Avedro earlier this month priced its initial public offering, looking to raise approximately $70 million in gross proceeds.
The Waltham, Mass.-based company said it plans to float 5 million shares at a price of $14 per share, with the potential to bring in a total of $70 million.
The initial public offering also comes with a 30-day underwriter’s option to purchase an additional 750,000 shares at the same price, which could potentially bring in an additional $10.5 million, bringing the total raised up to $80.5 million.
The offering opened on February 14, with the company trading under the symbol “AVDR”, and was expected to close last Tuesday.
Avedro is an ophthalmic device and pharmaceutical company focused on corneal cross-linking and refractive correction. Funding from the public offering will be used to support ongoing U.S. commercialization activities for the company’s KXL system and associated Photrexa formulations, Avedro said.
Last May, Avedro said that it raised $25 million in a round of financing, with funds slated to support further product development, clinical studies and expanding sales and reimbursement support for its products.