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Avedro receives $25 million in funding
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Avedro Inc. has received $25 million in financing from Lilly Asia Ventures and appointed Hongbo Lu, PhD, representative for Lilly Asia Ventures, to the Avedro board of directors.
“We are particularly excited about our new partnership with Lilly Asia Ventures whose expertise in the pharmaceuticals industry and in Asian markets will be invaluable as we expand our product portfolio and global reach,” Reza Zadno, PhD, CEO of Avedro, said in a press release from the company.
Existing investors, including OrbiMed Advisors, InterWest Partners and HealthQuest Capital, will also be participating in the financing support led by Lilly Asia Ventures, according to the release.
Avedro specializes in corneal remodeling products that help treat rare conditions such as keratoconus and corneal ectasia. As stated in the release, the company hopes to invest the $25 million into “product development, clinical studies and commercial efforts.”
“Avedro’s mission is to develop noninvasive corneal remodeling treatments that protect and improve vision and dramatically better patients’ lives,” Zadno said in the release. “This new funding brings together an exceptional syndicate of investors who are committed to helping us achieve this goal. It will allow us to accelerate adoption of the only FDA-approved cross-linking treatment and the development of our next-generation corneal remodeling applications.”