Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical firm Eli Lilly, led a $25m financing round for US-based corneal remodelling technology developer Avedro on Wednesday.
Healthcare investment firm OrbiMed Advisors, venture capital firm InterWest Partners and VC fund HealthQuest Capital also invested in the round. Lilly Asia Ventures partner Hongbo Lu is joining Avedro’s board of directors in conjunction with its investment.
Avedro has developed a system that uses a combination of drug formulations and medical devices for corneal cross-linking, a procedure that combats damage done to the eye’s cornea by diseases such as keratoconus or corneal ectasia.
The company’s technology can also be used for refractive correction, reducing the need for glasses or contact lenses. The funding will support product development, clinical studies and commercial efforts as Avedro looks to beef up its sales and reimbursement support.
Reza Zadno, Avedro’s CEO, said: “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 [US Food and Drug Administration]-approved cross-linking treatment and the development of our next-generation corneal remodelling applications.
“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.”
HealthQuest Capital, OrbiMed and InterWest Partners had previously provided $42m in debt and equity financing for the company in April 2017.
Avedro, whose past investors include Prism Venture Works, De Novo Ventures, Flagship Ventures, Aperture Ventures, SCP Vitalife Partners, Borealis Ventures and Echelon Ventures, has now raised more than $220m in financing according to press releases and securities filings.