Intravascular imaging catheter developer Avinger raises $25M, switches execs

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Avinger, a medical device manufacturer of catheters for treating peripheral artery disease, has completed a $25 million Series B round of funding.

The round will be used to accelerate the commercialization of Wildcat and Kittycat guidewire support catheters and complete development of its therapeutic catheters, which integrate visualization of arterial blockages based on optical coherence tomography (OCT) imaging technology, according to the company.

In conjunction with the financing, Kenneth Novack, former chairman of Schnitzer Steel Industries, has been appointed as chairman of Avinger’s board of directors.

The company is completing enrollment for its CONNECT study in which it is seeking a more specific indication for in chronic total occlusions from the FDA for their Wildcat device. The Redwood City, Calif.-based Avinger said it expects to finish enrollment in the first quarter of 2011.

The Boston-based investment bank Stonebridge Associates acted as financial advisor in the fundraising efforts.