- CooperVision has received U.S. FDA approval for its MiSight 1 day contact lens
- The approval is a major step forward in combatting myopia, or nearsightedness, in the U.S.
- As a result, Visioneering is considering its next steps to pursuing a claim for its NaturalVue Multifocal contact lenses
- These lenses are currently being used by U.S. eye care professionals as it has been shown to slow the progression of myopia in children by over 90 per cent
- Company shares have soared 75 per cent today and trading at 8.1 cents each
Visioneering is pursuing FDA approval for its NaturalVue Multifocal contact lenses after CooperVision got the green light for its MiSight 1 day contact lens.
The green light represents a major step forward in combatting myopia, or nearsightedness, in the U.S.
“The U.S. approval of MiSight is very positive for Visioneering and the industry, and [is] an exciting time for practitioners of myopia progression in the U.S.,” CEO Stephen Snowdy said.
Visioneering is considering its next steps and is focussed on pursuing a specific claim for myopia progression control for its key product, NaturalVue Multifocal (NVMF) contact lenses in the U.S.
NVMF is currently registered in Europe, Australia, New Zealand, Hong Kong and most recently, Singapore.
In the U.S., NVMF is approved for the correction of myopia, but not specifically for controlling shortsightedness’ progression.
Many eye care professionals in the U.S. actually use NVMF for treating myopia progression as it employs a unique optical design that has been proven to slow the progression of the eye condition in children by over 90 per cent.
NVMF is available in a full range of distance powers, up to -12.25 diopters, enabling treatment for a greater portion of the myopic population than MiSight.
There is high demand for myopia treatment lenses, with the company projecting an estimated market of A$2.9 billion (US$2 billion).
Visioneering Technologies is up 75 per cent today, with shares trading at 8.1 cents each at midday trade AEDT.