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Medical device-maker Avinger prices $4.5M common stock offering

Avinger Inc., a developer of devices used to diagnose and treat peripheral artery disease, priced an offering of common stock to raise about $4.5 million in gross proceeds.

The Redwood City, Calif.-based company will issue 3,813,559 shares for $1.18 each. Avinger also granted underwriters a 45-day option to buy as many as 572,033 additional common shares to cover overallotments, if any, at the public offering price.

The offering would close around Aug.26.

The company plans to use the net proceeds for activities that may include the research and development of its Lumivascular platform products, preclinical and clinical trials, regulatory submissions, and intellectual property protection and enforcement.

Aegis Capital Corp. is the sole book runner for the offering.