Nova Eye Medical adds focus on macular degeneration

Ophthalmic treatment device manufacturer Nova Eye Medical has established a new subsidiary, AlphaRET, to commercialise its laser technology for the treatment of intermediate age-related macular degeneration (iAMD).

The new company will be the focus for developing the company’s 2RT minimally invasive nano-pulse ophthalmic laser therapy, and delineates the project from the company’s core business centred around glaucoma treatment technologies.

Nova Eye Medical director Tom Spurling said: “2RT is a major project and offers the potential to meet a substantial unmet market need.

“Our core business remains firmly focused on glaucoma, underpinned by our proprietary iTrack and Molteno3 treatments.”

Nova Eye Medical is cashed up, the company receiving $97.4 million for selling the Ellex name and ophthalmic laser and ultrasound manufacturing businesses to London’s Lumibird Group SA in July.

Since then it has expanded its glaucoma portfolio, including buying the Molteno3 glaucoma drainage device.

Spurling told investors the establishment of AlphaRET will enable the company to better leverage the 2RT opportunity.

2RT stimulates a biological healing response in the eye to treat the intermediate stages of iAMD, and offers the potential to intervene earlier in the disease process and eliminate or delay the risk of vision-threatening complications.

Spurling said in the immediate term AlphaRET would pursue an Investigative Device Exemption from the US Food and Drug administration to allow a major clinical study to provide statistically significant evidence of 2RT’s effect on iAMD.

A study of 292 patients has already been undertaken with some positive results.

Picture: Nova Eye Medical

Subscribe to our free @AuManufacturing newsletter here.