Avedro

About Avedro

Avedro, Inc. operated as a commercial-stage ophthalmic medical technology and pharmaceutical company, focusing on treatments for corneal diseases and vision correction. Founded in 2007 by David Muller, a serial entrepreneur with a background in physical chemistry and a history of bringing FDA-approved ophthalmic technology to market, the company was established to pioneer advancements in corneal cross-linking. Muller previously founded Summit Technology, which successfully introduced the first FDA-approved laser for vision correction.

The company developed a proprietary, hybrid pharmaceutical and medical device platform centered on a procedure known as corneal collagen cross-linking. This technology is designed to strengthen, stabilize, and reshape the cornea. Its primary application is to treat progressive keratoconus, a degenerative disease characterized by the thinning of the cornea that can lead to significant vision loss. Avedro's platform was the first and only FDA-approved therapy capable of halting the progression of this disease. The business model revolved around the sale of its capital equipment, including the KXL and Mosaic Systems, and the associated single-use proprietary drug formulations, Photrexa Viscous and Photrexa. These drugs are bio-activated by Avedro's ultraviolet (UVA) light systems to induce cross-linking. The company served ophthalmic surgeons and their patients in outpatient settings, generating revenue through the sale of these integrated systems and pharmaceuticals.

A key milestone for Avedro was securing FDA approval in April 2016 for its Photrexa drug formulations and the KXL System for treating progressive keratoconus. This approval was a significant achievement after a lengthy regulatory process. In July 2016, the company gained a second FDA approval for treating corneal ectasia following refractive surgery. Avedro's growth was notable, with a reported 66% year-over-year revenue increase in the first half of 2019. This performance culminated in a definitive acquisition agreement with Glaukos Corporation (NYSE: GKOS) in August 2019. The all-stock transaction, valued at approximately $500 million, was completed in November 2019, making Avedro a cornerstone of Glaukos' new corneal health franchise. Following the acquisition, Avedro's common stock ceased trading on the Nasdaq.