BIRMINGHAM, United Kingdom & SYDNEY & AUCKLAND, New Zealand--(BUSINESS WIRE)--Visioneering Technologies, Inc. (ASX: VTI):
US-based medical device company and producer of the NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lenses Visioneering Technologies, Inc. (ASX: VTI) (‘Visioneering’ or ‘The Company’) has simultaneously conducted marketing launch activities across the UK, Australia and New Zealand markets.
In the United Kingdom, the Company exhibited at the Optometry Tomorrow (“OT”) 2019 event last week in Birmingham where its NaturalVue Multifocal contact lens (NVMF) was featured in a podium talk to over 500 attendees, highlighting NVMF’s use in treating nearsightedness progression in children (paediatric myopia progression). The reception from UK eye care practitioners proved to be extremely positive as many practitioners are excited to have a daily disposable contact lens option that provides both excellent vision and inhibition of the worsening of nearsightedness in children.
Marketing and educational events held last week across Australia and New Zealand generated similar excitement. The Company exhibited at the New Zealand Corneal and Contact Lens Society event in Rotorua and hosted a significant number of eye care practitioners at seminars in Brisbane, Sydney, Melbourne, Auckland and Wellington to educate them about the innovative Neurofocus Optics® technology of the NaturalVue Multifocal.
Pediatric Myopia, or nearsightedness in children, has undergone explosive growth on a global scale over the past four decades and has become a major worldwide eye health issue.1,2 Eye experts generally believe that minimizing the progression of nearsightedness is an important intervention aimed at minimizing lifetime risks of blindness and other serious ocular diseases that are related to nearsightedness.3
The NVMF with Neurofocus Optics® technology is not only useful in inhibiting myopia progression in children, but the very same contact lens is also used to treat presbyopia, or the age-related loss of ability to see things that are near. With a third to a half of children in the US being nearsighted, and almost all people over the age of 45 having presbyopia, the addressable market for NVMF in the US is over US$5B. In Asia, where in some countries as many as 80-90% of children are nearsighted, the potential markets are even larger. Visioneering estimates the paediatric market in China alone to be approximately US$11B.
Visioneering’s CEO, Dr Stephen Snowdy said: “We’re pleased with our initial uptake in international markets, and will continue to invest in the development and penetration of those markets. We are also continuing to prepare to launch NVMF in additional geographies, including Canada, Hong Kong and other Asian markets, and developing potential partnerships for yet other markets. These are exciting days for Visioneering, as we expand the numbers of patients and practitioners benefitting from our products.”
NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lens Indication for Use in Europe and Australia and New Zealand:NaturalVue (etafilcon A) Multifocal Daily Disposable Soft (Hydrophilic) Contact Lenses are indicated for daily wear for the correction of refractive ametropia (myopia and hyperopia) and/or presbyopia, and myopia progression control in aphakic and/or non-aphakic persons with non-diseased eyes in powers from -20.00 to +20.00 dioptres and with non-diseased eyes who may require a reading addition of up to +3.00D. The lenses may be worn by persons who exhibit astigmatism of 2.00 dioptres or less that does not interfere with visual acuity.
Visioneering Technologies Inc. (ASX: VTI) is an innovative eye care company committed to redefining vision. Since its founding in 2008, Visioneering has brought together clinical, marketing, engineering, manufacturing and regulatory leaders from top vision care businesses to provide new solutions for presbyopia, myopia and astigmatism.
Headquartered in the US, Visioneering designs, manufactures, sells and distributes contact lenses. Its flagship product is the NaturalVue® Multifocal contact lens, and VTI has expanded its portfolio of technologies to address a range of eye care issues. The company has grown operations across the United States, Australia and Europe and is expanding into Asia with a focus on markets with high rates of myopia.
Foreign Ownership Restriction:
VTI’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers or sales which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. The holders of VTI’s CDIs are unable to sell the CDIs into the US or to a US person unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. Hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
This announcement contains or may contain forward-looking statements that are based on management’s beliefs, assumptions and expectations and on information currently available to management.
All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These include, without limitation, U.S. commercial market acceptance and U.S. sales of our product as well as, our expectations with respect to our ability to develop and commercialize new products.
Management believes that these forward-looking statements are reasonable when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. VTI does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. VTI may not actually achieve the plans, projections or expectations disclosed in forward-looking statements. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements.
1 Vitale, S., Sperduto, R., & Ferris, F. (2009). Increased Prevalence of Myopia in the United States Between 1971-1972 and 1999-2004. Archives of Ophthalmology. 127(12): 1632-1639
2 Dolgin, E. (2015). The myopia boom. Nature. 519(7543): 276-278.
3 Flitcroft, D. (2012). The complex interactions of retinal, optical and environmental factors in myopia aetiology. Progress in Retinal and Eye Research. 31(6): 622-660.