April 27, 2017
Avedro, Inc., an ophthalmic pharmaceutical and medical device company and world leader in corneal remodeling, today announced that it secured a combined $42 million in equity and debt financing.
Avedro, Inc. notes the equity financing was led by HealthQuest Capital, with strong support from existing investors OrbiMed Advisors and InterWest Partners. The debt financing is with an affiliate of OrbiMed. Avedro also announced the opening of its new, state-of-the-art, manufacturing facility in Burlington, Massachusetts, located near the company’s headquarters in Waltham, and plans to continue expanding its corporate team.
“Our mission is to commercialize our innovative orphan drug products to treat progressive keratoconus and corneal ectasia following refractive surgery and continue to develop new non-invasive technologies that may help reduce the need for eyeglasses and contact lenses,” said Reza Zadno, Chief Executive Officer, Avedro. “We are pleased to continue our partnerships with Orbimed and InterWest and to begin a relationship with HealthQuest. This infusion of capital combined with the opening of our new manufacturing facility will allow us to ensure the availability of our commercial devices while expanding our pipeline and clinical development programs.”
“Avedro has established itself as the global leader in corneal cross-linking technology, particularly in the areas of progressive keratoconus and corneal ectasia following refractive surgery,” said Jonathan Silverstein, a General Partner at OrbiMed. “We value our partnership with Avedro and are happy to support their growth, as well as their ongoing efforts to discover new applications in refractive vision correction and other markets.”
“Avedro, whose FDA-approved cross-linking technology provides a vital treatment option for patients with progressive keratoconus and corneal ectasia following refractive surgery, both sight-threatening orphan diseases, is exactly the kind of innovative medical technology company that our investment strategy focuses on,” said Garheng Kong, Managing Partner, HealthQuest.
The newly completed manufacturing facility is now operational, supporting the domestic U.S. market and a global supply chain. The purpose built plant utilizes 5S, Lean, and 6 Sigma methodologies throughout its operations, and will allow a significant increase in the production volume of the company’s corneal cross-linking technologies, which include the Mosaic™ and KXL® Systems.
The company’s operations are experiencing substantial growth with an anticipated 2017 year-over-year increase in large capital equipment production. The expanded manufacturing capacity in Burlington will allow Avedro to meet growing demand in the U.S. and global markets.