Strengthens Balance Sheet in Support of Tigereye ST Launch and Coronary Product Development
REDWOOD CITY, CA / ACCESSWIRE / September 27, 2023 / Avinger, Inc. (NASDAQ:AVGR), a commercial-stage medical device company marketing the first and only intravascular image-guided, catheter-based system for diagnosis and treatment of vascular disease, today announced that is has raised gross proceeds of approximately $5.3 million through its at-the-market (ATM) facility in September 2023, selling an aggregate of 596,200 shares of common stock at a weighted average price of $8.97. Net proceeds from the transactions were approximately $5.2 million after deducting sales commissions.
The shares were sold under the ATM facility based on trading activities in the preceding week. Following the sales, Avinger has approximately 1,223,031 shares of common stock outstanding as of September 26, 2023. H.C. Wainwright & Co. served as the exclusive sales agent for the ATM transactions.
Jeff Soinski, Avinger's President and CEO, commented, "We are very pleased to strengthen our balance sheet through the use of the ATM facility. The proceeds will be used for general purposes, including support of our Tigereye® ST commercial launch and our Pantheris® LV limited launch program. We are also moving forward efficiently with the development of our intravascular image-guided device for the crossing of chronic total occlusions in the coronary arteries, a large and underserved market with established reimbursement coverage. We believe that our portfolio represents the most advanced therapies for the treatment of peripheral vascular disease and are excited about the potential to extend the platform for the treatment of coronary artery disease."
The shares in the ATM offering were sold pursuant to a shelf registration statement declared effective by the U.S. Securities and Exchange Commission (SEC) on April 7, 2022, and prospectus supplements filed with the SEC on May 20, 2022; March 17, 2023; September 18, 2023; September 20, 2023; September 21, 2023; and September 22, 2023.
Avinger's Lumivascular technology incorporates an onboard image-guidance system to allow physicians to see inside the artery during an atherectomy or CTO-crossing procedure by using an imaging modality called optical coherence tomography, or OCT. During the procedure, high-resolution intravascular OCT images are displayed on Avinger's Lightbox console in real-time to guide therapy. Physicians performing therapeutic procedures with other devices must rely solely on X-ray images and tactile feedback to guide their interventions while treating complicated arterial disease. With the Lumivascular approach, physicians can more accurately navigate their devices and treat PAD lesions to deliver safe and effective outcomes, without exposing healthcare workers and patients to the negative effects of ionizing radiation.
About Avinger, Inc.
Avinger is a commercial-stage medical device company that designs and develops the first and only image-guided, catheter-based system for the diagnosis and treatment of patients with Peripheral Artery Disease (PAD). PAD is estimated to affect over 12 million people in the U.S. and over 200 million worldwide. Avinger is dedicated to radically changing the way vascular disease is treated through its Lumivascular platform, which currently consists of the Lightbox series of imaging consoles, the Ocelot and Tigereye® family of chronic total occlusion (CTO) catheters, and the Pantheris® family of atherectomy devices. Avinger is based in Redwood City, California. For more information, please visit www.avinger.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the Tigereye® ST commercial launch and Pantheris® LV limited launch program and the development of an intravascular image-guided device for the crossing of chronic total occlusions in the coronary arteries. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include the resource requirements related to our products; the timing and outcome of studies; as well as the other risks described in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2023, as amended, and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Avinger disclaims any obligation to update these forward-looking statements.
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