Lilly Asia Ventures led the round.
WALTHAM, MA — Avedro Inc., an ophthalmic pharmaceutical and medical device company focused on corneal remodeling, has secured $25 million in financing.
The company is developing corneal remodeling products for the treatment of keratoconus and corneal ectasia and for refractive correction as an alternative to contacts and eyeglasses.
“Avedro’s mission is to develop non-invasive corneal remodeling treatments that protect and improve vision and dramatically better patients’ lives,” said Reza Zadno, CEO of Avedro. “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 financing round was led by Lilly Asia Ventures, with major participation from existing investors OrbiMed Advisors, InterWest Partners and HealthQuest Capital. Avedro will leverage this funding to invest in product development, clinical studies and commercial efforts, including expansion of sales and reimbursement support.
In connection with the financing, Hongbo Lu, has joined the Avedro board of directors as a representative of Lilly Asia Ventures, where she is a partner. Lilly Asia Ventures 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.
“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.,” Lu said. “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, non-invasive ways to improve vision for patients around the world.”