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September 22, 2015
Avinger Receives Financing to Support Launch of Pantheris
September 23, 2015—Avinger, Inc. announced that it has received financing of up to $55 million that will support broad-scale commercialization of the Pantheris image-guided atherectomy device expected to begin in 2016. The financing will also support postmarketing clinical trials of the device. In August, Avinger announced its early submission with the US Food and Drug Administration for 510(k) clearance to market Pantheris for the treatment of patients with peripheral artery disease.
Avinger entered into a term loan agreement and a securities purchase agreement with CRG (formerly Capital Royalty LP). The proceeds will also be used to retire existing debt. Under the terms of the agreement, Avinger initially borrowed $30 million, which only requires interest payments for 4 years. Concurrent with this first tranche, CRG purchased $5 million in shares of the company's common stock at a price of $14.357 per share. Under the term loan agreement, Avinger has the option to borrow an additional $20 million, in two tranches of $10 million each, at its discretion upon achieving certain milestones, advised the company.
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