Avinger (NASDAQ:AVGR) stock is taking off on Friday after releasing a news update for its Tigereye medical device.
Here’s everything potential AVGR stock investors need to know about the company and why it’s up today.
- Avinger announced the full commercial launch of Tigereye today.
- This is the company’s “intravascular image-guided, catheter-based system for diagnosis and treatment of Peripheral Artery Disease (PAD).”
- AVGR previously only had a limited release of the device but had announced plans for the commercial launch last week.
- The company notes that Tigereye is the first of its kind of product.
- It allows physicians to see inside of an artery in real-time when conducting an atherectomy or chronic total occlusion (CTO) crossing procedure.
- Avinger notes that there’s plenty of potential use for Tigereye as an estimated 12 million people suffer from PAD in the U.S.
- That number inflates higher to 200 million people when looking at the global market for the medical device.
- The company also notes that the limited release was positive with about 50 successful CTO cases.
- The commercial launch has investors snatching up shares of AVGR stock today.
- As of this writing, more than 100 million shares have changed hands.
- That’s a massive spike next to the company’s daily average trading volume of 18.8 million shares.
Jeff Soinski, president and CEO of Avinger, said this about the news pushing AVGR stock up today.
“We believe full commercial availability of the Tigereye device will be an important contributor to expanding our revenue growth opportunities in 2021, both in terms of attracting new Avinger user sites and supporting higher utilization per site.”
AVGR stock was up 41.7% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.