Avedro Raises $25 Million to Advance Cross-linking Technology

May 4, 2018: By Joan McKenna

Avedro announced May 2 that it secured $25 million in financing to invest in product development, clinical studies, and commercial efforts for its cross-linking technology. The drug and device combination treatment is labeled to treat keratoconus and corneal ectasia.

The financing was led by Lilly Asia Ventures, with major participation from existing investors OrbiMed Advisors, InterWest Partners, and HealthQuest Capital.

Avedro, of Waltham, Massachusetts, noted that Lilly Asia Ventures’ expertise in Asian markets would be invaluable as Avedro expands its product portfolio and global reach.

In March, Avedro announced that the US FDA had agreed to the design and size of its pivotal Phase III clinical trial for an epithelium-on (epi-on) corneal collagen cross-linking procedure for progressive keratoconus. The technology’s current US labeling is for an epi-off procedure.

In addition, Avedro is developing photorefractive intrastromal corneal collagen cross-linking, or PiXL, for non-invasive treatment of low myopia.

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