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Avinger, Inc. (NASDAQ:AVGR), a commercial-stage medical device company developing and marketing the first and only intravascular image-guided, catheter-based systems for diagnosis and treatment of vascular disease, today announced the conversion of $11 million or approximately 80% of its existing debt with entities affiliated with CRG Partners III L.P. ("CRG") into a shares of a new series of convertible preferred stock.
Following the conversion, the outstanding principal amount of debt with CRG is $2.6 million. The debt conversion results in an $11 million increase in stockholders' equity.
Posted In: AVGR
