ALPHARETTA, Ga.--(BUSINESS WIRE)--Visioneering Technologies, Inc. (VTI), a US-based medical device company engaged in the design, manufacture, sale and distribution of its proprietary NaturalVue™ Multifocal 1 Day (NaturalVue MF) contact lenses, has successfully raised A$33.3 million following the close of its fully underwritten Initial Public Offer (IPO). The IPO was strongly supported by institutional and sophisticated investors in Australia and Asia.
The IPO proceeds will provide capital as VTI broadens and accelerates its US launch of its NaturalVue Multifocal (MF) daily disposable contact lenses for adults with presbyopia (age-related loss of near vision), and children with myopia (near-sightedness) and launch additional contact lens products.
Visioneering Technologies’ Senior Vice President of Sales and Marketing, Mr Tony Sommer, will lead the growth of the sales force. Mr Sommer was the head of sales for the US Vision Care division at Bausch & Lomb, one of the largest multi-national contact lens companies. The funds raised in the IPO are intended to further build out the US sales force to approximately 45 direct sales representatives over the 12 months following listing, and to build inventory that will support the expanded sales effort.
The NaturalVue MF contact lens has been cleared by the US Food and Drug Administration (FDA), and a pilot launch in the US market commenced in 2015 generated strong interest. Within 12 months of the pilot launch commencing, demand for the NaturalVue MF contact lenses far outpaced VTI’s ability to supply product with its then limited infrastructure, and 90 per cent of patients who had been using the lenses long enough to use up their supplies reordered, indicating strong repeat purchasing.
VTI offered for issue approximately 79.4 million CHESS Depositary Interests (CDIs), each representing an interest in one share of VTI’s Class A common stock. The offer was priced at A$0.42/CDI, with an indicative market capitalisation of approximately A$88.2 million (on a fully-diluted basis). The CDIs will be quoted on the Australian Securities Exchange following the IPO.
The IPO was fully underwritten by Cannacord Genuity.
VTI’s Chief Executive Officer, Dr. Stephen Snowdy, said the company was delighted with the strong support from investors.
“With a very successful pilot launch completed, with the calibre of sales leadership we have recently attracted and installed, and with a successful IPO enabling rapid expansion of our sales infrastructure, new product launches, and inventory, we are well poised to deliver on the growth plans laid out in our prospectus,” he said.
VTI believes its NaturalVue MF contact lenses represent one of the most significant innovations in the optical design of multifocal contact lenses in over 20 years. The revolutionary optical design overcomes some of the major challenges associated with several existing presbyopia solutions by providing superior near, intermediate, and distance vision, and is easy for eye care professionals to fit to their patients.