Avinger to raise $40 million via credit agreement with PDL BioPharma

Investor will be paid interest and single-digit royalty on revenues

By Devika Patel

Knoxville, Tenn., April 22 - Avinger, Inc. said it negotiated a $40 million credit agreement with PDL BioPharma, Inc.

The credit agreement includes $20 million of cash that settled on April 18 and up to $20 million of additional funds that will be made available to the company when it achieves certain revenue milestones. In exchange, PDL will receive interest on the principal and a low, single-digit royalty on Avinger's revenues from the sale of the company's suite of products through April 2018.

Based in Redwood City, Calif., Avinger is a private company that designs therapeutic devices to treat vascular disease.

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