News | Peripheral Artery Disease (PAD) | August 22, 2016

Avinger Inc. Announces Closing of Public Offering of Common Stock

Company to use proceeds for working capital, capital expenditures and possible acquisitions, among other uses

August 22, 2016 — Avinger Inc. recently announced the closing of its previously announced public offering of 9,857,800 shares of Avinger’s common stock at a price to the public of $3.50 per share. The price includes the exercise in full by the underwriters of their option to purchase an additional 1,285,800 shares of Avinger’s common stock. The total net proceeds from the offering are estimated to be approximately $31.7 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Avinger.

The company expects to use the net proceeds from the offering for general corporate purposes, including working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses. Use of proceeds may also include the partial repayment of debt under the company’s loan agreement with CRG Partners III L.P. and certain of its affiliated funds in order to cure potential non-compliance with the covenant in the loan agreement requiring that the company achieve minimum revenue of $23 million in 2016. The company does not have any agreements or commitments for any specific acquisitions at this time.

Canaccord Genuity and Cowen and Company are serving as the joint book-running managers for the offering, and BTIG and Stephens Inc. are acting as co-managers.

The offering was made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement.

Avinger Inc. is a commercial-stage medical device company that designs, manufactures and sells image-guided, catheter-based systems for the treatment of patients with peripheral artery disease (PAD). PAD is characterized by a build-up of plaque in the arteries that supply blood to the arms and legs.

The company has introduced a number of products based on its Lumivascular platform, an intravascular image-guided system of therapeutic catheters. Current Lumivascular products include the Lightbox imaging console, the Ocelot family of catheters designed to penetrate total arterial blockages (chronic total occlusions), and the Pantheris image-guided atherectomy device.

For more information: www.avinger.com

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