Singapore is the next stop for Visioneering Technologies, Inc (ASX: VTI)’s international expansion. The US-based medical device company has achieved medical device registration from Singapore’s Health Sciences Authority.
This registration covers the use of its NaturalVue Multifocal for the control of myopia progression and is part of Visioneering Technologies’ ongoing global push.
Visioneering sells patented revolutionary daily disposable contact lenses that address two underserved populations: presbyopia (loss of near vision in people over 40-45), and paediatric myopia (nearsightedness in children).
Visioneering Technologies CEO Dr Stephen Snowdy said, “We recently launched in Europe and Hong Kong, including partnering in Europe with Menicon, one of the largest global players in contact lenses and myopia control.”
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,” also added Dr Stephen Snowdy.
There is a strong need for myopia management solutions in Singapore with approximately 80% of its 18-year-olds being nearsighted, or myopic. The country represents a large opportunity for treatments that slow the progression of myopia in children and young adults.
Visioneering Technologies believes its NVMF is an ideal product to address this need. Data presented in January 2019 by eye care practitioners showed in 141 children wearing NaturalVue Multifocal an average decrease of myopia progression of 90%, compared to the rate of progression prior to wearing NaturalVue, and a 55% decrease in the pace of lengthening of the eye.
Inhibition of myopia progression was consistent between children who had worn the lens daily for one year and those who had worn the lenses daily for up to four years.
With award of this latest registration, Visioneering will now turn its attention to establishing partnerships in Singapore that will facilitate sales and fulfillment, and expects first sale in Singapore to occur in the coming months.
Since its IPO in 2017, Visioneering has obtained clearances and launched its products for myopia progression control and presbyopia in Australia, New Zealand, Europe, Hong Kong, and now Singapore. Visioneering Technologies also expects to launch in Canada in early 2020.