Medical device company Avinger unveils IPO

Redwood, California-based medical device company Avinger Inc has raised $65 million for its IPO after having priced its 5 million shares at $13 per share. The stock began trading Friday on the NASDAQ under the ticker symbol “AVGR.” Canaccord Genuity Inc and Cowen and Co. are the lead underwriters.


Redwood City, California, January 30, 2015 – Avinger, Inc. (NASDAQ: AVGR) today announced the pricing of its underwritten initial public offering of 5,000,000 shares of its common stock at a public offering price of $13.00 per share. The company’s shares are expected to begin trading on The NASDAQ Global Market on January 30, 2015 under the ticker symbol “AVGR.” Avinger has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock to cover overallotments, if any, at the initial public offering price. The net offering proceeds to Avinger from the sale of the shares are expected to be approximately $56.9 million, after deducting underwriting discounts and commissions and estimated offering expenses, and excluding any exercise of the underwriters’ overallotment option. The offering is expected to close on February 4, 2015, subject to customary closing conditions.

Canaccord Genuity Inc. and Cowen and Company, LLC are acting as joint book-running managers and Oppenheimer & Co. Inc., BTIG, LLC., and Stephens Inc. are acting as co-managers for the offering.

The shares described above will be issued pursuant to a written prospectus forming part of the registration statement on Form S-1 filed with and declared effective by the Securities and Exchange Commission. When available, copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting the Syndicate Department of Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone/email at (800) 225-6201/, or by contacting Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by telephone at (631) 274-2806 or by fax at (631) 254-7140.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Avinger, Inc. – Avinger is a commercial-stage medical device company that designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease, or PAD. The company manufactures and sells a suite of products including the Lightbox imaging console, as well as the Wildcat, Kittycat, and the Ocelot family of catheters. Avinger is based in Redwood City, California.