Avinger has reached a term loan agreement and a securities purchase agreement with CRG, which will provide Avinger with new financing of up to $55 million.
Avinger, a provider of image-guided, catheter-based systems for the treatment of peripheral arterial disease, will use proceeds to retire existing debt, fund post-marketing clinical trials and begin broad-scale commercialization of the Pantheris image-guided atherectomy device in 2016, according to the company.
The Pantheris system combines directional atherectomy capabilities with real-time intravascular visualization to remove plaque from blocked arteries.
Redwood City, Calif.-based Avinger recently filed a submission for 510(k) clearance with the FDA to market the system for the treatment of patients with peripheral arterial diseases. — Michael Cipriano