Visioneering Technologies expands sales and distribution network into Asia

Approximately 83% of young adults in Singapore are nearsighted and Hong Kong has high rates as well, resulting in an estimated addressable market of $170 million in territories covered by the agreement.

ATLANTA: US-based medical device company Visioneering Technologies Inc announced the expansion of its sales and distribution network into Asia.

Visioneering has entered into an agreement with Oculus Private Ltd under which Oculus will market, sell, and distribute Visioneering’s innovative NaturalVue Contact Lenses in Singapore and Hong Kong, with other markets in Southeast and Northeast Asia added as Visioneering obtains additional regulatory clearances.

Headquartered in Singapore, Oculus is a leading manufacturer and distributor of contact lens and vision care products in Asia, Africa and the Middle East. Visioneering achieved first sales of its flagship product in Singapore earlier this year as part of its expansion into Asia, which followed a successful entry in Hong Kong in Q4 2019.

The agreement with Oculus will bring broader penetration in these territories, and initial entries into others.

Visioneering CEO Dr Stephen Snowdy said: “The explosive growth of nearsightedness in children, particularly in Asia, is a significant health issue and a burden for health care systems and eye care professionals, and effective solutions are needed. VTI’s NaturalVue Multifocal contact lenses are a proven solution that slow the worsening of nearsightedness in children, and we are pleased to be working with Oculus to expand NaturalVue Multifocal’s availability to patients and practitioners in these critical markets.”

Oculus Managing Director Nyang Kong Seng said: “Oculus is focused on bringing effective eye care innovations to our clients. The quality and performance of Visioneering’s NaturalVue Multifocal 1 Day Contact Lenses, especially with its ability to correct the nearsightedness in children while slowing or stopping its worsening in most children, will be an asset in the markets we serve. We are quite proud to represent these products.”

Visioneering Technologies Inc. (ASX:VTI) is an innovative eye care company committed to redefining vision. Since its founding in 2008, Visioneering has brought together clinical, marketing, engineering, manufacturing and regulatory leaders from top vision care businesses to provide new solutions for presbyopia, myopia and astigmatism. Headquartered in the US, Visioneering designs, manufactures, sells and distributes contact lenses.

Its flagship product is the NaturalVue Multifocal contact lens, and VTI has expanded its portfolio of technologies to address a range of eye care issues. The company has grown operations across the United States, Australia and Europe and is expanding into Asia with a focus on markets with high rates of myopia.

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