Avedro raises $42m, opens new Mass-based manufacturing facility

Avedro said today it raised $42 million in equity and debt financing and opened a new manufacturing facility in Burlington, Mass.

The equity financing was led by HealthQuest Capital and joined by OrbiMed Advisors and InterWest Partners, while the debt financing was supported by an affiliate of OrbiMed, the company said.

“Avedro has established itself as the global leader in corneal cross-linking technology, particularly in the areas of progressive keratoconus and corneal ectasia following refractive surgery. We value our partnership with Avedro and are happy to support their growth, as well as their ongoing efforts to discover new applications in refractive vision correction and other markets,” OrbiMed general partner Jonathan Silverstein said in a prepared statement.

“Avedro, whose FDA-approved cross-linking technology provides a vital treatment option for patients with progressive keratoconus and corneal ectasia following refractive surgery, both sight-threatening orphan diseases, is exactly the kind of innovative medical technology company that our investment strategy focuses on,” HealthQuest managing partner Garheng Kong said in prepared remarks.

Avedro said it has opened a new state-of-the-art manufacturing facility in Burlington, Mass., located near its Waltham, Mass.-based headquarters.

The new facility will support the domestic US Market and will allow for “a significant increase in the production volume of Avedro’s corneal cross-linking technologies” including its Mosaic and KXL systems, the company said.

“Our mission at Avedro is to commercialize our innovative orphan drug products to treat progressive keratoconus and corneal ectasia following refractive surgery and continue to develop new non-invasive technologies that may help reduce the need for eyeglasses and contact lenses. We are pleased to continue our partnerships with Orbimed and InterWest and to begin a relationship with HealthQuest. This infusion of capital combined with the opening of our new manufacturing facility will allow us to ensure availability of our commercial devices while expanding our pipeline and clinical development programs,” Avedro CEO Reza Zadno said in a press release.

Last September, Avedro said it launched the KXL corneal cross-linking system in the U.S., touting the 1st commercial procedure performed with the system and the associated Photexa Viscous and Photexa drugs used with the system. The company won FDA approval for the device and the associated drugs in April.

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