Navigation Links
PDL BioPharma Completes Structured Financing and Royalty Transaction with Avinger
Date:4/22/2013

INCLINE VILLAGE, Nev., April 22, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) and Avinger, Inc. announced today that they closed a structured financing and royalty transaction on April 18, 2013, in which PDL will provide Avinger with up to $40 million of financing. 

(Logo:  http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

Founded and led by the visionary cardiologist and medical device entrepreneur, Dr. John Simpson , Avinger is a designer of therapeutic devices incorporating intravascular imaging, and is a pioneer of the lumivascular approach to treating vascular disease.  This financing assists Avinger in the commercialization of its currently marketed OcelotTM and LightboxTM next-generation lumivascular catheter devices used to open totally occluded arteries in the legs, and in the development of PantherisTM, Avinger's next-generation lumivascular atherectomy device.

The total financing of up to $40 million was provided pursuant to a Credit Agreement that included $20 million in cash funded to Avinger on April 18, 2013, and up to $20 million in additional funds to Avinger upon the accomplishment of certain specified revenue milestones.  In exchange, PDL will receive interest on the principal amount outstanding and a low, single-digit royalty on Avinger's revenues from the sale of Avinger's suite of products through April 2018. 

"We are very pleased to partner with Avinger.  We are extremely impressed with the depth and breadth of experience in Dr. Simpson and his team," said John P. McLaughlin , president and chief executive officer of PDL.  "Our thorough diligence confirmed that he and the Avinger team continue to revolutionize the total occlusion and atherectomy space. We are excited to support their efforts."

"We are delighted to have chosen PDL as a partner," remarked Dr. Simpson, CEO of Avinger.  "We have been able to quickly and efficiently raise significant capital without diluting our existing shareholders, something we find very valuable.  We look forward to a strong, mutually-beneficial relationship with PDL."

About Avinger, Inc.
Founded in 2007 by renowned cardiologist and medical device entrepreneur Dr. John B. Simpson , Avinger seeks to radically improve the treatment of vascular disease through the development of new technology and a new approach to treatment called lumivascular (lumi = light, vascular = artery). Already commercially available is Ocelot, the first line of devices using lumivascular technology, used in procedures to open totally occluded arteries in the legs.  In addition, Avinger is currently developing a line of lumivascular atherectomy devices, called Pantheris, which will be used to remove plaque from the arteries affected by peripheral artery disease.

About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new income generating assets and maximizing value for its shareholders. For more information, please visit www.pdl.com.

Cautionary Statements Concerning Forward-Looking Statements
This Press Release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "may", "should", variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding product development, product potential or financial performance. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect the business of each of Avinger and PDL and their markets, particularly those discussed in the risk factors and cautionary statements in filings made by PDL with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made, and neither Avinger nor PDL assumes any responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise. 


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. New PAREXEL Report Defines The Next Generation Of Strategic Partnerships Between CROs And Biopharmaceutical Industry
2. Biopharmaceutical Managed Care Strength Closely Intertwined with Marketplace Success
3. Comparison of Biopharmaceutical Industry Between China and India 2013
4. TransCelerate BioPharma Inc. Grows, Strengthens Novel Effort to Accelerate Drug Development
5. Biopharmaceutical Companies Transform Clinical Trial Strategies for Success in Global Marketplace
6. Americas Biopharmaceutical Companies Commitment to Research Remains Strong Despite Challenges
7. Absorption Systems Partners with Synerzys to Promote Biopharmaceutics Classification System (BCS) Testing of Drugs
8. In Q1 Public Biopharmas Shift Fundraising into Overdrive
9. Array BioPharma Announces Updates on ARRY-520 Clinical Data at the 2013 International Myeloma Workshop
10. Array BioPharma Names Michael N. Needle, M.D. As Chief Medical Officer
11. First Patients Dosed in Proof-of-Concept Clinical Study of Alder Biopharmaceuticals Lead Therapeutic Candidate for Treatment of Migraine, ALD403
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/18/2017)... 18, 2017 EpiVax, Inc. ("EpiVax") ... and immune engineering, today announced a new ... (H7N9) vaccine. ... influenza and presents a challenge for traditional ... to be effective. Using state-of-the-art bioinformatics and molecular ...
(Date:9/12/2017)... -- Consumer reviews on the independent review site Consumer Affairs ... for hearing aids, ranking it higher than Miracle Ear ™, ... ... Hearing Aids ... store that provides high performance, state-of-the-art, German-engineered hearing aids directly to ...
(Date:9/9/2017)... , Sept. 8, 2017 Dealmed Medical Supplies, ... supplier of medical equipment, supplies, drugs, vaccines, and specialty ... entered into an agreement to acquire Vantage Medical Supplies, ... in Holtsville, New York . ... supplying new and emerging medical practices, will operate under ...
Breaking Medicine Technology:
(Date:9/24/2017)... ... September 24, 2017 , ... The Tuscany Resort on ... and one of Provo's premier boutique resorts, is planning on re-opening the resort on ... after devastating Hurricanes Irma and more recently Hurricane Maria, and the staff and landscaping ...
(Date:9/24/2017)... ... ... boy was walking home and feeling down about himself. He didn’t think he was good ... he can do whatever he wants to do if he puts his mind to it. ... God created him with special talents and gifts. We see his internal dialogue change. He ...
(Date:9/23/2017)... California (PRWEB) , ... September 23, 2017 , ... ... discusses the behavioral approach to fighting obesity of Robert Kushner, director of Chicago’s ... to weight loss and promoting healthier habits, the article notes that the center ...
(Date:9/22/2017)... ... September 22, 2017 , ... MEDIA OPPORTUNITY: , Save Our Hospital ... citizens on why they are rallying against Mayo Clinic. Specifically, media can talk to ... Dr. Noseworthy’s (CEO) decision to close the Albert Lea hospital. , The rally aims ...
(Date:9/22/2017)... ... September 22, 2017 , ... Fenwick Agency of Plano, TX has ... serve as part of the nationally recognized ‘Agents of Change’ movement. The agency pledges ... and community leaders to seek out those who most need help. Their hope is ...
Breaking Medicine News(10 mins):