Avinger Prices $4.5 Million Underwritten Public Offering of Common Stock
August 21 2019 - 9:00PM
Avinger, Inc. (Nasdaq: AVGR), a leading developer of innovative
treatments for Peripheral Artery Disease (PAD), today announced the
pricing of an underwritten public offering with gross proceeds to
the Company expected to be approximately $4.5 million before
deducting underwriting discounts and commissions and other
estimated offering expenses. The proposed offering equates to
3,813,559 shares of the Company’s common stock at a price of $1.18
per share. The Company intends to use the net proceeds from this
offering for working capital and general corporate purposes, which
may include research and development of the Company’s Lumivascular
platform products, preclinical and clinical trials and studies,
regulatory submissions, expansion of the Company’s sales and
marketing organizations and efforts, intellectual property
protection and enforcement, payment of principal and interest on
debt and capital expenditures. The Company may also use a portion
of the net proceeds to acquire complementary products, technologies
or businesses; however, the Company currently has no agreements or
commitments to complete any such transactions.
The Company has also granted the underwriters a 45-day option to
purchase up to 572,033 additional shares of common stock to cover
over-allotments, if any, at the public offering price. The offering
is expected to close on or about August 26, 2019, subject to
customary closing conditions.
Aegis Capital Corp. is acting as sole bookrunner for the
offering. This offering is being made pursuant to an effective
shelf registration statement on Form S-3 (No. 333-230124)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective by the SEC on March 29, 2019. A
final prospectus supplement and accompanying prospectus describing
the terms of the proposed offering will be filed with the SEC and
will be available on the SEC’s website located at
http://www.sec.gov.
Electronic copies of the final prospectus supplement and the
accompanying prospectus, when available, may be obtained by
contacting Aegis Capital Corp., Attention: Prospectus Department,
810 7th Avenue, 18th floor, New York, NY 10019, by email at
prospectus@aegiscap.com, or by telephone at (212) 813-1010. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Avinger, Inc.
Avinger is a commercial-stage medical device company that
designs and develops the first-ever image-guided, catheter-based
system that diagnoses and treats patients with peripheral artery
disease (PAD). Avinger is dedicated to radically changing the way
vascular disease is treated through its Lumivascular platform,
which currently consists of the Lightbox imaging console, the
Ocelot family of chronic total occlusion (CTO) catheters, and the
Pantheris® family of atherectomy devices. Avinger is based in
Redwood City, California. For more information, please visit
www.avinger.com.
Public Relations Contact:Phil PreussVP of
Marketing & Business OperationsAvinger, Inc.(650)
241-7942pr@avinger.com
Investor Contact:Mark WeinswigChief Financial
OfficerAvinger, Inc.(650) 241-7916ir@avinger.com
Safe Harbor DisclosureThis press release
contains forward-looking statements that are made pursuant to the
safe harbor provisions within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements related to
the Company's ability to complete the financing, its intended use
of proceeds and other statements that are not historical facts.
Forward-looking statements are based on management’s current
expectations and are subject to risks and uncertainties that may
cause actual results or events to differ materially from those
projected. These risks and uncertainties, many of which are beyond
our control, include: the risk that the public offering of common
stock may not close; risks relating to our growth strategy; our
ability to obtain, perform under and maintain financing and
strategic agreements and relationships; risks relating to the
results of development activities; our ability to attract,
integrate and retain key personnel; our need for substantial
additional funds; patent and intellectual property matters;
competition; as well as other risks described in the section
entitled “Risk Factors” and elsewhere in our Annual Report on Form
10-K filed with the SEC on March 6, 2019 and in our other filings
with the SEC, including, without limitation, our reports on Forms
8-K and 10-Q, all of which can be obtained on the SEC website at
www.sec.gov. Readers are cautioned not to place undue reliance on
the forward-looking statements, which speak only as of the date on
which they are made and reflect management’s current estimates,
projections, expectations and beliefs. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
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