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Visioneering Technologies raises $33 million, expands infrastructure
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Visioneering Technologies Inc., manufacturer of the NaturalVue Multifocal 1 Day contact lenses, has raised $33.3 million following the close of its fully underwritten initial public offering.
The IPO will provide capital as the company expands and accelerates its U.S. launch of the NaturalVue Multifocal daily disposable contact lenses for adults with presbyopia and children with myopia and launches additional contact lens products, according to a press release from the company.
The funds raised in the IPO are intended to further build out the U.S. sales force to approximately 45 direct sales representatives over the 12 months following listing and to build inventory that will support the expanded sales, according to the release.
The NaturalVue multifocal has been cleared by the FDA, and a pilot launch in the U.S. market in 2015 generated strong interest, according to the release.
Within 12 months of the pilot launch, demand for the lenses far outpaced the company’s ability to supply product with its then-limited infrastructure, according to the release.
“With a very successful pilot launch completed; with the caliber 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,” Stephen Snowdy, PhD, CEO, said in the release.