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Avinger closes out 2014 with $69m IPO

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Avinger closes out 2014 with $69m IPO

Avinger closed out a feverish medtech IPO season with by registering for a $69 million initial public offering in the waning days of 2014.

Redwood City, Calif.-based Avinger, which makes a family of vascular catheters aimed at the peripheral vascular market, filed Dec. 30 with the FDA for the offering. The company was founded in 2007.

Avinger said it plans to trade on the NASDAQ exchange under the AVGR symbol. The company reportednet losses of -$39.9 million, or -$3.60 per share, on sales of $13.0 million during 2013, according to the filing. For the 9 months ended Sept. 30, Avinger reported losses of -$29.3 million, or -$2.20 per share, on sales of $8.1 million, paring net losses by 23.8% despite a 14.9% top-line slide.

Canaccord Genuity and Cowen & Co. are the joint bookrunners on the deal, according to the filing.

"Our current products include our Lightbox imaging console, as well as our Wildcat, Kittycat, and the Ocelot family of catheters, which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion, or CTO. We are also developing Pantheris, our image-guided atherectomy device, designed to allow physicians to remove arterial plaque in PAD patients with precision. Pantheris is currently undergoing a U.S. clinical trial intended to support a 510(k) submission in the second half of 2015 to the U.S. Food and Drug Administration," Avinger said in the filing. "Our lumivascular platform is the only technology that offers real-time visualization of the inside of the artery during PAD treatment. We believe this approach will significantly improve patient outcomes by providing physicians with a clearer picture of the artery using radiation-free image guidance during treatment, enabling them to better differentiate between plaque and healthy arterial structures. Our lumivascular platform is designed to improve patient safety by enabling physicians to direct treatment towards the plaque, while avoiding healthy portions of the artery."

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