Guardion Health Sciences has acquired VectorVision, a provider of standardized vision testing, and a leader in the field of contrast sensitivity, glare disability, and ETDRS (Early Treatment Diabetic Retinopathy Study) visual acuity testing with its proprietary CSV-1000 device.
Financial terms of the deal, which became effective September 29, 2017, were not disclosed.
The VectorVision testing equipment is widely used by both eye care clinicians and ophthalmic researchers, and has become an established benchmark for standardized, highly sensitive and repeatable vision testing. The acquisition of VectorVision expands Guardion’s technical portfolio and further establishes the company’s position at the forefront of early detection, intervention, and monitoring of a range of eye diseases and conditions.
Guardion acquired substantially all the assets of VectorVision, including trademarks, copyrights and other intellectual property, and assumed certain liabilities of VectorVision, in exchange for the issuance of 3,050,000 shares of its common stock, which represent approximately 11% of Guardion’s issued and outstanding shares immediately following the transaction.
In conjunction with the transaction, the founding shareholder of VectorVision, Dr. David Evans, is joining Guardion’s Board of Directors. Dr. Evans is an internationally recognized expert in vision correction surgery, eye physiology and vision testing technology. He received his Bachelor of Science degree in Human Factors Engineering from the United States Air Force Academy, a Master of Science degree and Masters in Business Administration from Wright State University in Dayton, Ohio, and a PhD in Ocular Physiology from Indiana University.
“I am very excited about joining forces with Guardion. A new age of eye healthcare is upon us, and we now have the availability of novel treatment interventions which can lead to vision recovery in disease states where recovery was previously not possible," Dr. Evan said in a company news release. "The VectorVision technology is the recognized world standard for contrast sensitivity testing, and we expect our technology to play a critical role in helping doctors measure the visual function recovery associated with new interventions that may be developed by Guardion and others, as well as demonstrating to patients the benefits of these interventions.”
Michael Favish, Guardion’s CEO and founder, added, “We believe that the VectorVision acquisition marks just the beginning of the expansion of Guardion’s technology portfolio, and demonstrates our commitment to building the company into the market leader in ocular health early detection and management. We are delighted to welcome Dr. Evans to our Board of Directors, and we look forward to working with him as we continue to advance the VectorVision technology and support our doctor partners and the patients that they serve.”