Visioneering Technologies this week priced its A$33.3 million initial public offering on the Australian Securities Exchange.
The U.S.-based contact lens maker said it’s offering 79.4 million shares of its Class A common stock priced at ¢42 apiece. The company plans to use the net proceeds from the IPO to provide capital as VTI broadens the U.S. launch of its NaturalVue Multifocal daily disposable contact lenses for adults with presbyopia and children with myopia.
The FDA-approved NaturalVue MF contact lens is available in the U.S. and the company reported strong results from a pilot launch that began in 2015. VTI said that within 1 year of the pilot launch’s start date, demand for the contact lenses outpaced VTI’s ability to supply the product and 90% of patients who used up their supply of contact lenses ultimately reordered.
In a funding round last year, the company raised $10.3 million from institutional investors in the U.S., Australia and Asia to prepare for a “broader launch” in the U.S.
In the time since, VTI expanded its sales team, adding ex-Bausch & Lomb sales head Tony Sommer, and built up its inventory.
The company said that the A$33.3 million IPO will be used to further build out the U.S. sales force to include 45 direct sales reps over the next 12 months.
“NaturalVue MF delivers clear benefits to patients and eye care professionals, which has resulted in a very strong pilot launch in the US. A successful IPO will provide the capital needed to deliver our products to more patients and to rapidly build on our current momentum by expanding the US sales team. We also intend to obtain the necessary regulatory approvals and enter into distribution agreements in additional geographies, including Australia,” CEO Stephen Snowdy said in prepared remarks.