Visioneering Technologies Limited (ASX:VTI) CEO and Executive Director, Dr Stephen Snowdy provides an update on the company's distribution agreements, its successful private placement and SPP, and its first quarter, where net revenue exceeded US$1M.
Jessica Amir: Welcome to an update with Visioneering Technologies CEO and Executive Director, Dr Stephen Snowdy. Dr Stephen Snowdy, welcome back.
Dr Stephen Snowdy: Good afternoon, thanks for having me.
Jessica Amir: First up for those who aren’t familiar, Visioneering sells contact lenses to correct vision in presbyopic and myopic patients. Can you tell us more?
Dr Stephen Snowdy: Presbyopia and myopia are conditions that are composed of large patient populations, with high medical need. People with presbyopia are people over the age of 40 to 45, who have lost the ability to see things that are up close. Myopic children are children who are nearsighted, this is typically a progressive disease and each year their vision gets worse and worse and they are exposed to higher and higher lifetime risk of growing blindness. These are obviously both conditions that very much need addressing.
Jessica Amir: Now to your update from your third quarter. What are some of the highlights?
Dr Stephen Snowdy: We had a fantastic quarter in terms of operational achievements and financial achievements. On the operational side, we launched our product in Australia. We recognised our first international revenue from practitioners, eye care professionals here in Australia. We signed a distributional agreement for Australia, and we also announced the signing of a distributional agreement for the Nordic countries of Europe.
On the financial side, we recognised our first million dollar quarter at VTI. Million dollars in terms of net revenue and in terms of shipments to eye care professionals. We also raised $6.3 million in a placement at VTI. That brings our cash balance up to $10.1 million and gives us sufficient cash to operate the company into September of 2019.
Jessica Amir: And a third party entity has published some data, some pretty compelling data, about your contact lenses in treating children who suffer vision impairment. What can we expect in terms of forthcoming data?
Dr Stephen Snowdy: You are right, that data has been published recently, as recently as January of this year. That showed that children wearing our lenses, experiencing 97 per cent slowing of the progression of their near-sightedness. We expect in the coming quarters that independent researchers will continue to use our lenses in children, and publishing the data that they’re seeing on children.
Jessica Amir: Lastly, what else can we expect for the second half of the year?
Dr Stephen Snowdy: The distribution agreements that we’ve signed so far for Europe were adjustment and audits, you can expect us to go wider into Europe in the coming quarters. You can expect us to start to expand the sale force again, towards the middle of 2019. We’ve also previously disclosed to the public that we are in very early discussions for Asian partnerships. And maybe we’ll see some progress along that front as well.
Jessica Amir: Dr Stephen Snowdy, thanks so much for your time.
Dr Stephen Snowdy: Thank you for yours.
Jessica Amir: And I’m Jessica Amir for the Finance News Network, thanks for watching.