Avinger, Inc., a Redwood City, CA-based medical device manufacturer of multi-functional catheters for treating peripheral artery disease (PAD), completed a $25m Series B round of funding from a syndicate of entrepreneurs and executives.
The company intends to use the funding to accelerate the commercialization of the Wildcat™ and Kittycat™ guide wire support catheters and complete development of its therapeutic catheters, which integrate real-time visualization of arterial blockages based on optical coherence tomography (OCT) imaging technology.
In conjunction with the financing, Mr. Kenneth Novack, former Chairman of Schnitzer Steel Industries (NASDQ: SCHN), has been appointed as Chairman of Avinger’s board of directors.
Founded in 2007 by CEO Dr. John B. Simpson, Avinger is currently completing enrollment for a study in which it is seeking a more specific indication from the FDA for the Wildcat device in chronic total occlusions. The company expects to finish enrollment in the first quarter of 2011.