Avedro said today that it augmented its corneal cross-linking capabilities with the acquisition of a Swiss ophthalmology firm, Iroc Innocross AG, for an unspecified amount.
Zug-based Iroc Innocross was 1st to commercialize a cross-linking device for the treatment of keratoconus and other conditions of the cornea, according to a press release. The Swiss company’s installed base of more than 1,000 systems is the world’s largest for cross-linking, according to the release. Avedro makes its own cross-linking device for use in conjunction with Lasik surgery.
"I am extremely pleased to have completed this important acquisition for Avedro. Under the direction of its founder, Prof. Michael Mrochen, Iroc Innocross has firmly established the value of its UV-X devices. We look forward to immediately increasing our MedioCROSS riboflavin revenue through access to the established base of UV-X users and to further increasing device and riboflavin revenue by expanding sales of UV-X devices in all the markets we serve," Avedro CEO David Muller said in prepared remarks. "With this acquisition, Avedro now has the largest installed base of cross-linking devices in the world to drive its single dose riboflavin revenue. We have now become the only cross-linking company to address the entire market for corneal cross-linking procedures across all price points, allowing our seasoned distribution network to aggressively compete for and win the business of any ophthalmologist in the cross-linking space."
"I’m convinced that by combining the Iroc Innocross assets with Avedro’s outstanding scientific and commercial resources, Avedro will accelerate the development and commercialization of new drugs and devices, increasing Avedro’s overall business in a dramatically expanding corneal cross-linking market," Mrochen added. "I very much look forward to joining Avedro’s medical advisory board and continuing to contribute to the science and technology of corneal cross-linking along with the Avedro team as we pursue the development of new and exciting applications in the treatment of refractive errors of the eye."
Late last year Avedro launched a pair of clinical trials for its cross-linking technology, examining the therapy in patients after Lasik surgery and in patients with keratoconus. In March, the FDA asked the Boston-based company for more information on its new drug application for the therapy.
