Ellex sells laser business, becomes Nova Eye Medical

Ellex Medical Lasers will be reborn with the new name of Nova Eye Medical and will develop new opthalmic treatments following the completion of the sale of its opthalmic laser (pictured) and ultrasound businesses.

The company told investors it had completed the sale of the businesses, together with the Ellex name, to London’s Lumibird Group SA for $97.4 million.

Lumibird, which will now own Ellex’s Adelaide factory, originally agreed to pay $100 million, with the final sale price adjusted for factors including subsequent corporate expenditures and interest.

Ellex lasers are used to treat glaucoma, cataracts and diabetic eye disease, however the Australian company announced the remainder of its businesses would be renamed Nova Eye Medical from July 1.

Nova said: “Nova Eye Medical is committed to develop a suite of novel opthalmic treatment technologies that advance clinical outcomes and improve patient quality of life.”

The businesses sold made an EBITDA loss of $1.7 million in the first half on sales of $6.6 million.

Picture: Ellex Medical Lasers