Avedro sets $75m IPO terms

Avedro has set the terms for its initial public offering, looking to raise between $70 million and $80 million in total.

The Waltham, Mass.-based ophthalmic device company said it plans to float 5 million shares of its common stock at between $14 and $16 per share. The company said it also plans to grant a 30-day underwriter’s option to purchase an additional 750,000 shares at the initial price, according to a press release.

Avedro said that it aims to list its common stock on the Nasdaq Global Market under the symbol “AVDR,” according to the release.

BofA Merrill Lynch and J.P. Morgan will act as joint book-runners for the offering, with Cowen, Guggenheim Securities and SVB Leerink acting as co-managers, the company said.

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.

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