Boca Raton, Florida-based Vycor
Medical operates two distinct businesses through which the company has built a
hearty portfolio of FDA-cleared, revenue-generating medical solutions.
Collectively these businesses address significant global markets with combined
value of approximately $13.7 billion.
Vycor’s NovaVision offers a suite
of complementary therapies providing vision rehabilitation for neurological
brain damage (such as stroke). The company has amassed an IP portfolio of 33
granted/issued patents, five pending patents, and is the developer of Vision
Restoration Therapy (VRT), the only FDA-cleared therapy targeting vision loss
resulting from neurological trauma.
While current post-traumatic
therapies exist for speech, physical and occupational rehabilitation, vision
therapy is often left unaddressed. To the more than a quarter (28%) of stroke
victims that suffers from visual disorders and for the 20% that experience
permanent vision loss, NovaVision’s focus on this critical missing therapy is
of considerable value. The company enjoys limited peer competition within this
area of therapy as there are no other clinically supported alternatives to the
company’s light-based prescription stimulation therapy.
NovaVision has also developed the
first commercially available computer-based eye movement therapy available for
home use. Supported by decades of scientific research and 20 clinical studies,
the company has completed two professional NeuroEyeCoach models that re-train
patients to optimize their remaining visual field. This technology is currently
available in the United States; additionally, NovaVision commenced a
three-center patient trial for NeuroEyeCoach in Germany, Austria and Italy.
Vycor’s ViewSite is focused on
bringing to market devices that increase safety and revolutionize surgery
across multiple disciplines. Among other products, the company has developed a
neurosurgical device used to access a specific target within the brain (such as
a tumor). The ViewSite Brain Access System (VBAS) is a suite of single-use
devices designed with a minimally invasive shape to enable the surgeon to
access a specific target within the brain.
Accurate target access also creates
potential for significantly less damage to the surrounding tissue compared to
the risk of damage caused by the sharp edges of traditional blade retractors.
The minimally invasive design also enables surgeons to use the device in
challenging procedures that were once considered “inoperable.”
VBAS is fully commercialized and
Vycor has initiated and is taking action following a four-pronged growth
strategy to saturate the market:
• Drive
U.S. market penetration – VBAS has been approved in more than 170 hospitals in
the U.S. with additional hospitals in the approval process.
• Increase
focus on international expansion – Vycor has established distribution
agreements in Australia, Belgium, Brazil, Canada, China, France, Germany,
Greece, Holland, Hong Kong, Italy, Japan, Korea, Russia, South Africa, Spain,
Sri Lanka, Sweden, Taiwan and the UK.
• Secure
more clinical and scientific data – Vycor is strongly supported by
neurosurgeons at Weill Cornell Medical Center, has seven peer
reviewed/published studies, and has a pipeline of new studies expected to be
completed in 2015.
• Focus
on new product development – Two of four planned new devices are currently
going through the manufacturing process in Asia; finalization of design and
testing, along with co-marketing and co-promotion agreements are being
explored.
As Vycor carries out its growth
strategy, the company is reaping the fruits of its progress. In the first nine
months of 2014, Vycor reported revenue of $991,001, a 26% increase over the
same period in 2013. The Vycor Medical division (VBAS) accounted for revenues
of $710,743, a 41% increase compared to the same period in 2013. Gross profit
for 2014 was $865,021, a 26% increase over 2013, a margin of 87% for both
periods.
The company benefits from the
guidance of a strong management team, board of directors, an advisory board,
and impressive product portfolio that affix Vycor to incredible market
opportunity. Pertaining to its stroke/TBI VRT and NeuroEyeCoach, the company
sees approximately $4 billion aggregate US/EU market opportunity and $13
billion global market opportunity, in addition to $700 million market
opportunity for the VBAS family of devices.
For more information, visit
www.vycormedical.com
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