Avinger prices $5m offering

Avinger (NSDQ:AVGR) yesterday priced a stock offering worth nearly $5 million for its line of devices to treat peripheral artery disease.

The $4.5 million offering, of more than 3.8 million shares at $1.18 apiece, also includes a 45-day underwriters option on another 572,000 shares that would add $675,000 if exercised in full. The float is slated to close August 26, Redwood City, Calif.-based Avinger said.

The proceeds are earmarked for working capital and general corporate purposes, according to the company.

Aegis Capital is the sole bookrunner on the deal.

In June, Avinger pulled the trigger on a one-for-10 reverse stock split to boost its share price above the Nasdaq exchange’s $1-per-share minimum. Its Pantheris SV small vessel image-guided atherectomy system won 510(k) clearance from the FDA in April.

AVGR shares, which closed flat at $1.67 apiece yesterday, plunged -30.5% today in premarket trading, falling to $1.16 each.