Avedro, a US-based ophthalmic medical technology provider backed by pharmaceutical firm Eli Lilly, has filed to raise up to $86.3m in an initial public offering on the Nasdaq Global Market.
Founded in 2002, Avedro has created a system intended to treat corneal ectatic disorders and correct refractive issues through a combination of ultraviolet light and a riboflavin drug formulations. It made an $18.7m net loss in the first nine months of 2018 from $19.5m in revenue.
The IPO proceeds will support the commercialisation of Avedro’s KXL device and Photrexa drug formulations, including the growth of its sales and marketing teams.
The company will also look to fund an ongoing phase 3 clinical trial for its next-generation KXL system and a phase 2a trial of its Mosaic system, which is being developed to treat presbyopia, a condition associated with long-sightedness.
Avedro has raised more than $220m in financing according to press releases and securities filings. Eli Lilly subsidiary Lilly Asia Ventures invested $3.8m to lead its last round in May 2018, when it secured $25m from investors that also included OrbiMed, InterWest Partners, HealthQuest Partners and De Novo Ventures.
Lilly Asia Ventures owns a 7.1% stake in Avedro through a vehicle known as LAV Agile. The company’s other notable investors include OrbiMed (35.7%), InterWest (22.7%), HealthQuest (10.7%) and De Novo Ventures (5.9%).
Merrill Lynch, Pierce, Fenner & Smith, JP Morgan Securities, Cowen and Company, Guggenheim Securities and SVB Leerink have been appointed underwriters for the offering.
Photo courtesy of Avedro, Inc.
