Avedro Completes New $32M Round

Inc, Avedro. Announced today the successful completion of $32 million of equity financing led by new investors InterWest and OrbiMed, which also includes a number of existing investors in the company. The additional capital strengthens Avedro’s balance sheet as it continues to expand the global distribution of its KXL corneal cross-linking platform and begins commercialization outside the United States of its Mosaic System. The Mosaic System performs a procedure called PiXLTM (Photorefractive Intrastromal Cross-Link) which has the potential to deliver non-surgical correction of myopia and improve cataract surgery outcomes.

‘Avedro is pleased to partner as new investors with InterWest and OrbiMed. Proceeds from this funding provide the resources we need to launch in the US and continue to aggressively develop our PiXL procedure outside the US for refractive correction and post-cataract surgery applications.
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Upon completion of the transaction, the Company reorganized its Board of Directors. The new Board will be composed of new members Gil Kliman of InterWest and Jonathan Silverstein of OrbiMed, together with existing Board members Joe Mandato of De Novo Ventures, Robert Palmisano, and David Muller, Chairman and CEO of Avedro.

‘Avedro Corneal Crosslinking 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 as new investors with InterWest and OrbiMed. Proceeds from this funding provide the resources we need to launch in the US and continue to aggressively develop our PiXL procedure outside the US for refractive correction and post-cataract surgery applications,” said David Muller, PhD, CEO of Avedro.

Avedro has resubmitted its NDA to the US FDA for corneal cross-linking technology. The company anticipates the date of the application action (PDUFA) in April 2016. If approved, the NDA would be the first FDA approved treatment for progressive keratoconus and corneal ectasia following refractive surgery.

About InterWestern

For more than 35 years, InterWest has partnered with exceptional entrepreneurs to build successful technology and healthcare companies. With more than 200 years of combined operating and investing experience, the investment team of the firm has raised $2. 8B, completed 85 IPOs and participated in more than 80 upside acquisitions. As the company invests InterWest X, a $650 million fund, the InterWest team continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a successful company.

Towards OrbiMed

OrbiMed is a leading investment firm dedicated solely to the healthcare sector, with approximately $15 billion in assets under management. OrbiMed is investing globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. The OrbiMed team of more than 100 employees manages a number of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed is headquartered in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.

Avedro, Inc.

Avedro is a privately held pharmaceutical and medical device company that advances corneal cross-linking and refractive correction science and technology.

Avedro distributes its products in countries outside the United States through a network of distributors of ophthalmic medical devices. Avedro’s products sold outside the United States include capital equipment such as UV-X devices, KXL and MosaicTM systems, and related proprietary pharmaceuticals such as VibeX and MedioCROSS formulations. These systems and products are used in a variety of treatments, including accelerated cross-linking for keratoconus, Lasik Xtra and PiXL. Products of Avedro are not approved for sale in the United States

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