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

Related Content

TCT cancels in-person meeting and goes virtual due to COVID-19
News | Cath Lab | May 27, 2020
May 27, 2020 — To ensure the health and safety of all attendees due to the ongoing COVID-19 (SARS-CoV-2) pandemic, th
Patients undergoing cardiac catheterization are traditionally instructed to follow nothing by mouth, or nil per os (NPO), as there are no current standardized fasting protocols, but the CHOWNOW study found patients do not need to fast and will have similar outcomes. #SCAI2020
Feature | Cath Lab | May 18, 2020
May 18, 2020 – Patients undergoing cardiac catheterization are traditionally instructed to follow nothing by mouth, o
Ehtisham Mahmud, M.D., FSCAI, president of the Society for Cardiovascular Angiography and Interventions (SCAI) and chief, Division of Cardiovascular Medicine at UC San Diego Medical Center,
Podcast | Cath Lab | May 13, 2020
This podcast is an interview with Ehtisham Mahmud, M.D., FSCAI, president of the Society for Cardiovascular Angiograp
Nuance Communications Inc. introduced Nuance Cardiovascular CAPD, a new computer-assisted physician documentation (CAPD) solution designed to help cardiologists improve the quality of complex documentation and the accuracy of reimbursement for cardiac catheterization procedures. The Nuance Cardiovascular CAPD solution is available through a partnership with ZHealth for this solution, which is based on patented algorithms built with ZHealth’s interventional documentation and coding expertise.
News | Cath Lab | January 31, 2020
January 29, 2020 – Nuance Communications Inc.
Videos | Cath Lab | January 09, 2020
Haval Chweich, M.D., medical director of the cardiac critical care unit (CCU) at Tufts Medical Center, and assistant...
People watch the live presentation of the five-year EXCEL Trial data by Gregg Stone, M.D., in the Abbott booth at TCT 2019. Abbott makes the Xience stent used in the trial, which compared equally with long-term CABG surgical outcomes.  In early December 2019, leaders of the European Association for Cardiothoracic Surgery (EACTS) withdrew their support for European practice guidelines that endorse the use of coronary stents in many patients with left main coronary artery disease.

People watch the live presentation of the five-year EXCEL Trial data by Gregg Stone, M.D., in the Abbott booth at TCT 2019. Abbott makes the Xience stent used in the trial, which compared equally with long-term CABG surgical outcomes.

News | Cath Lab | January 02, 2020 | Dave Fornell, Editor
January 2, 2020 — In early December 2019, leaders of the European As...