Avinger, PDL Biopharma Close on $40M Structured Financing and Royalty Transaction

Avinger, Inc., and PDL BioPharma

announced today the closing of a structured financing and royalty transaction on April 18, 2013, in which PDL will provide Avinger with up to $40 million of mezzanine financing. PDL is providing $20 million at closing and up to an additional $20 million upon achievement of certain future revenue milestones. In exchange, PDL will receive interest on the principal amount outstanding and a low, single-digit royalty on Avinger's revenues through April 2018. The funds will be used to support the continued commercialization of Avinger's lumivascular technologies, which currently consist of the Ocelot family of products and Lightbox, and further development of Pantheris™, the company's next-generation lumivascular atherectomy device.