CooperVision Sign Letter of Intent for AX1 Global Distribution
Updated: Nov 22
Occuity is delighted to have received a letter of intent from world-leading contact lens manufacturer CooperVision, Inc, expressing their interest in ‘acting as a global distributor for the AX1’. (Non-exclusive)
Detailed discussions and demonstrations of the capabilities of the AX1 prototypes, resulted in CooperVision’s Head of Commercial Operations Stuart Cockerill, commenting:
"Our internal estimates of the market confirm that such a device would provide a significant benefit to screening and managing axial myopia in children."
Occuity Director of International Sales, Mike Riley, said: “Over the last few months, Occuity have engaged in commercial discussions with several leading global industry contact lens and spectacle lens suppliers. It has been exciting to demonstrate the AX1 to the team at CooperVision and their interest in the device is very encouraging”.
CooperVision, manufacture the world’s most popular myopia management contact lens, the MiSight® 1 day – child-friendly daily disposable contact lenses proven to slow the progression of short-sightedness in children and Riley continued: “the CooperVision team were quick to see that the AX1 would provide an excellent companion diagnostic device, that will make it easier for their partners (Opticians) to monitor the effectiveness of MiSight contact lenses on slowing axial length growth.”
Cockerill concluded: “We see this product as an extremely attractive to the optometry sector around the world and therefore sales between 5k to 10k per year would be realistic in the first few years after launch.”
This puts the potential gross revenue value of a distribution partnership at between £40 million and up to £80 million per year within the first few years.
Occuity has announced a second Seedrs crowdfunding round following their successful campaign in 2021. The £1.5 million target for 2022 will be used to support the development of the AX1, bring the PM1 Pachymeter to market, as well as much more. If you'd like to learn more about our limited-time campaign please visit our Seedrs campaign page or you can view our investor memorandum.