Avedro and the University of Rostock (Germany) Announce Exclusive Intellectual Property Agreement

Avedro and the University of Rostock (Germany) Announce Exclusive Intellectual Property Agreement

November 14, 2013

Avedro will Commercialize Patented Corneal Biomechanical Diagnostic

WALTHAM, Mass.--(BUSINESS WIRE)-- Avedro Inc., a Boston-based ophthalmic medical device and pharmaceutical company, announces today that it has obtained an exclusive license to commercialize scientific patents created at the University of Rostock (Germany). The devices, which will in part be based on these patents, will allow Avedro to bring to market the first ever diagnostic device to accurately assess corneal biomechanical strength.

This new device for corneal strength monitoring will be based on the science of Brillouin scattering. The University of Rostock is a recognized world leader in Brillouin spectroscopy research and development. Until now, there has been no proven method to accurately assess corneal biomechanical strength before and after ophthalmic procedures such as corneal cross-linking and Lasik. The device will also be capable of measuring, among other things, the biomechanical parameters of the retina and crystalline lens.

“Avedro is the world leader in the science and research of therapeutic cross-linking for a variety of corneal treatments,” said David Muller, PhD, CEO of Avedro. “Through this agreement, we are now able to deliver a device that will definitively measure the results of our advanced cross-linking treatments.”

“University of Rostock researchers have spent years adopting the concept of Brillouin scattering for biological and medical purposes,” said Prof. Dr. rer. nat. Oliver Stachs. “We are thrilled to have found the best commercial partner to translate our work into a clinically much-needed product.”

This new device for corneal strength monitoring and assessment will be released in the first half of 2014, following anticipated CE Mark approval. Avedro products are not available for sale in the United States.

About Avedro, Inc.

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. Those products are currently used in a procedure known as Lasik Xtra®. Over 75,000 surgeries have been successfully performed outside the US using Avedro’s KXL® System. The KXL System’s accelerated cross-linking, in combination with its pharmaceuticals, is also used to treat several important and debilitating ophthalmic pathologies outside the United States.

Avedro distributes its products in 62 countries through 33 ophthalmic distributors with 115 representatives. Avedro products that have received CE Mark include: the KXL II™ System for performing PiXL™, the KXL System for performing Lasik Xtra and Accelerated Cross-linking, 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.

About University of Rostock (Germany)

Founded in 1419, the University of Rostock is among the ten most founder-friendly higher educational institutions in Germany. The regional economy has benefited from over 800 start-up companies launched from the university since 1991. Cooperation between the Institute for Physics (Semiconductor Optics Group headed by Prof. Heinrich Stolz) and Medical Faculty (Department of Ophthalmology headed by Prof. Dr. R. F. Guthoff) laid the foundation for the formation of a cutting-edge working group to deal with laser-based technologies for diagnostic and therapy in Ophthalmology with its main vigor focused on in vivo imaging methods including Confocal Laser Scanning Microscopy and High Resolution Spectroscopy (Brillouin Scattering).