This business plan presents NovOculi, Inc. as it seeks equity capital to begin production and continue developing its patented ophthalmological surgical tools and techniques.
NovOculi, Inc. is a start-up that designs and plans to market refractive correction tools. Its principals have extensive experience with refractive correction techniques and have developed a unique method called NICS (Non-Invasive Corneal Sculpting).
Current refractive techniques, such as LASIK, PRK, and Intacs, require the destruction of the protective epithelial layer overlying the cornea and come with complications. NovOculi’s method uses iontophoresis, an ionic dye, and a wavelength-specific laser to achieve effective refraction without destroying the epithelium.
NovOculi aims to tap into the rapidly growing market for laser refraction, which is expected to double annually.
Based on detailed financial projections, the company requires equity investment to successfully start operations, produce and market NICS, and provide working capital for the first two years.
The laser refractive surgery industry has a massive potential market, with approximately 54% of the U.S. population (~162 million) having refractive errors. Only 0.6% of the market has undergone LASIK, leaving the remaining 99.4% untapped. Demand for laser refractive surgery is also doubling annually.
Notable ophthalmological institutions, including John Hopkins, Harvard, Stanford, Oregon Health Sciences, Duke University, and the University of California at San Francisco, have expressed interest in collaborating with NovOculi for research and future commercial use of NICS.
NovOculi has conducted a preliminary market survey, which is detailed in the Market Survey topic.
The company has developed and patented NICS, a revolutionary incisionless refractive correction technique, along with two devices. The technique involves iontophoresis, an iontophoretic device, and a dye-specific laser to reshape the dyed cornea, eliminating the need for corneal incisions and reducing complications.
NovOculi’s strategy is to market its technology to both the performing surgeons and the patients. The sales team will work closely with laser manufacturers and undergo training at six U.S. sites.
The company plans to generate revenue through licensing fees and sales of components. Performing surgeons can charge a premium for accessing NovOculi’s technology.
The product does not require FDA approval as the equipment used in the procedure has already been individually approved for medical use.
Key milestones include completing the business plan, applying for research grants, filing patents, raising start-up capital, and staying on schedule as outlined in the business plan.
NovOculi has a competitive advantage through its three filed patents protecting the iontophoretic device, NICS technique, and the unique dye vehicle.
Based on detailed financial projections, the company is expected to operate profitably by Year 4 with a significant net profit.
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