Full Press Release Details
Director, Investor Relations, Corporate Strategy & Development
Glaukos Completes Acquisition of Avedro,
San Clemente, CA - November 21,
2019 - Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology and pharmaceutical company focused on novel
therapies for the treatment of glaucoma, corneal disorders and retina diseases, today announced that it has completed its previously
announced acquisition of Avedro, Inc. (Nasdaq: AVDR).
"Today marks an important day for
Glaukos as Avedro will serve as the cornerstone of our new corneal health franchise," said Thomas Burns, Glaukos president
and chief executive officer. "This transaction pairs two highly complementary, hybrid pharma and device organizations, combining
Avedro's novel bio-activated pharmaceutical solutions and R&D capabilities with Glaukos' global commercial scale,
proven market-building and shared reimbursement expertise, and extensive clinical and regulatory infrastructure. We're excited
to welcome the talented Avedro employees to the Glaukos organization to help build upon our solid foundation to transform Glaukos
into a global ophthalmic pharmaceutical and device leader capable of serving the vision care needs of physicians and their patients
As a result of the acquisition's
close, Avedro's common stock will now cease to trade on the Nasdaq.
Glaukos (www.glaukos.com) is an ophthalmic
medical technology and pharmaceutical company focused on novel therapies for the treatment of glaucoma, corneal disorders and retinal
diseases. The company pioneered Micro-Invasive Glaucoma Surgery, or MIGS, to revolutionize the traditional glaucoma treatment and
management paradigm. Glaukos launched the iStent , its first MIGS device, in the United States in July 2012 and launched its
next-generation iStent inject device in the United States in September 2018. In corneal health, Glaukos' proprietary
suite of single-use, bio-activated pharmaceuticals are designed to strengthen, stabilize and reshape the cornea through a process
called corneal collagen cross-linking to treat corneal ectatic disorders and correct refractive conditions. Glaukos is leveraging
its platform technology to build a comprehensive and proprietary portfolio of micro-scale surgical and pharmaceutical therapies
in glaucoma, corneal health and retinal disease.
Forward-Looking Statements
This communication contains "forward-looking
statements" within the meaning of federal securities laws. All statements other than statements of historical facts
included in this press release that address activities, events or developments that we expect, believe or anticipate will or may
occur in the future are forward-looking statements. These statements are based on management's current expectations, assumptions,
estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein,
we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties
and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond
our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements
in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described
in forward-looking statements include, without limitation, uncertainties about our dependence on the success and market
acceptance of the iStent and the iStent inject; our ability to reach sustained profitability; our ability
to leverage our sales and marketing infrastructure to increase market penetration and acceptance of our products both in the United
States and internationally; our ability to bring our pipeline products to market; our dependence on a limited number of third-party
suppliers, some of which are single-source, for components of our products; the occurrence of a crippling accident, natural disaster
or other disruption at our primary facility, which may materially affect our manufacturing capacity and operations; maintaining
adequate coverage or reimbursement by third-party payors for procedures using the iStent, the iStent inject or
other products in development; our ability to properly train, and gain acceptance and trust from, ophthalmic surgeons in the use
of our products; our ability to successfully develop and commercialize additional products; our ability to compete effectively
in the highly competitive and rapidly changing medical device industry and against current and future competitors (including MIGS
competitors) that are large public companies or divisions of publicly traded companies that have competitive advantages; the timing,
effect, expense and uncertainty of navigating different regulatory approval processes as we develop additional products and penetrate
foreign markets; the impact of any product liability claims against us and any related litigation; the effect of the extensive
and increasing federal and state regulation in the healthcare industry on us and our suppliers; the lengthy and expensive clinical
trial process and the uncertainty of timing and outcomes from any particular clinical trial; the risk of recalls or serious safety
issues with our products and the uncertainty of patient outcomes; our ability to protect, and the expense and time-consuming nature
of protecting, our intellectual property against third parties and competitors that could develop and commercialize similar or
identical products; the impact of any claims against us of infringement or misappropriation of third party intellectual property
rights and any related litigation; the market's perception of our limited operating history as a public company; potential adverse
reactions or changes to the business relationships of Glaukos and Avedro with their respective customers, suppliers and others
resulting from the completion of the acquisition of Avedro; any unexpected impacts from unforeseen liabilities, future capital
expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, costs and losses
with respect to the acquisition of Avedro, including on the future prospects, business and management strategies for the combined
company's operations; inherent risks, costs and uncertainties associated with integrating the businesses successfully and
risks of not achieving all or any of the anticipated benefits from the acquisition of Avedro or that such benefits may not
be fully realized or take longer to realize than expected; potential disruptions from the acquisition of Avedro that
may divert management attention from other important business objectives; and dilution of our stockholders' ownership
interest in our company in connection with the acquisition of Avedro. These and other known risks, uncertainties and factors
are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange
Commission (the "SEC"), including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which
was filed with the SEC on November 8, 2019. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or
at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All
forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary
statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak
only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements
whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.