REDWOOD CITY, CA - Avinger, Inc. (NASDAQ:AVGR), a medical device company, has bolstered its intellectual property portfolio with the issuance of a new U.S. patent and the allowance of five additional patents by the U.S. Patent and Trademark Office (USPTO). These recent developments enhance the protection of Avinger's image-guided, catheter-based systems designed for vascular disease diagnosis and treatment.
On September 17, 2024, the USPTO issued U.S. Patent No. 12,089,838 for an "Atherectomy Catheter with Laterally-Displaceable Tip," a component of Avinger's technology. The company also received notices of allowance for five more patents covering various aspects of their proprietary optical coherence tomography (OCT) system and related devices.
Jeff Soinski, Avinger's President and CEO, emphasized the importance of the company's growing intellectual property estate, which now includes 74 issued and allowed U.S. patents. He highlighted the role of their R&D team in developing unique solutions for vascular disease treatment.
Avinger's Lumivascular platform, which underpins their product line, is aimed at transforming vascular disease treatment. The platform features the Lightbox imaging consoles, the Ocelot and Tigereye® family of catheters, and the Pantheris® family of atherectomy devices for peripheral artery disease (PAD) management. PAD is a condition affecting over 200 million people globally.
Additionally, Avinger is working on a product for coronary artery disease (CAD) treatment, focusing on an image-guided system for crossing coronary artery occlusions. This innovation has the potential to redefine a significant and underserved market segment.
The information in this article is based on a press release statement from Avinger, Inc.
In other recent news, Avinger Inc . has made several strategic moves, including the approval of common stock issuance upon the exercise of certain warrants by its shareholders. This development aligns with Nasdaq Listing Rule 5635(d) and is a significant step in securing additional capital for the company's operations and development projects. Avinger's Q2 2024 financial results revealed a total revenue of $1.8 million with a gross margin of 20%. Operating expenses were reduced to $4.5 million, resulting in a net loss of $4.4 million. The company also announced a partnership with Zylox-Tonbridge to penetrate the Greater China market and improved its financial position by converting $11 million of debt into convertible preferred stock. Additionally, Avinger completed a public offering valued at up to $24 million. These are recent developments that highlight the company's strategic efforts to strengthen its financial position and expand its market reach.
InvestingPro Insights
As Avinger, Inc. (NASDAQ:AVGR) continues to expand its intellectual property portfolio and develop innovative medical devices for vascular disease treatment, it's important to consider the financial health and market performance of the company. According to InvestingPro data, Avinger holds a market capitalization of approximately $2.39 million, reflecting its current valuation within the industry. Despite the challenges, the company's commitment to R&D and innovation in the medical device sector remains evident.
InvestingPro Tips indicate that Avinger has more cash than debt on its balance sheet, which can be a positive sign of financial stability. Nonetheless, the company is quickly burning through cash, which is a concern for long-term sustainability. Moreover, Avinger's stock has experienced significant volatility, with a price total return of -82.87% over the last year, indicating potential challenges in maintaining investor confidence.
For investors looking to delve deeper into Avinger's performance and potential, InvestingPro offers additional insights. Currently, there are 10 more InvestingPro Tips available, providing a comprehensive analysis of the company's financials and market standing. Interested readers can explore these tips by visiting InvestingPro's dedicated page for Avinger at https://www.investing.com/pro/AVGR.
With Avinger's next earnings date scheduled for November 8, 2024, stakeholders will be closely monitoring the company's progress and financial results. The InvestingPro Fair Value estimate stands at $1.79, suggesting a potential upside from the previous close price of $1.04, based on certain financial metrics and analyst targets.
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