Join our daily newsletter At The Bell to receive exclusive market insights
- Australian company Visioneering Technologies is working to address nearsightedness, farsightedness and skewed vision with its products of contact lenses
- Today, the company secured a deal with Japanese distributor Menicon to push its ‘NaturalVue Multifocal’ product across Europe in combatting nearsightedness
- The new deal is not exclusive in distribution rights, but will feature the product under a new name and new Menicon packaged look
- Visioneering will receive US$475,000 in cash during this December quarter due to the agreement.
An Australian company is securing a major Japanese deal to bring its vision-improving contact lenses to the European market.
The company, Visioneering Technologies, offers solutions to treat skewed vision (astigmatism), nearsightedness (myopia) and farsightedness (presbyopia).
Today the company announced it was partnering with Japan-based company Menicon, to break into the European market with its ‘NaturalVue Multifocal’ product.
Menicon will distribute and market Visioneering’s multifocal lens products under new name, ‘Menicon Bloom Day’.
“Menicon is a well-respected global leader in the contact lens industry, and a company dedicated to the fight against the myopia epidemic,” Visioneering CEO Dr Stephen Snowdy said.
Menicon is recognised as Japan’s oldest contact lens manufacturer and already services over 80 countries.
The Menicon Bloom Day lineup will solely target the treatment of nearsightedness from myopia. The newly branded products will use a new Menicon labelled packaging.
“Partnering with Menicon will help us expand the availability of [our multifocal lenses] in Europe and potentially other international markets,” Dr Stephen added.
Visioneering management claim progressing nearsightedness among children is one of the world’s most rampant eye conditions.
In combatting this, Visioneering has landed marketing clearances for child myopia with its multifocal lens products in Europe, Australia, New Zealand, and most recently, a similar licence in Hong Kong.
Although Menicon’s distribution deal is a major breakthrough to the European market for Visioneering, the Australian company can still market, sell and distribute the product in Europe under its own name or others.
Today’s announced deal with Menicon is cancellable within one year’s notice. Visioneering will also receive US$475,000 in cash during this December quarter due to the agreement.
Shares in VTI are only marginally different on the ASX today, climbing 0.2 cents from a 2.94 per cent increase. The company’s market cap is currently valued at $27.14 million.
