Avinger, Inc., and PDL BioPharma PDLI 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.
See full press release
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