Avinger inks $15m share purchase deal

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Avinger

Avinger (NSDQ:AVGR) said today it inked a $15 million stock purchase agreement with Lincoln Park Capital Fund.

Through the deal, the Redwood City, Calif.–based company said it will have the right and sole discretion to sell $15 million worth of shares over a 30-month period to Lincoln Park Capital, with proceeds slated to support working capital and general corporate purposes.

Avinger said that there are no upper limits to the price Lincoln Park Capital must pay for the stock and that share price will be based upon prevailing market value of Avinger sales for each sale to the fund.

“We welcome Lincoln Park as a new investor as we approach key milestones related to the development of our next-generation lumivascular catheters. The ability to sell common stock under the purchase agreement will provide us with flexibility in capital raising and the potential to extend our financial runway,” Avinger CEO Jeff Soinski said in a press release.

In August, shares in Avinger fell after the medical device developer missed expectations on Wall Street with its 2nd quarter earnings results.

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