|[December 11, 2013]
Avinger Completes Major New Financing
REDWOOD CITY, Calif. --(Business Wire)--
Avinger, Inc. producer of therapeutic devices incorporating
intravascular imaging and pioneer of the lumivascular approach to
treating vascular disease, announced today the closing of a significant
funding round. Both new as well as existing investors participated in
"We are very pleased with the outcome of this recent capital raise, to
support what we anticipate to be a very successful clinical trial of
Pantheris, the first-ever peripheral atherectomy catheter that also
incorporates intravascular imaging technology using Optical Coherence
Tomography (OCT)," said Kenneth Novack, Chairman of Avinger's Board of
Directors. "We are increasingly confident that Avinger's Lumivascular
Platform is well positioned to radically change the treatment of
"This funding represents an additional important milestone for Avinger,
and brings us another step closer to a life-long dream of mine to
provide practitioners with the first-ever image-guided atherectomy
device, helping the millions of patients suffering from PAD, " said Dr.
John B. Simpson, CEO and Founder of Avinger.
In conjunction with the finaning Avinger has added three individuals to
its Board of Directors. They are: Mr. James Muzzy, co-founder of PIMCO,
Mr. John Delfino, President of Concorde Capital (a private investment
management firm), and Mr. Donald A. Lucas, founder of Lucas Venture
Group. The combined strategic management experience of Mr. Muzzy, Mr.
Delfino and Mr. Lucas will provide immediate and impactful additional
expertise to the already robust Avinger Board.
Avinger's global product portfolio has helped physicians treat more than
15,000 patients suffering from PAD. Often dismissed as normal signs of
aging, symptoms of PAD include painful cramping, numbness, or
discoloration in the legs or feet. Hospitalization costs of PAD alone
are estimated to exceed $21 billion annually, largely due to late
detection and patients experiencing a decreased quality of life from
invasive bypass surgery or amputation. To learn more about PAD, visit http://avinger.com/patients.
Founded in 2007 by renowned cardiologist and medical device entrepreneur
Dr. John B. Simpson, Avinger seeks to radically change the treatment of
vascular disease through the development of new technology and a new
approach called lumivascular (lumi = light, vascular = artery).
Lumivascular procedures use an interventional catheter system that
incorporates light-based, radiation-free, intravascular imaging
technology within the actual therapeutic device. This provides
physicians with live, real-time, video-rate images of the inside of an
artery during treatment, offering a variety of benefits for patients,
physicians and hospitals. Ocelot, the first line of devices using
lumivascular technology, has been commercially available since late
2012. This system is used to open totally occluded arteries in the legs.
Avinger's lumivascular atherectomy system, Pantheris, has received CE
Mark approval to remove plaque from arteries affected by PAD, and
expects to begin enrollment in the near future in its VISION trial in
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