Vycor Medical Inc.'S NovaVision® Unit Awarded Its 30th Patent
Published: Jun 04, 2013
BOCA RATON, FL--(Marketwired - June 03, 2013) - Vycor Medical, Inc. ("Vycor") (OTCBB: VYCO), a medical device company with a suite of FDA cleared products, announced today it has been granted Japanese patent #JP5068770 for its NovaVision® technology. The patent covers methods for performing vision therapy by stimulating regions of the patient's field of vision that are technically "blind," but may still respond positively to repeated stimulus to eventually improve or recover vision in the blind field.
The claims complement other issued patents surrounding NovaVision's therapeutic methods that utilize stimulation in transitional zones of deteriorated vision. The new patent brings Vycor's worldwide total patent portfolio for NovaVision to 30 granted and 9 pending.
Vycor's wholly-owned NovaVision subsidiary is the worldwide leader in the field of vision rehabilitation and the largest such provider by far in the U.S., Europe, and other global markets. NovaVision's VRT™ is the only medical device aimed at the restoration of vision for neurologically induced vision loss which has FDA 510 (K) clearance to be marketed in the U.S.
NovaVision develops and markets a non-invasive, computer-based light stimulation therapy called Vision Restoration Therapy (VRT™) and through its recently acquired subsidiary, Sight Science, a similar therapy called Neuro-Eye Therapy (NeET). Both therapies are aimed at those suffering from vision loss resulting from neurological trauma such as stroke and traumatic brain injury (TBI). The therapies are not dependent upon how long ago neurological trauma occurred.
According to the U.S. Centers for Disease Control (CDC) and the American Heart Association, there are an estimated 8 million Americans who have previously had a stroke incident, with 740,000 additional cases occurring annually. Additionally, approximately 5.3 million Americans live with long-term deficits resulting from a traumatic brain injury (TBI). These numbers and rate of growth are only expected to accelerate as our populations' age profile increases. It is estimated that approximately 30% of these stroke and TBI victims experience some sort of visual impediments as a result of their ailment. While many of these individuals do improve naturally, the consensus across most studies indicates approximately 16% experience permanent visual field deficits -- a finding consistent with the Company's experience. It is this 16% with permanent visual field deficits that VRT addresses.
Given available information and the Company's experience to date, management estimates NovaVision's addressable target market for VRT (both stroke and TBI victims suitable for therapy) to be nearly 1.5 million individuals in the U.S., approximately 1.4 million people in Europe, and approximately 6.4 million throughout the rest of the world. The U.S. and EU alone represent a total addressable market size in excess of $2.6 billion, and when expanded worldwide the total market potential exceeds $8 billion.
While speech, physical, and occupational therapies are the long-standing treatment standards for stroke and TBI survivors, VRT is the first and only FDA-cleared clinical component of vision restoration to physically enhance the visual field after a stroke or TBI.
VRT is a patient-specific diagnostic and therapeutic platform with extensive clinical data supporting its ability to increase a patient's visual field by an average of 5 degrees -- a significant improvement since visual functionality largely depends on the central 10 degrees of one's sight. The therapy is delivered currently through a computer in the patient's home. To date, over 2,000 patients have been treated with VRT and over 100 patients with NeET.
Commenting on the Company's progress, David Cantor, President of Vycor, stated, "We continue to be very excited by the potential we see for NovaVision and our excitement is further underpinned by continued positive patient testimonials. We are currently focused on some key strategic development projects that are underway which we believe will help ensure NovaVision becomes the 'Gold Standard' for the rehabilitation and restoration of vision loss resulting from neurological trauma."
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical, Inc. ("Vycor") is a publicly traded company (OTCBB: VYCO) dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and has a growing portfolio of FDA-cleared medical solutions that are changing and improving lives every day. The Company operates two business units: Vycor Medical and NovaVision, both of which adopt a minimally or non-invasive approach. Both technologies have exceptional sales growth potential, address large potential markets, have the requisite regulatory approvals and are commercialized and generating revenue. The Company has a strong patent portfolio with 36 granted patents and a further 19 patents pending.
Vycor Medical's flagship, ViewSite™ Surgical Access Systems (VBAS), is a suite of clear cylindrical minimally invasive disposable devices that hold the potential for speedier, safer and more economical brain surgeries and a quicker patient discharge. VBAS is designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery and add tangible value to the professional medical community. Vycor Medical is ISO 13485:2003 compliant, has FDA 510(K) clearance for VBAS for brain and spine surgeries and regulatory approvals for brain surgeries in Australia, Canada, China, Europe, Japan, Korea and Russia. For an overview of Vycor Medical's VBAS see http://player.vimeo.com/video/39766887
NovaVision develops and provides science-driven neurostimulation therapy and other medical technologies that help improve and partially restore sight in patients with neurological vision impairments. The company's proprietary Visual Restoration Therapy® (VRT) platform is clinically supported to improve lost vision resulting from stroke, traumatic brain injury ("TBI"), or other acquired brain injuries. VRT is the only FDA 510(K) cleared medical device in the U.S. aimed at the restoration of vision for neurologically induced vision loss and can be prescribed by any ophthalmologist, optometrist, neurologist or physiatrist. VRT also has CE Marking for the EU. NovaVision also provides Neuro-Eye Therapy (NeET) in the EU, aimed at increasing visual sensitivity deep within the field defect. NovaVision also provides a fully portable and ADA-compliant Head Mounted Perimeter (HMP™) which aids in the detection and measurement of visual field deficits. For an overview of NovaVision see http://player.vimeo.com/video/39765566
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "anticipate," "estimate," "project," "intend," "expect," "should," "believe," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Vycor Medical's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Vycor Medical's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Vycor Medical herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Vycor Medical disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
Vycor Medical, Inc Investor Contacts:
The Del Mar Consulting Group, Inc.
Robert B. Prag
Alex Partners, LLC
Help employers find you! Check out all the jobs and post your resume.