ATLANTA--(BUSINESS WIRE)--Normally, one could expect a lag between accounts signing up and revenue starting from those accounts, but shortly after signing Visioneering Technologies’, Inc. (ASX: VTI) first international eye care practitioners in Australia, the Company is already reporting their first international revenues from VTI’s NaturalVue® (etafilcon A) Multifocal 1 Day (NaturalVue MF) Contact Lenses. VTI is a US-based medical device company engaged in the design, manufacture, sale and distribution of its proprietary NaturalVue MF Contact Lenses.
The NaturalVue MF contact lens (NVMF) employs VTI’s Neurofocus Optics® technology to address two of the largest global eye conditions, progressive near-sightedness in children (pediatric myopia progression), and the loss of ability by those over 40 to see close objects (presbyopia). NVMF’s optical characteristics allow the very same lenses to be used in the treatment of both pediatric myopia progression and presbyopia. Myopia affects a high percentage of children in industrialized nations, and is particularly prevalent in the Asia-Pacific region.1 A study published in the peer-reviewed journal, Eye & Contact Lens, documented that VTI’s NaturalVue MF lens delivered approximately 96% reduction (average of both eyes) of annualized myopia progression in children aged 6 to 19, with 98.4% of children showing a decrease in the rate of worsening of their myopia.2
As part of its international expansion, VTI will exhibit at the Orthokeratology Society of Oceania (“OSO”) Congress, 5-7 October 2018, at the Royal Pines Resort, Gold Coast, Queensland. The OSO promotes research, professional development, and networking in the field of myopia progression. The Society also provides focused education and resources to eye care professionals and the general public to increase awareness of the importance of controlling myopia progression in children.
“Our first international revenues are a culmination of very substantial efforts from everyone at VTI to make NaturalVue contact lenses available outside the United States, and are the first of what we plan to be a much broader presence outside the US,” said Stephen Snowdy, Visioneering’s CEO. “We are encouraged by the initial success we are seeing in Australia, and are looking forward to bringing additional international territories into the fold. As part of our international expansion, we expect to have a presence at international conferences such as OSO, where we will discuss the benefits of the NVMF that have practitioners and patients adopting our contact lens products.”
About Visioneering Technologies, Inc.
Visioneering Technologies, Inc. (VTI) is a US-based medical device company primarily engaged in the design, manufacture, sale and distribution of a revolutionary new contact lens: the NaturalVue® Multifocal (MF) contact lens. The NaturalVue MF contact lens employs VTI’s Neurofocus Optics® technology, which was developed, refined and tested over many years. The characteristics of the NaturalVue MF contact lens allow it to be used in two of the largest eye-care markets globally: adults with presbyopia (age-related difficulty in seeing close objects) and children with myopia (near-sightedness, or difficulty seeing distant objects).
NaturalVue lenses were cleared by the FDA in late 2014 and received the CE Mark, as well as TGA approval in early 2018. VTI recently commenced its US market expansion for NaturalVue MF contact lenses, and has broadened its reach into international markets in 2018. VTI also sells and plans additional contact lens products.
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 Holden BA, Fricke TR, Wilson DA, Jong M, Naidoo
KS, Sankaridurg P, Wong TY, Naduvilath TJ, Resnikoff S. Global
prevalence of myopia and high myopia and temporal trends from 2000
through 2050. Ophthalmology. 2016;123(5):1036-1042.
2 Cooper J, O’Connor, B, Watanabe R, Fuerst R, Berger S, Eisenberg N, Dillehay SM. Case series analysis of myopic progression control with a unique extended depth of focus multifocal contact lens. Eye & Contact Lens. 2018 Sep;44(5):e16-e24.