WALTHAM, Mass.--(BUSINESS WIRE)--Avedro, Inc. announced today the successful completion of a $32 million equity financing led by new investors InterWest and OrbiMed which also includes several of the company’s existing investors. The additional capital strengthens Avedro’s balance sheet as it continues to expand global distribution of its KXL corneal cross-linking platform and commences commercialization outside of the United States of its Mosaic System. The Mosaic System performs a procedure called PiXL™ (Photorefractive Intrastromal Cross-Linking) which has the potential to deliver non-surgical correction of myopia, and improve cataract surgery outcomes.
Upon the close of the transaction, the Company has reorganized its Board of Directors. The new Board will consist of new members Gil Kliman of InterWest and Jonathan Silverstein of OrbiMed along with existing Board members Joe Mandato of De Novo Ventures, Robert Palmisano, and David Muller, President and CEO of Avedro.
“The Avedro corneal cross-linking technology is eagerly awaited by many in the eye care community,” said Gil Kliman, MD, InterWest, General Partner, and also a trained ophthalmologist. He continued, “This new investment will provide the resources needed to commercialize in the United States, if FDA approval is received, as well as help fund the longer term vision of PiXL as a non-invasive refractive procedure.”
“Avedro is pleased to partner with InterWest and OrbiMed as new investors. Proceeds from this financing provide the resources we need to launch in the US and continue to aggressively develop our PiXL procedure outside of the US for refractive correction and post-cataract surgery applications,” said David Muller, PhD, CEO of Avedro.
Avedro has re-submitted its NDA to the US FDA for corneal cross-linking technology. The company anticipates an application action date (PDUFA) in April 2016. If approved, the NDA would be the first FDA approved therapeutic treatment for progressive keratoconus and corneal ectasia following refractive surgery.
For more than 35 years, InterWest has partnered with exceptional entrepreneurs to build winning technology and healthcare companies. With more than 200 years of combined operating and investing experience, the firm’s investing team has raised $2.8B, completed 85 IPOs, and participated in over 80 upside acquisitions. As the firm invests InterWest X, a $650M fund, the InterWest team continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $15 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 100 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
About Avedro, Inc.
Avedro is a privately held pharmaceutical and medical device company advancing the science and technology of corneal cross-linking and refractive correction.
Avedro distributes its products in countries outside of the United States through a network of ophthalmic medical device distributors. Avedro’s products sold outside of the United States include capital equipment such as the UV-X devices, the KXL® and Mosaic™ Systems, and related proprietary pharmaceuticals such as the VibeX® and MedioCROSS® formulations. These systems and products are used in a variety of treatments including accelerated cross linking for keratoconus, Lasik Xtra and PiXL. Avedro products are not approved for sale in the United States.