ATLANTA--Visioneering Technologies, Inc. (ASX:VTI), a US-based medical device company engaged in the design, manufacture, sale and distribution of its proprietary NaturalVue™ Multifocal 1 Day (NaturalVue MF) contact lenses, has today listed on the Australian Securities Exchange after raising A$33.3 million following the close of its Initial Public Offer (IPO).
The IPO was fully underwritten by Cannacord Genuity and strongly supported by institutional and sophisticated investors in Australia and Asia.
The IPO proceeds will be used to expand the Company’s US sales force and inventory as VTI broadens and accelerates its US launch of NaturalVue MF, which are daily disposable contact lenses for adults with presbyopia (age-related loss of near vision), and children with myopia (near-sightedness). VTI also plans to launch additional contact lens products.
The revolutionary optical design overcomes several major challenges associated with existing presbyopia solutions by providing superior near, intermediate, and distance vision, and is easy for eye care professionals to optimize to each of their patients.
VTI offered for issue approximately 79.4 million CHESS Depositary Interests (CDIs), each representing an interest in one share of VTI’s Class A common stock. The offer was priced at A$0.42/CDI, with an indicative market capitalisation of approximately A$88.2 million (on a fully-diluted basis). The CDIs will trade on the ASX under the ticker VTI.
Dr Stephen Snowdy, CEO of VTI said of the IPO, “We couldn’t be happier with the warm reception from investors. With the IPO funds successfully raised, we can rapidly expand our sales structure and marketing efforts for our products in the US and globally.”
Dr Snowdy continued, “We believe that NaturalVue MF contact lenses represent one of the most significant innovations in the optical design of multifocal contact lenses in over 20 years. We are looking forward to significantly accelerating the commercialisation of our NaturalVue MF contact lenses and other products.”
VTI’s Senior Vice President of Sales and Marketing, Mr Tony Sommer, will lead the growth of the US sales force. Mr Sommer was the head of sales for the US Vision Care division at Bausch & Lomb, one of the largest multi-national contact lens companies.
The funds raised in the IPO are intended to further build out the US sales force to approximately 45 direct sales representatives over the 12 months following listing, and to build inventory that will support the expanded sales effort.
“The ability to expand our sales force to reach more practitioners and patients is extremely exciting,” said Mr Sommer. “Our increased sales coverage, inventory, and product development pipeline will enable VTI to meet the vision needs of more patients and the clinical needs of more practitioners.”
The NaturalVue MF contact lens has been cleared by the US Food and Drug Administration (FDA), and a pilot launch in the US market commenced in 2015 generated strong interest. Within 12 months of the pilot launch commencing, demand for the NaturalVue MF contact lenses far outpaced VTI’s ability to supply product with its then-limited infrastructure, and 90 per cent of patients who had been using the lenses long enough to use up their supplies reordered, indicating strong repeat purchasing.