September 30, 2019
ATLANTA, Georgia, and NAGOYA, Japan – U.S.-based medical device company and producer of the NaturalVue (etafilcon A) Multifocal 1 Day Contact Lenses (NaturalVue MF), Visioneering Technologies, Inc (ASX: VTI) has entered into a definitive agreement with Menicon Co., Ltd., 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 Bloom Myopia Control Management System, which is a holistic approach to myopia management. Menicon Bloom Night, the first orthokeratology product to receive clearance in Europe for treating pediatric 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 pediatric myopia population.
Pediatric 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 pediatric myopia control in the European Union, Australia, and New Zealand, and most recently secured a Certificate of Listing in Hong Kong that includes pediatric myopia progression control.
Visioneering CEO Stephen Snowdy, PhD, MBA, 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 $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.