Join our daily newsletter At The Bell to receive exclusive market insights
- U.S.-based medical device company Visioneering Technologies (VTI) has reported the first sales of its products to patients in the Canadian market
- The company received a Medical Device License from Health Canada in mid-March, which covers the use of its NaturalVue Multifocal contact lenses
- An initial team of eye care professionals (ECPs) have been trained and will facilitate the continued sale of the contact lenses in Canada
- The sales come as part of a broader North American expansion program, which is supported by a security purchase plan in late June that raised over $1 million
- Visioneering Technologies shares are steady in early trade, priced at 1.7 cents per share
U.S.-based medical device company Visioneering Technologies (VTI) has reported the first sales of its products to patients in the Canadian market.
Headquartered near Atlanta, Georgia, the company primarily designs, produces and distributes contact lenses, including its flagship NaturalVue Multifocal (NVMF) contact lenses.
It also holds a portfolio of other technologies designed to address a variety of eye care issues. These include age-related farsightedness, nearsightedness and astigmatism — a common imperfection in the eye’s curvature.
On March 13, 2020, Visioneering announced the receipt of a Medical Device License from Health Canada, which covers the use of its NaturalVue Multifocal contact lenses. An initial team of Canada-based eye care professionals (ECPs) have now been trained, who will facilitate continued product sales.
Dr Stephen Snowdy, CEO of Visioneering Technologies, said the company’s Canadian launch represents another important milestone.
“Since we began selling NVMF in the US, many ECPs in Canada have expressed interest in our product. We are very pleased that we have cleared the regulatory and operational hurdles to enter this market, and can now provide a solution for nearsighted children and over-45 adults in the country,” Stephen said.
“Canada is an especially exciting opportunity for us due to its proximity to the U.S., which allows for servicing by our existing sales and fulfillment operations in the U.S.,” he added.
Visioneering’s entry into the Canadian market comes off the back of launches in a number of other geographies, including Europe, Singapore, Hong Kong, Australia and New Zealand, and forms part of the company’s broader North American expansion plans.
The strategy is supported by a security purchase plan that was completed in late-June, raising more than $1 million to accelerate growth.
Visioneering Technologies shares are steady in early trade, priced at 1.7 cents per share at 10:48 am AEST.
