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Avedro, Inc. Raises $43 Million in Pursuit of FDA Approval for Lasik Device



3/5/2013 7:33:04 AM

WALTHAM, Mass.--(BUSINESS WIRE)-- Avedro, Inc. 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.”

About Avedro, Inc.

Avedro is a privately held medical device and pharmaceutical company advancing the science and technology of corneal crosslinking. The Company’s products include capital equipment and related pharmaceutical products. The products are currently used to treat several pathologies as well as to improve Lasik procedure outcomes in a procedure known as Lasik Xtra®. In 2012 there were almost 50,000 Lasik Xtra procedures performed worldwide with Avedro’s products. The Company is preparing to launch a new device platform which will open up significant new procedure opportunities that the Company has already demonstrated in early trials. Outside the US, Avedro has obtained CE Mark for its KXL System® and its family of riboflavin products. The Company’s technology is currently being used in three Phase III clinical studies in the US involving over 100 sites. Avedro products are not for sale in the US.

About Abingworth

Abingworth is an international investment group dedicated exclusively to the life sciences and healthcare sectors with over $1.25 billion under management. Abingworth has offices in London, Menlo Park (CA) and Boston.

About Third Point LLC

Third Point LLC is an SEC-registered investment adviser headquartered in New York, managing $11.2 billion in assets. Founded in 1995, Third Point follows an event-driven approach to global investing.

Contact:

Avedro, Inc.

Kristen Gleason, 781-768-3400

kgleason@avedro.com


Read at BioSpace.com


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