Avedro announced that it secured a combined $42 million in equity and debt financing. The equity financing was led by HealthQuest Capital, with support from existing investors OrbiMed Advisors and InterWest Partners. The debt financing is with an affiliate of OrbiMed. Avedro also announced the opening of its new, state-of-the art, manufacturing facility in Burlington, Massachusetts, located near the company’s headquarters in Waltham, and plans to continue expanding its corporate team.
“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 noninvasive technologies that may help reduce the need for eyeglasses and contact lenses,” Reza Zadno, Chief Executive Officer, Avedro, said in the news release. “We are pleased to continue our partnerships with Orbimed and InterWest and to begin a relationship with HealthQuest. 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 newly completed manufacturing facility is now operational, supporting the domestic U.S. market and a global supply chain. The purpose-built plant utilizes 5S, Lean, and 6 Sigma methodologies throughout its operations, and 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 operations are experiencing substantial growth with an anticipated 2017 year-over-year increase in large capital equipment production. The expanded manufacturing capacity in Burlington will allow Avedro to meet growing demand in the US and global markets, according to a company news release.