Avedro Lands $48 Million in Financing Round for Lasik Eye Surgery Products

Avedro announced that it was able to successfully raise $48 million in a Series D financing round. Participants in the latest round include Abingworth and Third Point.According to Avedro, the company's products are used primarily for Lasik eye surgery. Avedro is currently in the process of completing Phase III clinical trials of its technology. As of now, the company has no FDA-approved products in the United States. However, the company's Lasik technology was used in 50,000 procedures in 2012. The company also licensed some iontophoresis patents by owned by EyeGate Pharma for corneal cross-linking.In its press release, the company stated that there would be two new additions to Avedro's board. Third Point's Jason Hong and David Maye of Abingworth will join the board in an advisory role. Existing investors who participated in the latest round include Echelon, Borealis, SCP Vitalife Partners, Flagship, De Novo and Prism Venture Works.David Muller is the CEO of Avedro. In prepared remarks, he said, "Avedro is pleased to welcome Abingworth and Third Point as new investors to Avedro. Proceeds from this financing will allow us to execute on both our global commercialization strategy and our US FDA approval strategy."