Download TearScience® Closes Series D Funding

TearScience® Closes Series D Funding, Exceeds Sales Plan for Fifth Consecutive
Quarter
LipiView® and LipiFlow® continue robust growth in early 2016, with a 53% sales
increase compared to the first quarter of 2015, resulting in a positive response from Eye
Care Professionals and investors
MORRISVILLE, N.C. ─ April 7, 2016 ─ TearScience – a privately held medical device
company and manufacturer of LipiView and LipiFlow, for the treatment of meibomian gland
dysfunction (MGD) – today announced the successful completion of its Series D funding. The
company also reports a significant increase in LipiView and LipiFlow unit sales, as
compared to 2015.
This successful Series D funding demonstrates high investor confidence in TearScience.
Compared to the first quarter of 2015, the number of patients treated with LipiFlow has
increased 139%. Increased demand for the technology follows a growing need among eye
care professionals (ECPs) for advanced products capable of evaluating and treating dry eye
in general, and MGD specifically. Since its inception, TearScience has played a pivotal role
educating the ophthalmic and optometric markets on the prevalence and impact of MGD.
“TearScience has introduced innovative eye care technologies that are rapidly changing the
way ophthalmologists and optometrists understand and manage ocular surface disease.
Our investors are confident that the ECP community’s demonstrated enthusiasm -- for both
our technology and new business model – will make LipiView and LipiFlow accessible to
even more patients in the years ahead,” said Joseph Boorady, OD, President and CEO of
TearScience.
In the last twelve months, TearScience reduced the price of its capital equipment by 35%
and disposable Activators by 50%. This has been met with historic sales growth and strong
activity at national trade shows, in both ophthalmology and optometry.
MGD is a chronic, obstructive and progressive disease affecting an increasing number of
patients. LipiFlow is a proprietary treatment modality that clears blockages in a patient’s
meibomian glands. A review of over 30 sponsored and unsponsored peer-reviewed reports
demonstrated that a single LipiFlow treatment typically improves mean meibomian gland
secretion while reducing mean patient-reported symptom scores over sustained periods.1
According to Stephen Lane, MD, “TearScience has changed the way the industry views the
meibomian glands. Dynamic Meibomian Imaging will become a standard of care in the
United States in the next five years, and LipiFlow is the only treatment that targets
meibomian glands from the inner lids to unblock and evacuate stagnant gland content.”
About TearScience®
TearScience, a medical device company, has pioneered technologies and continues to lead
innovation that vastly improves evaluation and treatment of meibomian gland dysfunction
(MGD). A progressive, obstructive disease and a root cause of dry eye, MGD is distinguished
by loss of function and structure of tear oil glands. MGD affects approximately 86% of the
300 million dry eye sufferers worldwide and is highly prevalent in the general ophthalmic
population. LipiView II with Dynamic Meibomian Imaging™ (DMI) distinctively images
meibomian gland structure. The Korb Meibomian Gland Evaluator™ assists physicians to
reproducibly assess gland function. LipiFlow uses Vectored Thermal Pulse™ (VTP)
technology to precisely direct inner-lid treatment and has received clearance by the US
Food and Drug Administration for use in patients with MGD. Sponsored and unsponsored
multicenter, randomized, controlled clinical studies of LipiFlow support its safety and
sustained effectiveness. For additional information on how TearScience improves
evaluation of MGD, meibomian gland function, and symptoms for patients with MGD
worldwide, visit www.TearScience.com.
1. Blackie, C. A., Carlson, A. N., & Korb, D. R. (2015). Treatment for meibomian gland dysfunction and
dry eye symptoms with a single-dose vectored thermal pulsation. Current Opinion in Ophthalmology,
26(4), 306-313. Retrieved from http://tearscience.com/en/wp-content/uploads/455117X_211840187.pdf
Media Contact
Kara Stephens
Pascale Communications, LLC
[email protected]
(407) 765-1185