Avinger Closes $5.2 Million Underwritten Public Offering of Common Stock

Rhea-AI Summary

Avinger, Inc. (NASDAQ: AVGR) announced the closing of an underwritten public offering of 11,063,830 shares of common stock at $0.47 per share, resulting in gross proceeds of approximately $5.2 million. An additional 1,000,000 shares may be purchased by underwriters for overallotments. These shares were offered under a previously filed shelf registration statement with the SEC. The proceeds aim to support the development of Avinger’s Lumivascular platform, designed for treating Peripheral Artery Disease (PAD).

Positive

• Gross proceeds of approximately $5.2 million from the offering will support business development.
• Potential for additional 1,000,000 shares to be purchased if needed, enhancing liquidity.

Negative

• Dilution of existing shares due to the public offering may negatively impact shareholder value.

REDWOOD CITY, CA / ACCESSWIRE / August 25, 2020 / Avinger, Inc. (NASAQ:AVGR), a commercial-stage medical device company marketing the first and only intravascular image-guided, catheter-based system for diagnosis and treatment of patients with Peripheral Artery Disease (PAD), today announced the closing of an underwritten public offering of 11,063,830 shares of its common stock at a price of $0.47 per share, for total gross proceeds of approximately $5.2 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company. Additionally, the Company has granted the underwriters a 45-day option to purchase up to an additional 1,000,000 shares of common stock to cover over-allotments, if any, at the public offering price. The shares were offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). A prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC and are available on the SEC's website at www.sec.gov.

Aegis Capital Corp. acted as sole bookrunner for the offering.

A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by contacting Aegis Capital Corp., Attention: Prospectus Department, 810 7^th Avenue, 18^th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

About Avinger, Inc.

Avinger is a commercial-stage medical device company that designs and develops the first and only image-guided, catheter-based system for the diagnosis and treatment of patients with Peripheral Artery Disease (PAD). PAD is estimated to affect over 12 million people in the U.S. and over 200 million worldwide. 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.

Investor Contact:

Mark Weinswig
Chief Financial Officer
Avinger, Inc.
(650) 241-7916
ir@avinger.com

Matt Kreps
Darrow Associates Investor Relations
(214) 597-8200

Safe Harbor Disclosure

This press release includes statements that constitute "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 are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to the option granted by the Company's to the underwriters 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 effects of the COVID-19 pandemic on our operations and general economic conditions; 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, 2020 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.

SOURCE: Avinger, Inc.

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FAQ

What is the recent public offering by Avinger (AVGR)?

Avinger recently closed an underwritten public offering of 11,063,830 shares of common stock at $0.47 per share, raising approximately $5.2 million.

How much money did Avinger raise in its public offering?

Avinger raised approximately $5.2 million through its public offering.

What is the purpose of Avinger's recent stock offering?

The proceeds from the offering are intended to support the development of Avinger's Lumivascular platform for treating Peripheral Artery Disease.

Will Avinger's stock offering lead to dilution for existing shareholders?

Yes, the public offering will likely result in dilution of existing shares, which may affect shareholder value.