Press release
Global Expansion
Investment highlights:
- VTI entered into a definitve agreement with Menicon Co. LTD through its wholly-owned subsidiary NKL Contactlenzen B.V., in which VTI will supply Visioneering’s NaturalVue MF contact lenses under Menicon’s brand name
- Menicon will market and sell NaturalVue MF contact lenses in Europe as ‘Menicon Bloom Day’ for myopia progression control
- Menicon Co. Ltd., Japan’s first and largest contact lens manufacturer, is represented in over 80 countries
- The agreement heralds the next step in Visioneering’s accelerating global expansion
Atlanta, Georgia, USA and Nagoya, Japan, 30 September 2019: US-based medical device company and producer of the NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lenses (NaturalVue MF) Visioneering Technologies, Inc (ASX: VTI) (‘Visioneering’ or ‘The Company’) is pleased to announce that it has entered into a definitive agreement with Menicon Co., Ltd. (‘Menicon’), Japan’s first and largest contact lens manufacturer, through NKL Contactlenzen, B.V. a wholly-owned subsidiary of Menicon Co. LTD.
Under the agreement, VTI will supply its NaturalVue MF contact lenses in Menicon-branded packaging for sale and distribution in Europe. The lenses will be packaged as Menicon Bloom Day Contact Lenses for Myopia Progression Control. Menicon recently announced the launch of its Menicon BloomTM Myopia Control Management System, which is a holistic approach to myopia control management. Menicon Bloom Night, the first Orthokeratology product to receive clearance in Europe for treating paediatric myopia progression, and the first product within the Menicon Bloom myopia control system, was recently launched in Europe by Menicon. Menicon Bloom Day and Menicon Bloom Night are each suited for differing segments of the paediatric myopia population.
Paediatric myopia progression, the progressive worsening of nearsightedness in children, is one of the largest global eye conditions. NaturalVue® MF daily disposable contact lenses employ Visioneering’s Neurofocus Optics® technology to address this condition.
The agreement heralds the next step in Visioneering’s accelerating global expansion. NaturalVue® MF daily disposable contact lenses have received marketing clearances for treating paediatric myopia control in the European Union, Australia, and New Zealand, and most recently secured a Certificate of Listing in Hong Kong that includes paediatric myopia progression control [ASX Announcement: 24 July 2019].
Visioneering’s CEO, Dr Stephen Snowdy said: “Menicon is a well-respected global leader in the contact lens industry, and a company dedicated to the fight against the myopia epidemic. Menicon’s willingness to make NaturalVue MF such a significant part of its new Bloom Myopia Control Management System is further validation of NaturalVue® MF daily disposable contact lenses.
Partnering with Menicon will help us expand the availability of NaturalVue MF in Europe and potentially other international markets.”
The agreement does not prohibit VTI from marketing, selling, or distributing NaturalVue MF in Europe under VTI’s own or others’ brand names. The agreement is cancellable with one year’s notice (though not cancellable before the second anniversary of the agreement). VTI expects to receive in the December 2019 quarter US$475,000 cash related to an initial stocking order under the agreement, and to book the cash as revenue in the December 2019 or March 2020 quarter, when the initial stocking lenses are delivered to NKL. The delivery of the initial stocking lenses is dependent on certain regulatory review and approvals. NKL is not obligated to minimum purchase amounts after the initial stocking order.
Ends:
Company
Stephen Snowdy
CEO, Visioneering Technologies, Inc.
Email: ssnowdy@vtivision.com
Investor and media relations
Julia Maguire
The Capital Network
M: +61 419 815 386
E: julia@thecapitalnetwork.com.au
About Paediatric Myopia Progression:
Myopia, or short-sightedness, is the most common refractive error, and a major cause of vision impairment worldwide. It is associated with increased risk of serious ocular diseases such as retinal detachment, cataracts, glaucoma, and other diseases. Myopia affects approximately 30% of the world population, and has been forecast to affect half of the world population by 2050. The prevalence of myopia in children and adolescents in many industrialized nations, particularly in Asia, have reached epidemic levels of 80-90%.
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, among other conditions, for daily wear for the correction of refractive myopia and myopia progression control in non-aphakic persons with non-diseased eyes in powers up to -12 dioptres and with non-diseased eyes.
About Visioneering
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® MF daily disposable 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.
To learn more, please visit: www.vtivision.com
About Menicon
Headquartered in Nagoya, Japan, and represented in over 80 countries, Menicon Co., Ltd. is the only contact lens company in the world dedicated to every aspect of the field from material development and lens design to manufacturing of lenses and lens care solutions. Menicon offers an expanding portfolio of innovative lenses, packaging and related products that maximize user comfort and convenience. The company is also the world’s largest producer of gas-permeable contact lenses.
To learn more, please visit www.menicon.com.
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.
Forward-Looking Statements:
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.
MKT-VTI-ASX12