AVGR Stock Price Increased 32.43%: Why It Happened

By Amit Chowdhry ● January 16, 2021
  • The stock price of Avinger Inc (NASDAQ: AVGR) increased by 32.43% on January 15. This is why it happened.

The stock price of Avinger Inc (NASDAQ: AVGR) — a commercial-stage medical device company marketing the first and only intravascular image-guided and catheter-based system for diagnosis and treatment of Peripheral Artery Disease (PAD) — increased by 32.43% as it went from a previous close of $1.11 to $1.47. One of the biggest triggers for the stock price increase has to do with an initiation of the full commercial launch of the Tigereye image-guided chronic total occlusion (CTO) crossing system.

With the initiation of full commercial launch, current and prospective accounts throughout the US and Germany are now able to order the Tigereye device. And during the fourth quarter of 2020, Avinger conducted a limited launch at 12 clinical centers in the U.S. and Germany. About 50 CTO cases were successfully performed, showcasing Tigereye’s advanced clinical capabilities and excellent product reliability in a variety of lesion types and settings.

Tigereye features high definition, real-time intravascular imaging, and a user-controlled deflectable tip designed for steerability within the lumen. And Tigereye also includes an enhanced distal tip configuration with rotational speeds up to 1000 RPM designed to penetrate challenging lesions.

The Tigereye catheter has a working length of 140 cm and 5 French sheath compatibility to enable treatment of lesions in peripheral vessels both above and below the knee. And Tigereye is complementary to Avinger’s image-guided atherectomy line of catheters, including the Pantheris Next Generation and Pantheris SV devices.

Avinger’s proprietary Lumivascular technology enables physicians (for the first time ever) to see from inside the artery during an atherectomy or CTO crossing procedure by using an imaging modality called optical coherence tomography (OCT) that is displayed on Avinger’s Lightbox console. And physicians performing atherectomy or crossing CTOs with other devices must rely solely on X-ray and tactile feedback to guide their interventions while treating complicated arterial disease.

With the Lumivascular approach, physicians can more accurately navigate their devices and treat PAD lesions, thanks to the real-time OCT images generated from inside the artery without exposing healthcare workers and patients to the negative effects of ionizing radiation.

KEY QUOTES:

“The limited launch program demonstrated Tigereye’s strong clinical results and efficiency across a wide range of PAD cases. The enhanced imaging, higher rotational speeds and ability to precisely control the device inside the vessel are truly remarkable advancements in Avinger’s family of intravascular OCT-guided catheters. Physicians have been able to consistently, safely and effectively cross complex CTOs, including cases that may have required more invasive procedures such as bypass or amputation, fully demonstrating the unique benefits of Avinger’s proprietary image-guided technology.”

— Dr. Jaafer Golzar, an interventional cardiologist and Avinger’s Chief Medical Officer

“We are excited to progress to full commercial launch of our next-generation Tigereye device. The limited launch program conducted with 14 physician users affirmed our belief that Tigereye represents an important advance for physicians seeking better solutions on behalf of their CTO patients, who often present with the most challenging and complex PAD cases.”

“We believe full commercial availability of the Tigereye device will be an important contributor to expanding our revenue growth opportunities in 2021, both in terms of attracting new Avinger user sites and supporting higher utilization per site,” Soinski continued. “With three new product families launched in less than three years, Avinger offers physicians a comprehensive suite of the most advanced PAD therapeutic devices available today to provide effective, measurable treatment options with superior patient outcomes.”

— Jeff Soinski, Avinger’s President and CEO

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.