Both new as well as existing investors participated in the financing.

Avinger board of directors chairman Kenneth Novack noted the company is very pleased with the outcome of this recent capital raise, to support what it anticipates to be a very successful clinical trial of Pantheris, the first-ever peripheral atherectomy catheter that also incorporates intravascular imaging technology using optical coherence tomography (OCT).

"We are increasingly confident that Avinger’s Lumivascular Platform is well positioned to radically change the treatment of vascular disease," Novack added.

In conjunction with the financing Avinger has added three individuals to its board of directors. They are: PIMCO co-founder James Muzzy, co-founder of PIMCO, Concorde Capital president John Delfino, and Lucas Venture founder Donald A Lucas.

The combined strategic management experience of Muzzy, Delfino and Lucas will provide immediate and impactful additional expertise to the already robust Avinger board.