Operating Company


CorneaGen (private) is the largest provider of corneal transplant tissue in the US, with a leading 25% market share. CorneaGen is a mission-driven company committed to transforming how corneal surgeons treat and care for the cornea. Based in Seattle, the company is innovating the next generation of cornea care, from new medical devices and biologics to therapeutics and interventions. CorneaGen supports corneal surgeons and their patients with a spectrum of services, including the latest in innovative products, delivery of the highest quality tissue, surgeon education, and advocacy for patient access and reimbursement policies.

As of Q3 2019, the company generated $57 million in LTM revenue and its base transplant business is EBITDA positive. Through its advantageous product and service offerings, CorneaGen has demonstrated that it can organically gain share as well as accretively acquire and integrate smaller players in the space. Additionally, CorneaGen is developing a novel cell therapy approach for a subset of corneal dystrophies that has the potential to replace transplants with a less invasive injection of endothelial cells, revolutionizing the way these ocular diseases are treated. The company has secured a technology license and completed transfer of the manufacturing process to its Seattle offices; advanced US clinical trials are expected to begin in 2020. While not necessary for our investment in CorneaGen to perform, this cell therapy approach could materially enhance our upside returns and become the standard of care for certain diseases of the front of the eye.