|Avedro's KXL system--Courtesy of Avedro|
Avedro roped in $32 million in financing to support development of its innovative vision correction devices, giving the company a boost as it kicks off commercialization for one of its nonsurgical products and eyes FDA approval for its technology.
New investors InterWest and OrbiMed led the round and existing investors also chipped in funding. The Waltham, MA-based company plans to use the equity financing to bolster global distribution for its KXL corneal cross-linking system, which uses ultraviolet waves and eye drops to treat degenerative eye disorders keratoconus and ectasia.
Advedro will also beef up commercialization outside of the U.S. for its Mosaic system, which draws on accelerated cross-linking technology to correct vision through a nonsurgical proprietary procedure called PiXL.
"Avedro is pleased to partner with InterWest and OrbiMed as new investors. Proceeds from this financing provide the resources we need to launch in the U.S. and continue to aggressively develop our PiXL procedure outside of the U.S. for refractive correction and post-cataract surgery applications," Avedro CEO David Muller said in a statement.
The latest spate of funding comes more than two years after Avedro locked in more cash to fuel product development. In March 2013, the company said it would funnel $43 million from a Series D round into international sales expansion and regulatory activities, including U.S. regulatory trials and "aggressive" R&D to expand its market footprint for its devices, Avedro said at the time.
Meanwhile, the company is waiting on FDA approval for its cross-linking technology. Avedro resubmitted a new drug application to the agency for corneal cross-linking and expects an application action date in April 2016. If all goes according to plan, Avedro would be the first company with an FDA-approved treatment for progressive keratoconus and corneal ectasia after refractive surgery, the company said in a statement.
- here's the statement