Avedro announced that it has secured $25 million in financing to invest in product development, clinical studies and commercial efforts, including expansion of sales and reimbursement support.
“Avedro’s mission is to develop noninvasive corneal remodeling treatments that protect and improve vision and dramatically better patients’ lives,” Reza Zadno, PhD, CEO of Avedro, said in a company news release. “This new funding brings together an exceptional syndicate of investors who are committed to helping us achieve this goal. It will allow us to accelerate adoption of the only FDA-approved cross-linking treatment and the development of our next-generation corneal remodeling applications.”
The funding is led by Lilly Asia Ventures (LAV) with major participation from existing investors OrbiMed Advisors, InterWest Partners and HealthQuest Capital. Avedro will leverage this funding
“We are particularly excited about our new partnership with Lilly Asia Ventures whose expertise in the pharmaceuticals industry and in Asian markets will be invaluable as we expand our product portfolio and global reach,” Dr. Zadno said.
In connection with this financing, Hongbo Lu, PhD, has joined the Avedro Board of Directors as a representative of LAV where she is a partner. LAV originated as the venture arm of Eli Lilly & Co. in Asia in 2008 and is an independent global healthcare investment firm that focuses on various stages of investment opportunities from start-up to commercialization in the life science and healthcare sectors. Dr. Lu previously served as a Managing Director at Orbimed Advisors, LLC in Asia.
“I have been impressed by Avedro’s progress with the adoption of its corneal remodeling products and at the pace by which market access is expanding in the U.S.,” said Dr. Lu. “I am privileged to be given an opportunity to work with a group of experienced industry veterans and investors to help Avedro further advance its clinical programs and discover new, noninvasive ways to improve vision for patients around the world.”