Avedro, Inc., a Waltham, MA-based ophthalmic pharmaceutical and medical device company, secured $25m in financing.
The round was led by Lilly Asia Ventures (LAV) with participation from existing investors OrbiMed Advisors, InterWest Partners and HealthQuest Capital. In connection with this financing, Hongbo Lu, PhD, has joined the Avedro Board of Directors as a representative of LAV where she is a Partner.
The company will use the funds to invest in product development, clinical studies and commercial efforts, including expansion of sales and reimbursement support.
Led by Reza Zadno, PhD, CEO, Avedro has developed patented cross-linking technology, consisting of drug formulations and medical devices, which is approved for sale in numerous countries around the globe. The company is developing proprietary corneal remodeling products for the treatment of keratoconus, corneal ectasia and for refractive correction as an alternative to contacts and eyeglasses.