Avedro Inc, an ophthalmic pharmaceutical and medical device company, has priced its IPO of 5 million shares at between $14 and $16 per share. The company plans on trading the stock on the NASDAQ under the ticker symbol “AVDR.” BofA Merrill Lynch and J.P. Morgan are the lead underwriters. Avedro is backed by Lilly Asia Ventures, OrbiMed Advisors, InterWest Partners and HealthQuest Capital.
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, today announced 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 offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained from any of the following sources: BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department or via email: firstname.lastname@example.org; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Phone: 631-254-1735.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Avedro, Inc.
Avedro is 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. Avedro’s proprietary Avedro Corneal Remodeling Platform strengthens, stabilizes and reshapes the cornea utilizing corneal cross-linking in minimally invasive and non-invasive outpatient procedures to treat corneal ectatic disorders and correct refractive conditions. The Avedro Corneal Remodeling Platform is comprised of Avedro’s KXL and Mosaic systems, each of which delivers ultraviolet A light, and a suite of proprietary single-use riboflavin drug formulations, which, when applied together to the cornea, induce a biochemical reaction called corneal collagen cross-linking.