Glaukos Corporation Acquires Avedro to Advance Keratoconus Drug Therapy

On August 8, 2019, VCBeat (WeChat ID: vcbeat) learned via Business Wire that ophthalmic medical technology company Glaukos Corporation (“Glaukos”) announced the acquisition of pharmaceutical company Avedro. The acquisition is expected to be completed in the second half of this year.

Avedro, founded in 2007 and headquartered in Massachusetts, USA, is a leading medical technology and pharmaceutical company. The company is dedicated to advancing corneal collagen cross-linking technology to improve patients’ vision by treating corneal and retinal diseases. Avedro was listed on the NASDAQ Stock Market in the United States in February 2019.

Avedro has built a Thermo-biomechanics platform for the development of therapeutic technologies for ophthalmic diseases. The first ophthalmic medical technology developed on this platform is Keraflex refractive surgery, which primarily relies on thermal effects to reshape the cornea. This technique does not require the removal of any ocular tissue, preserves the biomechanical integrity of the cornea, and represents a non-invasive, incision-free ophthalmic surgical procedure.

Avedro has developed Photrexa, an ophthalmic bioactive pharmaceutical formulation for keratoconus, which helps patients reshape the cornea and enhance corneal stability. Keratoconus is a corneal ectatic disorder commonly seen in adolescents, characterized by corneal expansion, central thinning, and anterior protrusion into a cone-like shape. Patients often experience significant vision loss, acute corneal edema, and even blindness. There are approximately 1.1 million keratoconus patients in the United States, 90% of whom have bilateral involvement, and up to 20% require corneal transplantation. While conventional treatments can alleviate symptoms, Avedro’s pharmacological therapy is the only FDA-approved treatment capable of halting disease progression.

In addition, Avedro has developed a series of novel bioactive ophthalmic drugs for the treatment of common eye conditions such as presbyopia, low myopia, and post-cataract surgery refractive errors.

Glaukos, founded in 1998 and headquartered in California, USA, is an ophthalmic medical technology company. The company focuses on developing new therapies for glaucoma, corneal diseases, and retinal diseases, providing high-quality medical services to patients. Glaukos pioneered minimally invasive glaucoma surgery (MIGS) to revolutionize traditional glaucoma treatments. The company was listed on the New York Stock Exchange in June 2015.

Glaukos launched the first MIGS device, iStent, in the United States in 2012, facilitating microinvasive surgery for patients with glaucoma, corneal diseases, and retinal diseases. iStent is the smallest ophthalmic medical device approved by the FDA. Subsequently, Glaukos introduced the next-generation MIGS device, iStent inject, in 2018 to better address visual impairment in glaucoma patients.

Thomas Burns, President and Chief Executive Officer of Glaukos, stated, “The addition of Avedro will help us develop advanced MIGS devices, enabling Glaukos to maintain its core competitive advantage in the ophthalmic medical market. We aim to combine our proprietary novel therapies with Avedro’s ophthalmic bioactive pharmaceuticals to meet patients’ medical needs and drive the company’s sustainable growth.”

Reza Zadno, President and Chief Executive Officer of Avedro, stated, “Glaukos is a highly respected ophthalmic organization with an experienced team in ophthalmic medical technology, and Avedro is delighted to join it. We believe this collaboration will accelerate research progress in pharmaceutical therapies for keratoconus and medical technologies for glaucoma.”

(Compiled by Xu Xiaoxue)