four Series X warrants at an initial exercise price of $8 per share and remain exercisable from six months following the closing date until April 30, 2024. Each Series X warrant is exercisable for one share at an initial exercise price of $6 per share. The Series X warrants are exercisable at any time after the later of the date the final stockholder approval has been obtained under Nasdaq Stock Market Rule 5635(d) and October 31, 2018, and until April 30, 2024. The preferred shares will carry cumulative dividends at the rate of 8% per annum quarterly in arrears on January 1, April 1, July 1, and October 1 of each year. The preferred stock and Series A Warrants are immediately separable upon their issuance. Upon the written consent of the company and the placement agent the transaction size can be increased. The company may raise additional closings in future. The securities are being issued pursuant to Rule 506 of Regulation D. On the same day, the company issued 211,334 units for gross proceeds of $1,268,004 in its first close.