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Visioneering Technologies

Visioneering Technologies expands into Asia by securing Hong Kong registration

In just over two years the company has obtained clearances and launched products for myopia progression control and presbyopia in Australia, New Zealand, the UK and the Nordics.

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Visioneering aims to launch its products in Hong Kong by year-end and expand to additional Asian markets

Visioneering Technologies Inc (ASX:VTI) has entered the lucrative Asian market after obtaining registration from Hong Kong’s Department of Health for current and anticipated products.

This registration also covers use of the company’s NaturalVue Multifocal product for myopia progression control.

The company sells patented revolutionary daily disposable contact lenses that address two underserved populations - presbyopia, the loss of near vision in people between 40 and 45, and paediatric myopia, near-sightedness in children.

With a population of almost 7.5 million, Hong Kong is a thriving and viable market for vision correction.

“Excited by this latest development”

Visioneering Technologies' chief executive officer Stephen Snowdy said: “Coming off another record quarter of sales and shipments, we’re excited by this latest development.

“Hong Kong is an important market for us because it represents our initial entry into Asia and while a relatively small market, the prevalence of myopia indicates a strong need for our Natural Vue Multifocal product.

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

Myopia increases risk of ocular conditions

Researchers estimate more than 25% of 5-9-year old’s have myopia and 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 US$100 million.

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

With this registration being the company’s first in Asia, Visioneering aims to launch in Hong Kong – with the registration allowing for sales through regulated channels such as hospitals and allows for claim of myopia control.

The company will now work to establish a distribution partnership in anticipation of commercial launch in Hong Kong later in the year.

Quick facts: Visioneering Technologies

Price: $0.06

Market: ASX
Market Cap: $23.15 m
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