Healthcare Industry News: Avinger
News Release - July 10, 2012
Avinger Raises $33 Million in Series D FinancingCompany continues to invest in growth in order to reach more patients suffering from PAD
REDWOOD CITY, Calif.--(Healthcare Sales & Marketing Network)--Avinger, Inc. announces today the closing of a $33 million Series D funding round. Existing major investors participated in the round, with new investors alone contributing over $11 million. Avinger is a medical device manufacturer of innovative, multi-functional catheters for treating patients with Peripheral Artery Disease (PAD), a disease that causes upwards of 150,000 leg amputations a year.
“We are very pleased with the outcome of our Series D capital raise and plan to invest heavily in accelerating Avinger’s growth. While using these latest funds to facilitate worldwide sales of our existing product lines, we’ll continue planning for clinical trials involving more products that incorporate intravascular imaging,” said Kenneth Novack, Chairman of Avinger’s Board of Directors. “We are at the forefront of fighting this silent epidemic that currently impacts 8 to 12 million adults in the U.S. alone.”
This round comes on the heels of the completion of Avinger’s CONNECT II global clinical trial for Ocelot, the first-ever crossing catheter with integrated real-time intravascular imaging. “Ocelot was designed to enable more informed treatment decisions, and the more information a physician has available during a procedure, the better we can help treat those patients,” said Dr. John B. Simpson, CEO and Founder of Avinger. Currently CE marked and commercially available in Europe, the company expects to submit a 510(k) to the FDA for Ocelot later this year.
The new funds will also support the company’s continued R&D efforts around Wolverine, the first-ever peripheral atherectomy catheter that also incorporates intravascular imaging technology using Optical Coherence Tomography (OCT).
Avinger’s global product portfolio has helped physicians treat more than 10,000 patients suffering from PAD.
JMP Securities acted as financial advisor on the transaction.
Founded in 2007 by renowned cardiologist and medical device entrepreneur Dr. John B. Simpson, Avinger develops next-generation catheter-based technologies for the treatment of peripheral artery disease (PAD). Leveraging core competencies in medical device catheter engineering and intravascular Optical Coherence Tomography (OCT), Avinger markets Wildcat and Kittycat catheters, and in 2011 received CE Mark to market Ocelot, the first ever real-time OCT crossing catheter. www.Avinger.com.
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