WALTHAM, Mass.--(BUSINESS WIRE)--Avedro, Inc., an ophthalmic pharmaceutical and medical device company and the world leader in corneal remodeling, today announced that it has secured $25 million in financing led by Lilly Asia Ventures (LAV) with major participation from existing investors OrbiMed Advisors, InterWest Partners and HealthQuest Capital. Avedro will leverage this funding to invest in product development, clinical studies and commercial efforts, including expansion of sales and reimbursement support.
“Avedro’s mission is to develop non-invasive corneal remodeling treatments that protect and improve vision and dramatically better patients’ lives,” said Reza Zadno, PhD, CEO of Avedro. “This new funding brings together an exceptional syndicate of investors who are committed to helping us achieve this goal. It will allow us to accelerate adoption of the only FDA-approved cross-linking treatment and the development of our next-generation corneal remodeling applications.”
Dr. Zadno added, “We are particularly excited about our new partnership with Lilly Asia Ventures whose expertise in the pharmaceuticals industry and in Asian markets will be invaluable as we expand our product portfolio and global reach.”
In connection with this financing, Hongbo Lu, PhD, has joined the Avedro Board of Directors as a representative of LAV where she is a Partner. LAV originated as the venture arm of Eli Lilly & Co. in Asia in 2008 and is an independent global healthcare investment firm that focuses on various stages of investment opportunities from start-up to commercialization in the life science and healthcare sectors. Dr. Lu previously served as a Managing Director at Orbimed Advisors, LLC in Asia.
“I have been impressed by Avedro’s progress with the adoption of its corneal remodeling products and at the pace by which market access is expanding in the U.S.,” said Dr. Lu, “I am privileged to be given an opportunity to work with a group of experienced industry veterans and investors to help Avedro further advance its clinical programs and discover new, non-invasive ways to improve vision for patients around the world.”
Avedro is a privately held pharmaceutical and medical device company and the world leader in corneal remodeling. Our patented cross-linking technology, consisting of drug formulations and medical devices, are approved for sale in numerous countries around the globe. We continue to develop proprietary corneal remodeling products for the treatment of keratoconus, corneal ectasia and for refractive correction as an alternative to contacts and eyeglasses. Keratoconus and corneal ectasia are rare and sight-threatening eye conditions in which the cornea progressively thins and weakens causing the development of a cone-like bulge and optical irregularity of the cornea which can result in significant visual impairment.
At Avedro, our mission is to produce and deliver innovative, minimally invasive drugs and devices for corneal remodeling to eyecare professionals around the world to improve patients’ vision and quality of life.
About Lily Asia Ventures (LAV)
Lilly Asia Ventures (LAV), founded in 2008 and headquartered in Shanghai with offices in the Bay Area and Hong Kong, is a life sciences and healthcare sector focused investment firm, focusing predominantly on biopharmaceutical, med tech and diagnostics investments. As a leading life science investment fund, LAV provides capital, industry expertise, and global resources to its portfolio companies to accelerate their growth.