- Medical device company, Visioneering Technologies, will expand into Singapore after its contact lenses were granted medical device registration
- The NaturalVue Multi-Focal contact lenses have also been approved for the treatment of myopia progression
- The move into Singapore follows Visioneering’s expansion into Australia, New Zealand, Europe and Hong Kong
- The company believes its an important market with an estimated 80 per cent of 18 year olds in Singapore being myopic
- Visioneering shares remained steady today, trading at 7 cents each
Visioneering Technologies (VTI), have received approval from Singapore’s Health Sciences Authority for its NaturalVue Multi-Focal contact lenses (NVMF).
The lenses are the company’s flagship product and are used for the treatment of two conditions: presbyopia (loss of near vision in people over 40-45) and paediatric myopia (nearsightedness in children).
Visioneering will now work on securing distribution and logistics agreements and is aiming for the first sale of its NVMF lenses in Singapore to occur in coming months.
According to the company, approximately 80% of its 18-year-olds in Singapore are nearsighted, or myopic, meaning there is a high market potential for treating myopia progression in children and young adults.
Visioneering is currently focusing on countries in Asia with high rates of myopia such as China, Japan and Korea.
The approval from Singapore’s Health Sciences Authority is an important step in the company’s strategic plan according to CEO, Stephen Snowdy.
“With registration in Singapore, VTI continues its international expansion. VTI will continue working to make our revolutionary products available to patients in need. In 2020, we expect to launch NVMF in Canada and plan to introduce additional products in the United States and elsewhere,” he said.
Already the company has expanded from the US into Europe, Australia, New Zealand and Hong Kong.
Visioneering shares remained steady today, trading for 7 cents each at 15:58 on November 18, 2019.