Visioneering Technologies Inc said today it closed a $25.5 million (AUD $33.3 million) initial public offering in Australia, with funds slated to support its NaturalVue multifocal contact lenses.
In the offering, the Alpharetta, Ga.-based company floated approximately 79.4 million shares of Class A common stock at 32¢ (AUD 42¢) per share, with strong support from Australian and Asian investors. The IPO was fully underwritten by Cannacord Genuity.
“With a very successful pilot launch completed, with the calibre of sales leadership we have recently attracted and installed, and with a successful IPO enabling rapid expansion of our sales infrastructure, new product launches, and inventory, we are well poised to deliver on the growth plans laid out in our prospectus,” CEO Dr. Stephen Snowdy said in a press release.
Visioneering Technologies said it won FDA clearance in the US, and that proceeds will support a broadened launch of its NaturalView MF daily disposable contact lenses both adults with presbyopia and children with myopia.