Visioneering Secures Regulatory Registration in Hong Kong

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ATLANTA—Visioneering Technologies, based here, has received a Certificate of Listing from Hong Kong’s Medical Device Control Office, Department of Health. Listing No. 190176 applies to the NaturalVue (etafilcon A) Multifocal and NaturalVue (etafilcon A) Sphere currently marketed by Visioneering, as well as the NaturalVue (etafilcon A) Toric and NaturalVue (etafilcon A) Multifocal Toric products that Visioneering plans to market in the near future. The registration covers the use of the company’s NaturalVue Multifocal for myopia progression control.

“Coming off of another record quarter of sales and shipments, we’re excited by this latest development,” said Visioneering Technologies CEO Stephen Snowdy, PhD. “Hong Kong is an important market for us because it represents our initial entry into Asia. While Hong Kong is a relatively small market by population, the prevalence and severity of myopia indicate a strong need for our NaturalVue Multifocal product.

“We look forward to bringing our solution to the eyecare professionals and patients in Hong Kong, and will now turn our efforts into solidifying the partnerships required there.”

Visioneering sells patented daily disposable contact lenses for presbyopes and pediatric myopes. Researchers estimate that over 25 percent of 5 to 9 year-olds in Hong Kong are myopic, according to Visioneering. The condition worsens through adolescence. As a result, in 90 percent of 20 to 24 year-olds have myopia. Based on these estimates, Hong Kong has one of the highest rates of myopia of any region, resulting in an approximate addressable market size of nearly $100 million.

Myopia increases the risk of serious ocular conditions such as cataracts, retinal detachment, glaucoma and other potentially blinding diseases.

Data presented in January 2019 by eyecare practitioners showed in 141 children wearing NaturalVue Multifocal an average decrease of myopia progression of 90 percent, compared to the rate of progression prior to wearing NaturalVue, and a 55 percent decrease in the pace of lengthening of the eye (n=36)iii.

Inhibition of myopia progression was consistent between children who had worn the lens daily for one year and those who had worn the lenses daily for up to 4 years.

Initial entry into Asia follows rapid expansion into other regions. With this registration in hand, the company’s first in Asia, Visioneering will now aim to launch in Hong Kong. The company will now work to establish a distribution partnership in anticipation of commercial launch in Hong Kong in 2019.

In the U.S. alone, the addressable market for pediatric myopia is estimated at $2 bilion per annum. Visioneering estimates the market in China to be as large as $11billion, with sizable markets also in Japan, Korea, Southeast Asia and Hong Kong.

In just over two short years since its IPO, Visioneering has obtained clearances and launched its products for myopia progression control and presbyopia in Australia, New Zealand, the U.K. and the Nordics.

Headquartered in the U.S., 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 eyecare issues. The company has grown operations across the U.S., Australia and Europe and is expanding into Asia with a focus on markets with high rates of myopia.