|[September 03, 2014]
Avedro Acquires Assets of IROC Innocross AG, Including Its UV-X Line of Cross-Linking Devices
WALTHAM, Mass. --(Business Wire)--
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
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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