Avedro said today it raised $25 million in a new round of financing, with fund slated to support further product development, clinical studies and expanding sales and reimbursement support for its products.
The round was led by Lilly Asia Ventures and joined by existing investors OrbiMed Advisors, InterWest Partners and HealthQuest Capital, the Waltham, Mass.-based company said.
“Avedro’s mission is to develop non-invasive corneal remodeling treatments that protect and improve vision and dramatically better patients’ lives. 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. We are particularly excited about our new partnership with Lilly Asia Ventures whose expertise in the pharmaceuticals industry and in Asian markets will be invaluable as we expand our product portfolio and global reach,” CEO Reza Zadno said in a prepared statement.
As part of the financing round, Lilly Asia Ventures partner Hongbo Lu has joined the company’s board of directors, Avedro said.
“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. 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,” Dr. Lu said in a prepared statement.
Last month, Avedro said it raised $42 million in equity and debt financing and opened a new manufacturing facility in Burlington, Mass.