Avinger, Inc., and PDL BioPharma, Inc. (PDL) 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. Lumivascular procedures employ a catheter
system that incorporates light-based, radiation-free, intravascular imaging
technology within the actual interventional device. This provides physicians
with live, real-time, video-rate images of the inside of an artery during
treatment, offering a variety of benefits for patients, physicians and
hospitals.
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