Avinger Secures Waiver and Consent to CRG Loan Agreement
December 14 2017 - 4:01PM
Avinger, Inc. (NASDAQ:AVGR), a developer and manufacturer of
image-guided, catheter-based systems for the treatment of
peripheral arterial disease (PAD) and pioneer of the Lumivascular
approach to treating vascular disease, announced today it has
entered into an agreement with CRG to waive compliance by Avinger
with the minimum revenue covenant for 2017 included in the
company’s term loan agreement with CRG. Additionally, CRG agreed to
accept payment of interest due on December 31, 2017, in the form of
a payment-in-kind (PIK) loan. The PIK loan allows Avinger to
conserve cash usage by increasing the principal amount of the loan.
“We appreciate CRG’s ongoing support as we focus on achieving
important product development and clinical milestones in coming
quarters,” said Jeff Soinski, Avinger’s president and CEO. “CRG’s
partnership also provides the flexibility for us to continue to
focus our sales force on continued engagement with key accounts in
front of our anticipated next-generation Pantheris product
approvals in 2018.”
Avinger entered into a term loan agreement and a securities
purchase agreement with CRG in September, 2015. The total amount
owed to CRG as of September 30, 2017, including principal and
deferred interest, was $43.1 million.
About Avinger, Inc. Avinger is a
commercial-stage medical device company that designs and develops
the first-ever image-guided, catheter-based system that diagnoses
and treats patients with peripheral artery disease (PAD). Avinger
is dedicated to radically changing the way vascular disease is
treated through its Lumivascular platform, which currently consists
of the Lightbox imaging console, the Ocelot family of chronic total
occlusion (CTO) catheters, and the Pantheris® family of atherectomy
devices. Avinger is based in Redwood City, CA. For more
information, please visit www.avinger.com.
About CRGCRG is a premier healthcare-focused
investment firm with more than $3.0 billion of assets under
management across more than 45 portfolio companies. The firm seeks
to commit between $20 to $300 million in each investment across the
healthcare spectrum, including: medical devices,
biopharmaceuticals, tools & diagnostics, services and
information technology. CRG provides growth capital in the form of
long-term debt and equity to support innovative, commercial-stage
healthcare companies that address large, unmet medical needs. The
firm partners with public and private companies to provide flexible
financing solutions and world-class support to achieve exceptional
growth objectives with minimal dilution. CRG maintains offices in
Boulder, Houston and New York. For more information, please visit
www.crglp.com.
INVESTOR CONTACT
Matt FergusonAvinger, Inc.(650) 241-7917ir@avinger.com
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