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Nova Eye Medical acquires glaucoma patents to drive new product expansion

Australian company Nova Eye Medical has completed a transaction with a US company to acquire a portfolio of patents related to glaucoma treatments.

Managing director Mr Tom Spurling said the acquisition supported the company’s strategy to develop a comprehensive portfolio of glaucoma treatment technologies.

“This transaction expands and strengthens our glaucoma surgical device intellectual property portfolio and will facilitate the future introduction of new products and additional indications. Our existing iTrack and Molteno3 glaucoma treatment technologies address the early and late stages of the disease respectively,” he said.

“The future products will address glaucoma patients with mid-stage disease, complementing the iTrack and Molteno3 technologies and equipping our surgeon customers with a comprehensive portfolio of treatment technologies to target all stages of the glaucoma disease process.”

He added: “In short, our surgeon customers will be able to treat patients over the entire glaucoma disease spectrum.”

Under the terms of the deal, Nova Eye Medical has paid upfront consideration of US$2 million (AU$2.74 m) and issued 1,736,653 fully paid ordinary shares in the company to Innovative Glaucoma Solutions LLC (IGS), a surgeon-owned company.

The shares issued under the agreement are under voluntary escrow for a period of 12 months by IGS. IGS has assigned to the company all rights to the patents, along with other relevant intangible assets.

Meanwhile, Nova Eye Medical released the full year audited financial results for the period ended 30 June 2021 (FY21).

In general, the company said there was a reduction glaucoma surgical procedures in the US and other key markets during the period due to COVID-19 restrictions.

Notwithstanding this the company recorded solid sales revenue growth of 13.1% to AU$13.1 million for its glaucoma consumable surgical devices (iTrack and Molteno3).

This compares with sales revenue of AU$11.6 million for the year ended 30 June 2020.

After allowing for the appreciation of the Australian dollar against the US dollar, sales revenue growth was 24.9% measured in constant currency terms. Most of this sales growth was driven by improved market penetration of the company’s proprietary iTrack minimally invasive glaucoma surgery (MIGS) device.

Nova Eye Medical’s ASX announcements can be found here.

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