- Nova Eye Medical (EYE) acquires patents relating to glaucoma treatments as the company looks to expand its suite of ophthalmic technologies
- EYE struck its latest deal with US-based Innovative Glaucoma Solutions LLC (IGS) and paid a consideration of US$2 million and over 1.7 million shares
- The deal is pegged to facilitate products that will address the middle stages of glaucoma and complement EYE’s existing iTrack and Molten3 technologies
- Shares closed 1.16 per cent in the red at 42.5 cents on August 26, 2021
Nova Eye Medical (EYE) has acquired a portfolio of patents related to glaucoma treatments as it looks to expand its suite of technologies.
Headquartered in Adelaide, the medical technology developer makes advanced ophthalmic treatment devices.
Nova struck its latest deal with Innovative Glaucoma Solutions LLC (IGS), a surgeon-owned company in the United States, and paid an upfront consideration of US$2 million (A$2.76 million) and more than 1.7 million fully paid ordinary EYE shares.
Nova Eye Medical Acting Managing Director 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,” he said.
“Our existing iTrack and Molten3 glaucoma treatment technologies address the early and late stages of the disease respectively.
“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 process.”
Importantly, Mr Spurling said the deal meant EYE’s surgeon customers could treat patients over the entire glaucoma disease spectrum.
IGS has assigned the company all rights to the patents, along with other relevant intangible assets.
EYE said shares issued in the agreement would remain under voluntary escrow by IGS for a period of 12 months.
Nova’s shares closed 1.16 per cent in the red at 42.5 cents on August 26, 2021.