Avinger News: AVGR Stock Down 8% Following FDA Approval

Avinger (NASDAQ:AVGR) news for Friday concerning approval from the U.S. Food and Drug Administration (FDA) for one of its devices has AVGR stock on the move.

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The approval from the FDA is for the company’s Tigereye product. This is an image-guided chronic total occlusion crossing system that can offer HD, real-time intravascular imaging to doctors. This is the first device that allows doctors to see inside the artery in real-time.

Avinger notes that Tigereye will be used to help patients suffering from Peripheral Artery Disease. There are roughly 12 million people in the U.S. suffering from this issue and 200 million people globally.

Dr. Jaafer Golzar, chief medical officer at Avinger, said the following about the news.

“I believe that TIGEREYE represents a major advancement for patients with chronic total occlusions, which presents one of the most significant technical challenges to physicians treating peripheral artery disease. By combining real-time intravascular imaging and the ability to precisely control the device within the vessel, TIGEREYE provides an important new tool to help interventionalists stay within the true lumen while successfully crossing these challenging lesions.”

Avinger says that it’s aiming for a limited launch of Tigereye in the U.S. starting in Q4 of this year. After that, the company is aiming for a wider launch of the device in early 2021.

AVGR stock started off Friday soaring 36.6% from Thursday’s close. However, the stock quickly began to fall and is now down 7.8% as of Friday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/09/avinger-news-hammers-avgr-stock/.

©2020 InvestorPlace Media, LLC

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