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TMCNet:  Avedro Acquires Assets of IROC Innocross AG, Including Its UV-X Line of Cross-Linking Devices

[September 03, 2014]

Avedro Acquires Assets of IROC Innocross AG, Including Its UV-X Line of Cross-Linking Devices

WALTHAM, Mass. --(Business Wire)--

Avedro Inc., a Boston-based ophthalmic medical device and pharmaceutical company announces today that it has purchased the assets of IROC Innocross AG, of Zug, Switzerland.

IROC Innocross was the first company to commercialize a cross-linking device for the treatment of keratoconus and other corneal pathologies. To date, IROC Innocross has sold its UV-X devices to more than 1,000 ophthalmologists giving it the largest installed base of cross linking devices in the world.

With this acquisition, Avedro's platform of cross-linking technology now spans the entire spectrum of corneal cross-linking procedures, from treating corneal pathology with our UV-X devices and MedioCROSS riboflavin-to enhancing LASIK outcomes with our KXL System and VibeX riboflavin-to developing non-invasive refractive procedures with our advanced KXL II System. Our expanded portfolio of devices and riboflavin brands gives Avedro an unmatched product offering across the entire corneal cross-linking market worldwide.


David Muller, PhD, CEO of Avedro commented, "I am extremely pleased to have completed this important acquisition for Avedro. Under the direction of its founder, Prof. Michael Mrochen, IROC Innocross has firmly established the value of its UV-X devices. We look forward to immediately increasing our MedioCROSS riboflavin revenue through access to the established base of UV-X users and to further increasing device and riboflavin revenue by expanding sales of UV-X devices in all the markets we serve." Dr. Muller continued, "With this acquisition, Avedro now has the largest installed base of cross-linking devices in the world to drive its single dose riboflavin revenue. We have now become the only cross-linking company to address the entire market for corneal cross-linking procedures across all price points, allowing our seasoned distribution network to aggressively compete for and win the business of any ophthalmologist in the cross-linking space." Avedro will continue to work with key IROC Innocross suppliers MDP Solutions in Switzerland and Solnovis in Germany to ensure product supply and development.

Prof. Mrochen added, "I'm convinced that by combining the IROC Innocross assets with Avedro's outstanding scientific and commercial resources, Avedro will accelerate the development and commercialization of new drugs and devices, increasing Avedro's overall business in a dramatically expanding corneal cross-linking market." He went on to say, "I very much look forward to joining Avedro's Medical Advisory Board and continuing to contribute to the science and technology of corneal cross-linking along with the Avedro team as we pursue the development of new and exciting applications in the treatment of refractive errors of the eye."

Avedro is a privately held medical device and pharmaceutical company advancing the science and technology of corneal cross-linking and refractive correction. Avedro's products include capital equipment and related single dose pharmaceuticals.

Avedro distributes its products in 62 countries through 33 ophthalmic distributors with 115 sales and service representatives. Avedro products that have received CE Mark include: the KXL® System for performing Lasik Xtra® and accelerated cross-linking, the KXL II™ System for performing PiXL™, and the Avedro family of proprietary single dose pharmaceutical formulations. Avedro's KXL System and single dose pharmaceutical products are currently being used in three Phase III US clinical trials involving over 100 US clinical sites. Avedro products are not for sale in the US.

To learn more, please visit us at booth F08 during the upcoming ESCRS Congress September 12-17 in London, UK.


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