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Avinger, Inc. (NASDAQ: AVGR) is a commercial-stage medical device company committed to transforming the treatment of Peripheral Artery Disease (PAD) through innovative, image-guided, catheter-based systems. Founded and headquartered in Redwood City, California, Avinger designs, manufactures, and sells its proprietary Lumivascular platform, which includes the Lightbox imaging console, the Ocelot family of catheters for penetrating chronic total occlusions (CTOs), and the Pantheris family of atherectomy devices for removing arterial plaque.
Avinger's mission is to significantly improve clinical outcomes for PAD patients by offering precision and real-time imaging that enhances both diagnosis and treatment. The company's groundbreaking products are developed to address the needs of over 200 million PAD patients worldwide.
Key highlights of Avinger's product lineup include:
- Lightbox Imaging Console: An advanced system providing real-time intravascular imaging.
- Ocelot Catheters: Designed for crossing chronic total occlusions with precision.
- Pantheris Atherectomy Devices: The first-ever image-guided devices for the removal of arterial plaque.
- Tigereye ST CTO-Crossing Catheter: Launched to significant market enthusiasm, providing enhanced performance for complex procedures.
Recent financial disclosures indicate that Avinger is actively expanding its commercial footprint. The company recently reported financial results for the third quarter of 2023, with total revenue of $1.8 million and notable developments including the launch of the Tigereye ST and Pantheris LV systems. Despite a net loss of $4.5 million, Avinger continues to invest in product development and sales expansion, primarily in the United States.
A key strategic move for Avinger has been the newly formed partnership with Zylox-Tonbridge, a leading Chinese medical device company. This collaboration is set to provide up to $15 million in equity funding and facilitate Avinger's entry into the Greater China market. The partnership also aims to enhance manufacturing efficiency and explore new revenue opportunities through product distribution in the U.S. and Germany.
In addition to advancing its peripheral products, Avinger is making strides in the coronary space. The company is developing a new image-guided system for treating coronary artery disease (CAD), with plans to file an Investigational Device Exemption (IDE) application with the FDA by mid-2024. This development emphasizes Avinger's commitment to addressing unmet medical needs across both peripheral and coronary segments.
For the most current updates and detailed information on Avinger, Inc., their products, financial reports, and more, please visit their official website at www.avinger.com.
Avinger (NASDAQ:AVGR) announced a strategic shift to focus on its coronary artery disease program, leveraging its proprietary image-guided technology. The company aims to address unmet needs in the coronary market by developing an innovative therapeutic system. As part of this move, Avinger will reduce operating costs in its peripheral artery disease business by cutting headcount by 33%, expecting significant cost savings in the second half of 2024. Avinger plans to file an IDE application with the FDA later this year and start a clinical trial post-approval. The company supports its strategic partner's efforts for product registration in China and expects a U.S. launch of the Pantheris LV catheter in Q3 2024.
Avinger has converted $11 million, or about 80%, of its debt with CRG Partners into convertible preferred stock, reducing outstanding debt to $2.6 million. This move boosts stockholders' equity by $11 million, aiding Avinger's compliance with Nasdaq equity standards. The conversion is part of Avinger's strategy to expand its intravascular image-guided technology and coronary artery disease platform.
Avinger (Nasdaq: AVGR), a medical device company specializing in image-guided systems for vascular disease, reported Q1 2024 revenue of $1.9 million with an 18% gross margin. Operating expenses rose to $5.4 million, resulting in a net loss of $5.5 million. The company initiated Phase III studies for its coronary CTO-crossing system and announced a $15 million equity funding agreement with Zylox-Tonbridge, opening access to the Chinese market. Avinger also exchanged $61 million Series A preferred stock for $10 million Series A-1 stock with no liquidation or dividend preference.
Avinger, Inc. (NASDAQ:AVGR) will announce its first quarter 2024 financial results on May 15, 2024. The commercial-stage medical device company specializes in intravascular image-guided, catheter-based systems for diagnosing and treating vascular diseases. The earnings release will be followed by a conference call and webcast.
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