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| Pantheris excising a plaque--Courtesy of Avinger |
Avinger ($AVGR) pulled off one of the first med tech IPOs of the year--raising $65 million in a January offering. Now, the image-guided catheter-based systems company has secured financing for up to $55 million under a new loan and equity agreement with CRG.
The cash will go to back a launch anticipated early next year for the company's Pantheris image-guided atherectomy device to treat peripheral artery disease (PAD) patients, for which it recently filed with FDA to get 510(k) clearance.
"We are pleased to support Avinger in achieving its growth plans and believe that the company's lumivascular technology will translate into significantly improved treatment for PAD patients," said CRG Chairman Charles Tate in a statement. "The demonstrated clinical value of the Pantheris device gives us the confidence to invest in Avinger's business model."
If approved, the company expects Pantheris to be the first imaging artherectomy catheter for PAD patients in the U.S. The system also offers real-time, video-quality intravascular imaging during surgery.
Armentum Partners advised Avinger in the financing, which consists of a $30 million, four-year, interest-only term loan and a share purchase of $5 million at a price of $14.357 each. The company also has the option to borrow an additional $20 million in two tranches, upon the achievement of each of a pair of undisclosed milestones.
Investors embraced the largely non-dilutive financing, sending shares up 2% in early trading on the news. Shares were at about $14.20 on the morning of Sept. 23--they priced at $13 apiece in the late January IPO, putting them up 9% since then.
- here is the announcement