Avinger, Inc. announces increase in focus on coronary artery disease program

Avinger, Inc., a commercial-stage medical device company developing and marketing catheter-based systems for the diagnosis and treatment of vascular diseases, has announced its decision to increase its focus on its coronary artery disease program. The company will develop an innovative new image-guided therapeutic system to address unmet coronary market needs while reducing the operating costs of its peripheral artery disease business.

Reduction of Headcount

The strategic prioritization of Avinger has resulted in a reduction of headcount dedicated to its peripheral business by 33%, which is expected to provide significant cost savings in the second half of 2024. “We are streamlining operations for our peripheral business to reduce operating costs while ensuring this important therapy remains available to physicians who use our proprietary image-guided devices to address critical medical conditions,” said Jeff Soinski, Avinger’s President and CEO.

Coronary Product Development Program

The coronary product development program of Avinger represents an opportunity to establish a leading position in a large addressable market currently characterized by complex, expensive, and often unsuccessful procedures. The company believes that its proprietary image-guided technology and portable Lightbox 3 platform can significantly improve CTO-crossing success rates and safely reduce procedure times while accessing established reimbursement codes for coronary CTO-crossing and OCT diagnostic imaging following FDA clearance.

ID Application to be Filed with the FDA

Avinger is on track to file an IDE application with the FDA later this year and plans to initiate a clinical trial following approval. The move is expected to help the company redefine a large and underserved market.

Strategic Partnership Efforts in China

While Avinger is reducing headcount for the peripheral business, the company continues to support its strategic partner’s efforts to achieve regulatory registration of its image-guided products in the greater China market. The company anticipates the U.S. commercial launch of its new Pantheris LV image-guided atherectomy catheter in the third quarter of this year.

About Avinger

Avinger is a commercial-stage medical device company that designs and develops the first image-guided, catheter-based system for the diagnosis and treatment of patients with vascular disease in the peripheral and coronary arteries. Avinger is dedicated to radically changing the way vascular disease is treated through its Lumivascular platform, which currently consists of the Lightbox series of imaging consoles, the Ocelot and Tigereye® family of chronic total occlusion (CTO) catheters, and the Pantheris® family of atherectomy devices for the treatment of peripheral artery disease (PAD), estimated to affect more than 200 million people worldwide.

Conclusion

The increase in focus on Avinger’s coronary artery disease program is a positive move for the company, which aims to establish itself as the leader in a large market. By reducing its operating costs for the peripheral business, the company can focus on developing innovative, new products to address unmet needs. Meanwhile, the company’s continued efforts to support its strategic partner’s regulatory registration in the greater China market and its U.S. commercial launch of a new product show its determination to remain a leading player in the industry.

Originally Post From https://finance.yahoo.com/news/avinger-increases-focus-coronary-development-113000651.html

Avinger Boosts Efforts in Coronary Development, Trims Operating Costs of Peripheral