Avinger Inc., which makes catheters to help treat peripheral artery disease, has raised $33 million in Series D venture funding, officials at the Redwood City company said Tuesday.
Unidentified prior investors kicked in more than $11 million, according to the company. It said PAD affects between 8 million and 12 million adults nationwide, and results in more than 150,000 leg amputations annually, citing U.S. Census data.
Avinger's Ocelot catheter, featuring "integrated real-time intravascular imaging," recently completed a clinical trial, according to Dr. John Simpson, Avinger's CEO and founder. He said the new device is being marketed in Europe, and that the company expects to submit it to the Food and Drug Administration for approval in the United States in October.
The new funding will be used for that process and to support continued research and development involving Avinger's Wolverine catheter, officials said.
JMP Securities acted as financial advisor on the transaction.
The company didn't identify any of the investors in the latest round of financing, or earlier rounds, but a spokeswoman said all are private individuals, as opposed to VC firms.
In early May, Avinger said its CONNECT II global clinical trial was "conditionally approved by the FDA. The new Ocelot imaging technology "helps to eliminate the need for bypass surgeries and/or amputations in patients with the disease," the company said May 9. It said 14 U.S. hospitals were participating in the trial. – less–ZoomInfo