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Avedro Completes New $32 Million Round of Financing
Dec 03, 2015 | Avedro
InterWest Partners and OrbiMed lead new round of financing focused on global corneal cross-linking opportunity
Avedro, Inc. [founded by Dartmouth engineering professor Stuart Trembly] 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.