We mentioned in our recent market report that NovaVision had declared bankrupcy. The company tried to transform its business model in the last couple of years — obviously it didn’t work. Now the trustee is sharing a few more details and looking for ways to dispose of its assets:
The bankruptcy trustee has engaged The Magnum Group, Inc., to solicit offers for NovaVision’s assets which include the NovaVision Visual Restoration Therapy (VRT) system, a neuroplacticity (sic) platform that has been cleared by the U.S. Food and Drug Administration (FDA) for the treatment of stroke, traumatic brain injury, amblyopia (“lazy eye”) and optic nerve damage.
NovaVision has received a total investment of $49,200,000 since its founding in 2003 and has generated revenues of approximately $1,000,000 each year for the past three years. The company’s non-invasive computer-based neuroplacticity (sic) products have treated more than 3,000 patients worldwide. NovaVision estimates the total market opportunity for its portfolio of products to exceed 300,000 units in U.S. optometry, ophthalmology, neurology, and primary care practices as well as rehabilitation centers.