A means to turn brown eyes blue.
The ideal medical procedure successfully meets a patient’s needs in an efficient, low-risk manner. This ophthalmic/aesthetics medical device company has developed a surgically non-invasive procedure to change eye color from brown, hazel or black to a natural looking blue eye color using a proprietary laser system. With a multitude of voluntary and medical incentives, patients have varying motivations to alter their eye color. Whatever the reason, this novel procedure works with the natural blue layer that eyes of all colors have underneath a layer of pigment. Unlike alternatives that may be temporary or involve incisions and the insertion of foreign objects into the eye, this process involves a short, noninvasive, virtually painless laser-based treatment that works with the eye’s resources.
The demand for eye color change from brown or black to blue is based on both medical diagnoses of conditions such as heterochromia and pigmentary glaucoma and aesthetic reasons. Solutions range from temporary to permanent; the current major competitor is the removable colored contact lens, which has faults such as irritation, inflammation of the eye, and poor visual acuity. Leading permanent color-changing procedures are invasive and include incisions into the cornea and the placement of colored discs into the eye. This company eliminates the risks of other procedures by utilizing gentle lasers that comfortably change the color of the eye over a reasonable period of time.
The client is well positioned to capitalize on the large unmet need for eye-color change in the USA by providing consumers with a safe and simple solution that yields a natural-looking result. The candidate has commissioned a market research study on consumers with dark eyes. Combined with other research findings, the results predict a substantial market in the U.S. of about 850,000 people who are willing to have permanent eye-color change. Greater opportunities exist in several international markets, such as Southern Europe, Asia, Latin America and the Middle East, where demand will likely surpass that of the U.S. due to the size of the dark-eyed population. Many physicians have turned to ophthalmic aesthetics to improve profits, with 75% of ophthalmologists either performing aesthetic eye procedures or interested in doing so.
This company provides the option for people who choose to have light eye color to avoid the hassles of colored contact lenses and riskier surgeries. The client’s system includes a high-resolution, real-time eye mapping and scanning system with a proprietary treatment algorithm embedded in its software, as well as a microscope, a laser, and a patient interface station. Our client’s technology accomplishes eye color change by eliminating the dark pigment layer that covers everyone’s natural blue eye color. The procedure is intended to be performed in the ophthalmic doctor's office with only a topical anesthetic and would take less than 20 seconds to complete for each eye. Clinical studies have shown that the permanent eye color change as a result of this procedure occurs gradually over two to four weeks with virtually no long-lasting side effects or major health risks.
The Company estimates that there is an achievable market opportunity of $2.3 B for manufacturers worldwide. There is a strong appetite among ophthalmologists for premium eye procedures that will enable them to grow their practices and increase revenues. The opportunity for physicians in this market represents a $9.3 B opportunity for doctors and their centers worldwide.
The company has already closed $3 MM of this round. The capital raised in the current convertible note round will be used to complete product development, to build the necessary operational infrastructure, and complete a phase II clinical study. The Series B round is scheduled for 4Q/2014 and the candidate is expected to raise an additional $14 MM to fund the company through its commercial product launch. The management of the Company believes that it will have O.U.S. regulatory approvals to market the technology by 1Q/2015, and achieve profitability by the middle of 2016.
This the first technology to bridge the gap between premium eye care and aesthetics, resulting in an ideal product/market fit for the ophthalmic customers. Approximately 300,000 patients have indicated interest in this technology and willingness to spend $5,000 on the procedure so there is a potential for a large return.
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