Avedro Completes $43 Million Series D Financing

Business Wire

March 5, 2013

Stuart Trembly
Prof. Stuart Trembly

Avedro, Inc. [Founded by Professor Stuart Trembly] announced today the completion of a $43 million Series D financing led by Abingworth along with a significant investment by Third Point. Avedro’s other investors include Prism Venture Works, De Novo Ventures, Flagship Ventures, Aperture Ventures, SCP Vitalife Partners, Borealis Ventures and Echelon Ventures.

As part of the transaction, David Mayer from Abingworth and Jason Hong, PhD from Third Point will be joining the Board of Directors.

“The Avedro team has successfully accomplished the development of breakthrough devices and drugs with exciting therapeutic applications in the ophthalmic space,” said David Mayer of Abingworth. “The demand for those products is apparent by their successful commercial launch into 32 countries outside the United States.”

“Avedro is pleased to welcome Abingworth and Third Point as new investors to Avedro. Proceeds from this financing will allow us to execute on both our global commercialization strategy and our US FDA approval strategy,” said David Muller, PhD, CEO of Avedro. Dr. Muller continued, “In addition, Avedro plans to use proceeds from this financing to continue its aggressive research and development efforts. These are aimed at expanding the use of corneal crosslinking into applications such as cataract and refractive surgery which represent billion dollar market opportunities.”

Read full article