Avinger raises $22.5M in Series C

Redwood City, CA-based Avinger, which makes catheters to treat patients with peripheral artery disease (PAD), has raised $22.5 million in a Series C funding round. All existing major investors participated, while new investors contributed approximately $6 million.

"This round is expected to provide sufficient capital to further US and EU commercialization of Avinger's Wildcat, Kittycat and Ocelot catheters," explains Kenneth Novack, chairman of Avinger's board of directors. "It will allow Avinger to continue on the path of developing the most advanced technologies to ease the suffering of people around the world diagnosed with PAD."

Avinger is developing therapeutic devices incorporating optical coherence tomography. Ocelot is Avinger's first product to incorporate OCT and received the CE Mark last September. Ocelot is the first medical device to offer physicians treating PAD a real-time intravascular navigation guidance system, the company says in a statement.

PAD affects between 8 million and 12 million adults and is the leading cause of amputation in patients over 50, according to a company statement. Hospitalization costs of PAD alone are estimated to be more than $21 billion annually.

Last January, Avinger completed a $25 million Series B round of funding slated to support commercialization of its Wildcat and Kittycat guide wire support catheters.

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