Lilly Asia leads $25m round for US-based Avedro
Lilly Asia Ventures (LAV) has led a $25 million round for Avedro, a US-based ophthalmic pharmaceutical and medical devices company with a view to expanding in Asia.
Other participants included OrbiMed Advisors, InterWest Partners and HealthQuest Capital. The fresh capital will be applied in part to an expansion of operations around product development, clinical studies, sales, and reimbursement support.
"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," Reza Zadno, CEO of Avedro, said in a statement.
Avedro specializes in technology related to ophthalmic drug formulations and equipment. The company claims to be the world leader in corneal remodeling, a type of laser eye surgery. This work focuses on rare sight-threatening conditions that misshape the eye.
China-based LAV was established in 2008 as a VC arm of global pharmaceutical company Eli Lilly, focusing on life sciences investments in Asia. The unit spun out in 2011 and is currently investing its fourth fund, which closed last year at a hard cap of $450 million after two months on the market. Fund III closed at $300 million in 2015.
Recent Sino-US activity by the firm includes participation in a $19 million investment in InventisBio, a China-based drug developer beginning trial work in the US. Last year, it joined a $60 million Series A round for US and China-based cancer diagnosis specialist Singlera Genomics.
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