The offering includes 12.6 million shares of its treat peripheral artery disease treatment device developer Avinger’s common stock at 25¢ per share with Aegis Capital acting as the sole bookrunner.
Redwood City, Calif.-based Avinger earmarked the potential proceeds for working capital and general corporate purposes, including the development of its Lumivascular platform products. The money may also go toward preclinical and clinical trials, marketing efforts, capital expenditures and more.
Avinger said in a news release that it has not yet determined the amount of the proceeds that would be used for any specific purpose and it does not know the timing of these expenditures.
The company also granted underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock offered to cover over-allotments, if any, at the public offering price. Avinger anticipates that the offering will close on or about April 30.