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Visioneering secures Chinese patent for myopia control

30/08/2017By Matthew Woodley
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ASX-listed medical device company Visioneering Technologies (VTI) has received patent protection in China for the optical designs of its myopia progression control contact lenses.

The patent, which extends until the end of 2036, applies to designs used by the company for myopia progression control. China is the latest country – after Australia, Singapore and Taiwan – to have approved the patent, and VTI management has said further territories are also pending for the same patent.

Stephen Snowdy, Visioneering Technologies CEO
Stephen Snowdy, Visioneering Technologies CEO
Successful protection of our innovations through intellectual property is an important accelerant in our growth and creation of value,
Stephen Snowdy

A statement released by the company indicated Asia was a priority market, given the high rates of myopia in countries such as China, South Korea and Singapore.

“Successful protection of our innovations through intellectual property is an important accelerant in our growth and creation of value,” VTI CEO Dr Stephen Snowdy said.

“These patent allowances layer on top of the other patents in our extensive portfolio of intellectual properties, and have expiries that provide very long protection in key geographies.”

Earlier this year, the company launched its NaturalVue Multifocal 1-day contact lenses, which it says can be used by adults with presbyopia and children with myopia. According to its half-yearly report, released yesterday, sales revenue has risen to US$299,000 ($AU376,510) – up from US$68,000 (AU$85,630) last year – on the back of the release.

However, VTI still incurred a net loss after tax of US$10.3 million (AU$13 m) for the half year ending June 30. Despite the loss, Snowdy said he was delighted with the results.

“With the funds raised at IPO we are moving swiftly to execute on our growth plans, making a number of high calibre hires, expanding our product range and building inventory to meet pent up demand,” he said.

“Concurrently, we are seeing evidence that the interest in our product and appreciation of the benefits that NaturalVue MF lenses offer for both patients and practitioners continues to increase. The steady rate of inbound enquiry and repeat purchasing is reflected in our sales growth over the course of this year.”

VTI shares were trading at AU$0.42 at the time of publication.

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