US Medical Device Company Visioneering Technologies, Inc. to List On ASX – Initial Public Offer Opens

ALPHARETTA, Georgia

Visioneering Technologies, Inc. (VTI), a US based medical device company, is pleased to announce the opening of its fully underwritten Initial Public Offering (IPO) to raise A$33.3 million. The IPO proceeds will provide capital as VTI broadens its US launch of its NaturalVue Multifocal (MF) daily disposable contact lenses for adults with presbyopia (age-related loss of near vision) and children with myopia (near-sightedness).

VTI is offering for issue approximately 79.4 million CHESS Depositary Interests (CDIs), each representing an interest in one share of VTI’s Class A common stock. The offer is priced at A$0.42/CDI, with an indicative market capitalisation of approximately A$88.2 million (on a fully-diluted basis). The CDIs will be quoted on the Australian Securities Exchange following the IPO.

The NaturalVue MF contact lens has been cleared by the US Food and Drug Administration (FDA) and a pilot launch in the US market commenced in 2015 generated strong interest. Within 12 months of the pilot launch commencing, demand for the NaturalVue MF contact lenses far outpaced VTI’s ability to supply product with its then limited infrastructure, and 90% of patients who had been using the lenses long enough to use up their supplies reordered, indicating strong repeat purchasing. This led to a raise of US$10.3 million from US, Asian, and Australian institutional and sophisticated investors to prepare VTI for a rapid post-IPO expansion of sales, including expansion of its sales team and building up its inventory. The sales team expansion included the addition of Tony Sommer, who will spearhead the growth of the sales force. Mr. Sommer was the head of sales for the US Vision Care division at Bausch & Lomb, one of the largest multi-national contact lens companies.

The funds raised in the IPO are intended to further build out the US sales force to approximately 45 direct sales representatives over the 12 months following listing, and to further build inventory that will support the expanded sales effort.

VTI believes its NaturalVue MF contact lenses represent one of the most significant innovations in the optical design of multifocal contact lenses in over 20 years. The revolutionary optical design overcomes some of the major challenges associated with several existing presbyopia solutions by providing superior near, intermediate, and distance vision, and is easy for eye care professionals to fit to their patients. Clinical trials have shown NaturalVue MF to be strongly preferred over other widely used presbyopia solutions.

“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,” said VTI’s CEO, Dr. Stephen Snowdy.

Additionally, NaturalVue MF contact lenses are being used by some eye care professionals in the US to treat children with myopia. NaturalVue MF has been shown in clinical trials to simultaneously correct vision in myopic children and address generally recognised optical risk factors thought to be related to progressive worsening of myopia in children. Whilst the degree of myopia that a child develops correlates to a 2- to 16- times higher lifetime risk of serious eye diseases, there is no broadly available and adopted treatment to address the progressive worsening of myopia in children.

The IPO is fully underwritten by Canaccord Genuity (Australia) Limited. The offer of CDIs for issue by Visioneering Technologies, Inc. is made under a prospectus lodged with the Australian Securities and Investments Commission (ASIC) on 24 February, 2017. Copies of the prospectus are available on the IPO website at www.vtivisioninvestors.com.

For further information about Visioneering Technologies, Inc., and the IPO, please refer to the prospectus. Potential investors should consider the prospectus in its entirety before deciding whether to apply for CDIs.

If you have any questions in relation to the IPO, please contact:

About VTI:

Visioneering Technologies, Inc. is a US-based medical device company primarily engaged in the design, manufacture, sale and distribution of a revolutionary new contact lens: the NaturalVue™ Multifocal (MF) contact lens. The characteristics of the NaturalVue MF contact lens allow it to be used in two of the largest eye-care markets globally: adults with presbyopia (age-related difficulty in seeing close objects) and children with myopia (near-sightedness, or difficulty seeing distant objects).

The NaturalVue MF contact lens employs Visioneering’s Neurofocus Optics™ technology, which was developed, refined and tested over many years. NaturalVue lenses were cleared by the FDA in late 2014 for the correction of refractive errors and Visioneering commenced a pilot US market launch of NaturalVue MF contact lenses from 2015 that gave way to a broader US launch in 2016 and 2017. Visioneering sells and plans additional products.

Foreign ownership restrictions:

VTI’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person for the foreseeable future except in very limited circumstances after the expiration of a restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a ‘FOR US’ designation on the Australian Securities Exchange (ASX). This designation restricts any CDIs from being sold on ASX to US persons. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.

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