Avedro, Inc., a Waltham, Mass.-based ophthalmic pharmaceutical and medical device company, secured a combined $42m in equity and debt financing.
The equity financing was led by HealthQuest Capital, with support from existing investors OrbiMed Advisors and InterWest Partners. The debt financing was provided by an affiliate of OrbiMed.
The company intends to use the funds to expand its commercial expansion and pipeline development efforts.
Led by Reza Zadno, Chief Executive Officer, Avedro is advancing corneal cross-linking technology for the treatment of keratoconus and refractive correction. Its Photrexa® Viscous (riboflavin 5-‘phosphate in 20% dextran ophthalmic solution), Photrexa® (riboflavin 5-‘phosphate ophthalmic solution) and KXL® System are approved for sale in the United States. Products sold outside of the United States include capital equipment such as the UV-X devices, the KXL and Mosaic™ Systems, and related proprietary pharmaceuticals such as the VibeX® and MedioCROSS® formulations.
The company also announced the opening of its new manufacturing facility in Burlington, Massachusetts, located near the company’s headquarters in Waltham, and plans to continue expanding its corporate team.