OrganOx Limited

Key People

• Professor Peter Friend - Co-Founder
• Professor Constantin Coussios - Co-Founder
• Oern R. Stuge, MD, MBA - Executive Chairman

Assessment

Team

Aspect: Multiple successful MedTech entrepreneurs
Summary: OrganOx was founded by experienced professionals with significant expertise in medical technology and organ transplantation.

The co-founders, Professor Peter Friend and Professor Constantin Coussios, bring a wealth of knowledge in organ transplantation and biomedical engineering, respectively. Their combined expertise has been instrumental in developing and commercializing the metra system, leading to its adoption in over 6,000 liver transplants worldwide.

Clinical Need

Aspect: Very Strong
Summary: The metra system addresses a critical need in organ transplantation by improving organ preservation and assessment.

Traditional cold storage methods limit the viability and assessment of donor organs. The metra system's normothermic machine perfusion technology allows for real-time functional assessment and extends preservation times, thereby increasing the number of viable organs available for transplant and improving patient outcomes.

Competition

Aspect: First mover
Summary: OrganOx is a pioneer in normothermic machine perfusion technology with limited direct competition.

As the developer of the first fully automated normothermic machine perfusion system, OrganOx has established a strong market presence. While other companies are entering the organ preservation space, OrganOx's established technology and clinical adoption position it favorably against emerging competitors.

Technical Challenge

Aspect: Predictable
Summary: The technology is complex but has been successfully developed and commercialized.

Developing a system that replicates physiological conditions outside the body is inherently complex. However, OrganOx has overcome these challenges, as evidenced by the metra system's widespread clinical use and regulatory approvals in multiple regions.

Patent

Aspect: Very Strong
Summary: OrganOx holds robust patents protecting its innovative technology.

The company's patents cover key aspects of its normothermic machine perfusion technology, providing a significant barrier to entry for potential competitors and ensuring a competitive edge in the market.

Financing

Aspect: Strategics
Summary: OrganOx has secured substantial funding from strategic investors and was acquired by Terumo Corporation.

In August 2025, Terumo Corporation acquired OrganOx for approximately $1.5 billion, marking a strategic entry into the organ transplantation-related sector. Prior to the acquisition, OrganOx raised $160 million in equity financing, with investments from Intuitive Ventures, Terumo Ventures, and others, demonstrating strong financial backing and investor confidence.

Regulatory

Aspect: 510k/PMA + Reimbursement
Summary: The metra system has obtained regulatory approvals in multiple regions and is eligible for reimbursement.

The metra system is approved in the U.S., Europe, Canada, and Australia, allowing for widespread clinical use. These approvals, coupled with reimbursement eligibility, support the system's adoption and integration into healthcare systems.

Opportunity Rollup

Odds of Success

3.7

Peak Market Share

4.75

Segment CAGR

7.2%

Market Segment

Organ Preservation Technology

Market Sub Segment

Normothermic Machine Perfusion

Key Takeaway

OrganOx's innovative technology, strong leadership, and strategic acquisition position it well to address critical needs in organ transplantation and capitalize on market growth.