ThermaMEDx

ThermaMEDx was founded in mid 2020 by world renowned doctor and ocular scientist, Michel Guillon and two senior executives from Alcon (Vice President for the US Vision Care Business) and Coca-Cola/Starbucks (Division President & SVP of Global Beverage) on a mission to provide an effective, convenient and affordable home treatment for people suffering from Dry Eye Disease(DED) or MGD. Later, the team was joined by the renowned businessman Gregg Ossip, OD who as the Founder of Ossip Eye Care, one of the most successful ophthalmology and optometry practices in the United States.

Over 300 million people have been diagnosed with Dry Eye Disease/Syndrome, with millions more going undiagnosed but suffering from moderate to severe symptoms.  For decades science attributed the symptoms of dry eyes to a problem with the eyes’ ability to produce enough of their own natural tears.  Based on this foundation, the global optical/pharma industry responded to create products which today account for an estimated $5.2B in sales with a CAGR ranging from 4.7% to 7.0% through 2027.  The single largest segment today remains eye drops (hyperbolically described as “artificial tears”) at $2.6B (research estimates range up to $4.4B).   However, recent published science and ocular treatment guidelines refute the very basis for the “artificial tear” market.  In 2017, the global scientific body responsible for ocular surface disease, the Tear Film and Ocular Surface Society issued a groundbreaking study with the top 200 ocular surface experts in the world which redefined the epidemiology relating to dry eye disease.  

 

We now know that over 85% (almost 9 out of 10 patients) of all dry eye cases are not caused by a lack of tear fluids, but instead caused by a glandular problem called Meibomian Gland Dysfunction (MGD).  Although the top global optical companies (Johnson & Johnson, Alcon, Novartis, AbbVie, etc) embraced the new standard of care, they chose to pursue the commercial path of in-office treatments (supporting new revenue sources for their equipment) and prescription medications.  Additionally, there are apparently billions of reasons that “Big Optical” did not choose to pursue low-cost, accessible treatment options that would directly cannibalize their “artificial tears” revenue stream and OTC cash cow. 

 

In summary, Dry Eye is a chronic disease with no cure, and a clear gap exists in the market for effective, affordable treatments that address the underlying cause (MGD or glandular obstruction) rather than simply provide palliative care like most artificial tears or eye drops. There is no debate regarding the standard of care for dry eye caused by MGD...effective treatment requires precise heat application to the eyelids and careful cleaning of the eyelid margins (at the base of the eyelashes) as validated by the Tear Film and Ocular Surface Society(TFOS).  

 

The multi-billion dollar dry eye category is ripe for disruption by an innovator not anchored to yesterday’s technology.  Our team has successfully commercialized the world’s first thermal disposable or the first combination self-heating compress and pre-moistened eyelid cleaning pad.  The combination of two technologies into one simple, easy to use, disposable product helps transcend some of the current patient care challenges and establish a new platform and product offering for clinicians and patients around the world.  EverTears® provides moist precise heat instantly anywhere and is fast acting and convenient thus only requiring two minutes per eye.  

Based on our clinical results and initial success in the professional channel, ThermaMEDx also contracted with the Nielsen research company to conduct an extensive quantitative BASES test market to project how EverTears® would perform at the shelf in the major US retail channels.  Nielsen’s BASES technology is regarded as the undisputed leader in consumer/retailer performance forecasting after completing over 10,000 studies for major consumer products (including OTC eyecare items) with accuracy of +/- 9%.  Upon completion of the study among optometrists/ophthalmologists (to gauge level of recommendation) and dry eye patients, Nielsen determined that EverTears® is a strong entry in their “Emerging Play” category which is described as “Innovation Capable of Disrupting/ Transforming a Category with Significant Upside”.  The low-end projection for Year 1 of EverTears® in US retail was set at $12.6 MM with upside to $66.9MM if supported by a major optical sales/marketing force (assessed as part of our discussions with several global players).  

      
The company strategy is to first secure market leadership for Dry Eye and MGD with our initial EverTears® product and platform.  Secondarily, there is a significant opportunity to quickly bring additional new products in the pipeline to market in support of Blepharitis which is a significant market of both diagnosed and undiagnosed patients in the U.S alone.   Also, the company has additional technology and IP in its pipeline to for post refractive surgery care and allergic conjunctivitis.  

Beyond achieving revenue and profit targets, our longer-term plans to build value for our shareholders include the potential for acquisition by a large optical company  or to pursue an IPO at the appropriate time.   The Company is offering a minimum investment of $100,000 (the "Minimum") for 2% Membership Interest or equity and a maximum investment of $1,000,000 for 20%  Membership Interest or equity.