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Visioneering Technologies (VTI) is a producer, retailer and distributor of multifocal contact lenses under the ‘NaturalVue’ brand.
The lenses are used for vision correction purposes by adults suffering from Presbyopia (blurred near vision), and children experiencing Myopia (short-sightedness).
Continue reading about the company at ShareStart…
The company is raising $33.3m as part of its IPO.
This includes 79,365,079 CDI’s, each equivalent to one share.
CDI’s will be issued at 42c.
Visioneering’s IPO is underwritten by Canaccord Genuity and includes: an institutional component, broker firm offer, and general public offer. The offer opens March 2nd and closes March 16th.
VTI is expected to list on the ASX March 27.
- NaturalVue lenses address unmet needs of patients. There is no readily available treatment for children suffering Myopia
- Large target markets in the US (Presbyopia, US$3.4bn; Myopia, US$2bn)
- FDA regulatory clearance
- Product validated by customer demand and repeat orders
- Broad intellectual property protection
- US$28.1m in funds previously raised by the company to support development and launch
- Board and management experienced in commercialising medical devices and vision correction products
- Eyeing international expansion
Use of Funds
The company holds $5.7m in cash as at the date of the Prospectus.
VTI intend to use $15.8m of funds raised to expand sales and marketing efforts.
In addition, funds will be used for: clinical trials and regulatory costs, manufacturing and distribution capex, public listing costs and working capital, and the costs of the offer.
Upon completion of the offer VTI’s indicative market cap is $83.3m.
Visioneering Technologies (ASX:VTI) - an exciting first year as a listed company
Existing owners will not be selling their shares, however dilution means new shareholders will account for 40% of the business.
Escrow arrangements will apply to 109,293,678 shares. This represents 55.1% of shares post-offer, or 91.85% pre-offer.
For more information on Visioneering Technologies, click here to visit ShareStart.
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