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News

Raindrop maker announces business closure

07/02/2018By Matthew Woodley
ReVision Optics, the company that manfuctured the Raindrop Near Vision Inlay, has ceased trading and will no longer distribute its products to ophthalmic practices.

The California-based company’s main product, the RainDrop, first became available in Australia in 2014 and was used to surgically correct presbyopia. ReVision made the announcement via its website recently, and said the company had created a hotline to answer any questions related to the closure. 

“It has been a privilege to have the opportunity to bring Raindrop Inlay to the presbyopic community and innovative ophthalmic practices,” the statement posted on the company website said, adding it “made great strides to build a market for the surgical correction of presbyopia, but respectful of our best efforts, it is with regret, that we have to close our doors.”

The Raindrop inlay was approved by the US Food and Drug Administration in June 2016 and became the first device that changed the shape of the cornea and the second surgically implantable device for near-vision correction.

The closure comes despite the company generating US$32 million (AU$40.49 m) in equity financing in November 2016 to support expansion, while it also implanted more than 1,000 of the inlays between late August 2016 and April 2017.

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