By Connor Hart
Avinger said it would cut 36 jobs, or about half of its workforce, as it switches focus to developing image-guided devices to penetrate a total blockage in an artery in the treatment of coronary artery disease.
The medical-device company, which according to its most recent annual report had 72 employees as of Dec. 31, 2023, previously focused on the manufacture and sale of products to treat peripheral artery disease, which occurs when arteries narrow due to a buildup of fatty deposits.
The company said Friday it laid off all sales and manufacturing personnel relating to its peripheral artery disease products. It doesn't believe that the change in strategic focus or the termination of employees would result in material charges.
Avinger's strategic shift comes less than a month after it said it would seek shareholder approval for a potential assignment for the benefit of creditors, followed by a voluntary dissolution and liquidation.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 03, 2025 17:53 ET (22:53 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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