- U.S.-based medical device company Visioneering Technologies (VTI) will raise $3 million through a private placement
- Funds will go towards marketing its contact lenses in the U.S.
- Additionally, the company will continue to pursue international launches after a busy year expanding into Asia, the U.S. and Australia
- The company is up 13 per cent, with shares trading for 5.2 cents each
U.S.-based medical device company Visioneering Technologies (VTI), will raise $3 million through a private placement.
The company received commitments from sophisticated and professional investors to subscribe for 66,666,667 CHESS Depositary Interests (CDIs) at $0.045 per CDI.
Placement funds will go towards ongoing development of sales and marketing, new products, building inventory to meet the growing sales demand, international launches and general working capital.
Visioneering uses creative and unique design approaches to develop products for people suffering from eye issues such as presbyopia, myopia and astigmatism.
One of its core products, are the NaturalVue Multifocal 1-day contact lenses (NVMF). These lenses reportedly encompass advanced technology that works naturally with the brain to automatically focus your eyes.
Alternatively, the company has NaturalVue Sphere 1-day lenses which are packaged with enhanced saline for more comfort. What sets these apart, is the hyaluronic acid which optimises hydration and lubrication.
In the past few months, Visioneering has been working on entering the European and Asian markets.
Significantly, the company marked first sales of NVMF in Hong Kong in September this year.
Soon after, it signed a deal with Menicon Co, Japan’s first and largest contact lens manufacturer, to market its contact lenses in Europe.
NVMF travelled further when Visioneering secured approval from Singapore’s Health Sciences Authority on November 18.
“In 2019, we substantially grew US sales and made significant progress towards developing international markets,” CEO Stephen Snowdy said.
“We expect to receive Canadian regulatory clearance and to achieve commercial sales launches in Canada and Singapore in the near future, as well as new product launches in 2020,” he added.
The company expects the funds will suffice through to April 2020 and plans to pursue additional fundraising early next year.
The CDIs subscribed for under the placement are expected to be issued on January 8 2020.
The company is up 13 per cent, with shares trading for 5.2 cents each at 12:44 pm AEDT