Massachusetts' Avedro Banks $42 Million, Opens New Facility and Will Continue to Expand Its Team
April 27, 2017
By Alex Keown, BioSpace.com Breaking News Staff
WALTHAM, Mass. – Privately-held Avedro, Inc., an ophthalmic pharmaceutical and medical device company, padded its bank account with $42 million in equity and debt financing, the company announced this morning.
Additionally, Avedro said it also opened a new manufacturing center in Burlington, Mass. and has plans to expand its corporate team. The new manufacturing facility is in operation and supports the company’s U.S. market, as well as its global supply chain. The new facility will also be able to meet growing demand in those markets, the company said. Avedro said the new plant will allow a significant increase in the production volume of Avedro’s corneal cross-linking technologies, which include the Mosaic and KXL Systems. Avedro’s Photrexa Viscous (riboflavin 5-‘phosphate in 20 percent dextran ophthalmic solution), Photrexa (riboflavin 5-‘phosphate ophthalmic solution) and KXL System are approved for sale in the United States.
In April 2016, the U.S. Food and Drug Administration approved Photrexa Viscous, Photrexa and the KXL System used in corneal collagen cross-linking for the treatment of progressive keratoconus. In September, the drugs were first used in corneal cross-linking procedures, the company said.
In July 2016, the drugs received FDA approval for the treatment of corneal ectasia following refractive surgery.
In its announcement this morning, Avedro said its operations are experiencing a “substantial growth” with an anticipated 2017 year-over-year increase in large capital equipment production.
“Our mission at Avedro 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,” Reza Zadno, chief executive officer of Avedro, said in a statement. “This infusion of capital combined with the opening of our new manufacturing facility will allow us to ensure availability of our commercial devices while expanding our pipeline and clinical development programs.”
The new round of equity financing was led by led by HealthQuest Capital, with strong support from existing investors OrbiMed Advisors and InterWest Partners. The debt financing was with an affiliate of OrbiMed, the company said. Jonathan Silverstein, a general partner at OrbiMed, said Avedro has established itself as a global leader in corneal cross-linking technology. He said OrbiMed was happy to support the growth of Avedro and “their ongoing efforts to discover new applications in refractive vision correction and other markets.”