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4890 東証グロース(医薬品)




(公開日 2022.06.24)


Tsubota Laboratory(4890 TSE Growth)

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Develops Medicines and Medical Devices Utilizing Research in Ophthalmology Field
Tsubota Laboratory is a venture company out of Keio University aiming to develop new medicines and medical devices in the field of ophthalmology concerning myopia, dry eyes and presbyopia.

In 2017, when Kazuo Tsubota, president, was a professor at Keio University, he discovered that violet light (visible light with a wavelength of 360nm to 400nm) was effective in preventing myopia. Furthermore, he unraveled the mechanism of violet light suppressing the progression of myopia by increasing blood flow in the eyes, and turned the treatment methods based on a series of discoveries into intellectual properties by acquiring patents, etc. These intellectual properties serve as the company’s technology base, leading to the development of medicines and medical devices to suppress the progression of myopia among children, on which it currently focuses.

Business Model
The company’s business model is a B2B business model in which the company turns research and development achievements into intellectual properties by acquiring patents, etc., enters into joint research and development agreements for development of medicines and medical devices and patent license agreements with the partner companies, and then receives upfront payments, license fees and milestone income.

After product commercialization, the partner companies conduct sales and the company receives royalty income from the royalty agreements. Furthermore, the company invests the income received from the partner companies into deepening ongoing research as well as in new research fields to create new value.

Pipeline of Medicines and Medical Devices and Commodity Products Currently Sold
The company currently has six pipelines in medicines and medical devices (or eight pipelines in adaptive fields). In addition, with commodity products which are already being sold by the partner companies, the company earns royalty income.






同社の事業セグメントは、研究開発事業の単一セグメントであるが、事業モデルとしては、大学等での研究開発成果を特許等として知財化し、パートナー企業と医薬品や医療機器開発のための共同研究開発契約及び特許の実施許諾契約を締結し、契約一時金、実施許諾料、マイルストーン収入を得るB to Bの事業モデルである。







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