Ophthalmic Medtech Company Avedro Launches $92 Million IPO

Avedro, Inc. (“Avedro”), a leading commercial-stage ophthalmic medical technology company focused on treating corneal ectatic disorders and improving vision to reduce dependency on eyeglasses or contact lenses,  announced on 2/4/19 that it has commenced an initial public offering of 5,000,000 shares of common stock. The initial public offering price is currently estimated to be between $14.00 and $16.00 per share. Avedro expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the initial public offering price. Avedro has applied to list its common stock on the Nasdaq Global Market under the ticker symbol “AVDR.”

BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the proposed offering. Cowen, Guggenheim Securities and SVB Leerink are acting as co-managers for the proposed offering.

The prospectus and filing documentation can be found here.

Avedro offers two corneal remodeling platforms. The devices are used in conjunction with a suite of riboflavin drug formulations to induce a biochemical reaction called corneal collagen cross-linking, or corneal cross-linking. To date, over 400,000 cross-linking procedures have been performed globally including more than 18,000 procedures performed in the United States alone.

The company currently has a Ph III trial underway to evaluate the the Safety and Efficacy of Epithelium-on Corneal Collagen Cross-linking in Eyes with Progressive Keratoconus. More information about the study can be found here.