Structured Credit$50 Million
TearScience was the first company to offer a device-based solution for the diagnosis and treatment of Evaporative Dry Eye Disease, a $10 billion market opportunity in North America. The TearScience system includes both a diagnostic device (LipiView) and a therapeutic device (LipiFlow) to enable ophthalmologists to treat the root cause of lipid deficient evaporative dry eye.
TearScience is a private company commercializing a novel device-based diagnostic and treatment for dry eye, a condition that affects over 25 million patients in the US with over $4 billion spent per year on treatment. HCR invested $50 million in a senior secured loan in 2013, which enabled the company to expand commercial efforts and grow the business. HCR subsequently led an equity financing in March 2016 to support continued growth.