REDWOOD CITY, CA - Avinger, Inc. (NASDAQ:AVGR), a medical device company specializing in image-guided, catheter-based systems, announced today the appointment of Dr. Thomas P. Davis as Chief Medical Officer for its peripheral business. Dr. Davis, a seasoned interventional cardiologist with over thirty years of experience, is recognized for his work with innovative technologies in the treatment of vascular disease, including Avinger's own devices.
In his new role, Dr. Davis will collaborate with Avinger's executive team to enhance clinical strategies and medical affairs, aiming to increase the adoption of the company's image-guided therapies. His responsibilities will also involve fostering partnerships within the medical community.
Dr. Davis has been at the forefront of medical device innovation, having been involved in the development of several interventional technologies. He has served as Director of Cardiovascular Research at St. John Hospital and Medical Center in Detroit, Michigan, and held leadership roles in the same institution's Cardiac Catheterization Lab and Peripheral Interventions. Moreover, Dr. Davis has contributed to clinical trials, scientific advisory boards, and numerous publications in the field of vascular disease.
Jeff Soinski, Avinger's president and CEO, expressed enthusiasm for Dr. Davis's appointment, highlighting his extensive experience and expertise with Avinger's technologies. Dr. Davis himself shared his eagerness to promote the benefits of the company's image-guided technology among his peers.
Avinger's proprietary technology integrates optical coherence tomography (OCT) to allow real-time intravascular imaging during atherectomy or CTO-crossing procedures, which is said to offer a new standard of care compared to traditional X-ray guided interventions.
This announcement is based on a press release statement from Avinger, Inc. and does not include any forward-looking statements or claims of superiority over other products. The company's commitment to innovation in the treatment of peripheral vascular disease continues, with Dr. Davis's leadership expected to contribute to its ongoing product development and market presence.
In other recent news, Avinger Inc . has announced a public offering expected to raise approximately $6 million, with the potential for an additional $18 million upon full exercise of associated Series Warrants. H.C. Wainwright & Co. acts as the exclusive placement agent for the offering.
In financial highlights, Avinger reported a total revenue of $1.9 million for the first quarter, with a gross margin of 18%, but a net loss of $5.5 million. The company also disclosed operating expenses of $5.4 million and cash reserves of $7.2 million.
Avinger has formed a strategic alliance with Zylox-Tonbridge, involving a $15 million investment from Zylox and exclusive distribution and manufacturing rights for Avinger's devices in China. The medical device company is also shifting its focus to its coronary artery disease program, reducing its peripheral artery disease operations by 33%.
This change is expected to result in significant cost savings. Avinger plans to file an Investigational Device Exemption application with the FDA later this year as part of its coronary development program. These are among the recent developments for Avinger Inc.
InvestingPro Insights
Avinger, Inc.'s (NASDAQ:AVGR) recent appointment of Dr. Thomas P. Davis as Chief Medical Officer comes at a time when the company is navigating through significant financial challenges. According to InvestingPro data, Avinger operates with a market capitalization of just $2.68 million and has been experiencing a negative revenue growth of 7.86% over the last twelve months as of Q1 2024. This contraction in revenue is coupled with a substantial debt burden, as highlighted by one of the InvestingPro Tips, which could impact the company's ability to invest in future innovations and market expansion.
Despite these financial headwinds, Avinger has seen a notable return over the last week, with a 9.38% price total return, which could indicate investor optimism following the strategic appointment. However, this short-term gain contrasts with a longer-term performance that includes a significant price decline of 86.66% over the past year. The InvestingPro Tips also point out that the company's stock has fared poorly over the last month, with a 19.77% decrease in price total return, underscoring the volatility and challenges faced by the company.
InvestingPro users can access additional insights and tips that may help in evaluating Avinger's financial health and future prospects. Currently, there are 12 more InvestingPro Tips available for Avinger, which provide a deeper analysis of the company's financial metrics and stock performance. For investors interested in the medical device sector, these tips can be a valuable resource for making informed decisions. To explore these tips further, visit https://www.investing.com/pro/AVGR.
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