Vycor Medical Inc. (OTC:VYCO) bought up the assets of vision restoration therapy company NovaVision Inc. and its German subsidiary for $900,000.
Bohemia, N.Y.-based Vycor makes neurosurgery retraction devices. With NovaVisions’ assets, it picks up technology designed to treat vision loss from stoke or brain injury.
NovoVision filed for bankruptcy in April, but it has operations in the U.S. and Germany and has Food & Drug Administration 510(k) clearances and CE Mark approvals for its product and as a medical device manufacturer, according to Vycor. The company said NovoVision had sales of about $1 million last year and it does not have any direct competition in the U.S.
The deal was facilitated by former NovaVision employee Tom Bridges, according Vycor chairman Adrian Liddell. Bridges was NovaVision’s sales and marketing head and holds a similar position at Vycor.