Avinger Announces Proposed Underwritten Public Offering of Common Stock
August 21 2019 - 4:15PM
Avinger, Inc. (Nasdaq: AVGR), a leading developer of innovative
treatments for Peripheral Artery Disease (PAD), today announced
that it intends to offer shares of its common stock for sale in an
underwritten public offering. In addition, the Company expects to
grant the underwriter a 45-day option to purchase up to an
additional 15 percent of the shares of common stock offered in the
public offering solely to cover over-allotments, if any. 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 offering is
subject to market conditions and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.
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 preliminary
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 preliminary 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 occur; 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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