Avedro, armed with $43 million in new Series D financing, will plow ahead with international sales expansion, U.S. regulatory trials and "aggressive" research and development into expanding the use of its thermal energy-powered vision-correction devices into cataract and refractive surgery.
The medical device/pharmaceutical company's technology is sold internationally and not yet in the U.S., focused on a concept called "corneal crosslinking." Its Vedera system, CE marked since April 2010, uses thermal energy (rather than surgical incisions in the eye) to flatten the cornea to treat both myopia and cornea bulging, by reshaping and flattening the cornea. Avedro's KXL System, CE marked in November 2010, uses similar technology to treat a degenerative eye disorder known as keratoconus and also enables an enhanced Lasik procedure.
Founder and CEO David Muller launched laser vision correction company Summit Technology, which Alcon snatched up for $948 million, Avedro's web site explains. He said in a statement that the new funding will help boost the company's research and development into multiple indications for its products, and also support international sales efforts. As well, the new funding will back U.S. clinical trials; three Phase III trials involving Avedro's various products are now under way, according to the company.
Abingworth led the new round, in which Third Point also contributed a significant sum, according to Avedro. Existing investors Prism Venture Works, De Novo Ventures, Flagship Ventures, Aperture Ventures, SCP Vitalife Partners, Borealis Ventures and Echelon Ventures also participated. As part of the new funding round, Abingworth's David Mayer and Third Point's Jason Hong will join the company's board of directors.
- read the release