September 30, 2019
Atlanta, Georgia, USA and Nagoya, Japan: 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 BloomTM 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 BloomTM Night, the first Orthokeratology product to receive clearance in Europe for treating paediatric myopia progression, and the first product within the Menicon BloomTM myopia control system, was recently launched in Europe by Menicon. Menicon BloomTM Day and Menicon BloomTM 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 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.
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