optometry

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:

NovaVision’s FDA-Cleared Visu­al Restora­tion Ther­a­py (VRT) Sys­tem and Com­pa­ny Assets Now Avail­able (press release)

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.