Refractec

About Refractec

Refractec, Inc. is an ophthalmic medical device company based in Irvine, California, that developed and marketed a proprietary technology called NearVision CK (Conductive Keratoplasty) for treating presbyopia, the age-related loss of near vision. The company's primary product was the ViewPoint CK System, which received FDA approval in 2002 for correcting mild hyperopia and was later approved in 2004 for presbyopia. This positioned the company to serve the large demographic of baby boomers seeking to reduce their dependence on reading glasses.

The NearVision CK procedure is a non-laser, minimally invasive technique that uses low-level radiofrequency (RF) energy to reshape the cornea. Performed in an office setting in just a few minutes, the procedure involves a small probe, thinner than a human hair, that delivers controlled RF energy to specific spots in the peripheral cornea. This energy causes the collagen within the corneal stroma to shrink, creating a tightening effect, much like a belt, which steepens the central cornea and brings near vision back into focus. The technology was designed for patients over 40 with good distance vision but who struggle with reading. The business model focused on ophthalmologists, providing them with the ViewPoint CK System, which included the RF energy console, a handpiece, and disposable Keratoplast tips for each procedure. Revenue was generated from the sale of the system and per-procedure disposables, creating an annuity stream.

Key figures associated with Refractec include Mitch Campbell, the CEO for nine years, and William Link, a prominent figure in ophthalmology venture capital, who served as the chairman of the board. In 2006, Thomas G. Frinzi, a veteran of the ophthalmic industry with experience at Johnson & Johnson and Bausch & Lomb, was promoted from COO to CEO. The company saw significant growth, reporting that 150,000 NearVision CK treatments had been performed by mid-2006. However, despite its initial success and a strong team, the procedure's results were ultimately not predictable enough to gain widespread, long-term confidence from surgeons and patients, leading to the company's failure.