Avinger Announces Pricing of $3.55 Million Registered Direct Offering
July 12 2018 - 08:30AM
Avinger, Inc. (NASDAQ:AVGR), a leading developer of innovative
treatments for peripheral artery disease (PAD), today announced
that it has entered into a securities purchase agreement with
certain institutional investors providing for the purchase and sale
of 2,166,180 shares of common stock at a price of $1.6425 per share
in a registered direct offering, resulting in total gross proceeds
of approximately $3.55 million. The Company also agreed to issue
unregistered warrants to the investors in a concurrent private
placement to purchase up to 0.5 share of common stock for each
share purchased with an exercise price of $1.58 per share. The
warrants will be exercisable six months following the closing date
and will expire three years following the date of issuance. The
closing of the sale of the securities is expected to take place on
or about July 16, 2018, subject to the satisfaction of customary
closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary
of Ladenburg Thalmann Financial Services Inc., (NYSE American:LTS)
is acting as exclusive placement agent for the registered direct
offering and concurrent private placement.
The shares of common stock were offered pursuant
to a shelf registration statement on Form S-3 (File No.
333-209368), which was declared effective by the United States
Securities and Exchange Commission (“SEC”) on March 8, 2016. The
warrants and shares issuable upon exercise of the warrants were
offered in a concurrent private placement and have not been
registered under the Securities Act of 1933, as amended.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the shares of common stock will
be filed by the Company with the SEC. When available, copies of the
prospectus supplement, together with the accompanying prospectus,
can be obtained at the SEC’s website at www.sec.gov or from
Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park
Avenue, 26th Floor, New York, New York 10172 or by email at
prospectus@ladenburg.com.
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, CA. For more
information, please visit www.avinger.com.
Forward-Looking Statements This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding Avinger’s financing and anticipated closing. Such
statements are based on current assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties, many of which are
beyond our control, include our dependency on a limited number of
products; our ability to demonstrate the benefits of our
Lumivascular platform; the resource requirements related to
Pantheris; the outcome of clinical trial results; potential
exposure to third-party product liability, intellectual property
and other litigation; lack of long-term data demonstrating the
safety and efficacy of our Lumivascular platform products;
experiences of high-volume users of our products may lead to better
patient outcomes than those of physicians that are less proficient;
reliance on third-party vendors; dependency on physician adoption;
reliance on key personnel; and requirements to obtain regulatory
approval to commercialize our products; as well as the other risks
described in the section entitled “Risk Factors” and elsewhere in
our quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on May 15, 2018. These forward-looking
statements speak only as of the date hereof and should not be
unduly relied upon. Avinger disclaims any obligation to update
these forward-looking statements.
Investor Contact: Mark Weinswig Chief Financial
Officer Avinger, Inc. (650) 241-7916 ir@avinger.com
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