Avinger reduces headcount dedicated to peripheral business by 33%

Avinger will increase focus on its coronary artery disease program, where it is developing a new image-guided therapeutic system to address unmet coronary market needs, while reducing the operating costs of its peripheral artery disease business. As part of this strategic prioritization, Avinger has reduced headcount dedicated to its peripheral business by 33%, which is expected to provide significant cost savings in the second half of 2024. “Our coronary product development program represents an opportunity to establish a leading position in a large addressable market currently characterized by complex, expensive and often unsuccessful procedures,” said Jeff Soinski, Avinger’s President and CEO. “By leveraging our proprietary image-guided technology and portable Lightbox 3 platform, we believe we 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. We remain on track to file an IDE application with the FDA later this year and are excited to initiate a clinical trial following approval. 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. We continue to support our strategic partner’s efforts to achieve regulatory registration of our image-guided products in the greater China market and anticipate the U.S. commercial launch of our new Pantheris LV image-guided atherectomy catheter in the third quarter of this year.”