Nova Eye Medical has completed the acquisition of ophthalmic assets from Molteno Ophthalmic Limited, including the proprietary Molteno3 glaucoma drainage device (GDD) platform.
Terms of the deal were not disclosed.
Supported by more than 50 years of scientific and clinical research and implanted in thousands of patients worldwide, the Molteno3 GDD platform has been clinically validated to deliver consistent, long-term reduction in IOP in cases of severe or complex glaucoma. It has also been shown to offer the benefit of improved practice efficiency via a shorter surgical time, according to Nova Eye Medical.
“Molteno has the longest and most comprehensive history of any of the GDDs available on the market,” Joe Bankovich, President of Nova Eye Medical, said in a company news release. “Prof. Anthony Molteno is responsible for many industry firsts. His research has contributed to a comprehensive understanding of GDD surgery that has informed each evolution in Molteno design—and has culminated in the advanced Molteno3 S-Series.”
“Despite offering enhanced surgical utility and optimized clinical outcomes, Molteno3 has yet to find its rightful place at the top of the market. We will leverage our existing glaucoma-focused sales and marketing infrastructure to drive improved market penetration of the Molteno3,” added Mr. Bankovich.
The acquisition of the Molteno3 also supports the trajectory of Nova Eye Medical to develop a comprehensive suite of glaucoma treatment technologies.
“With the Molteno3, we will be able to offer our ophthalmologist customers a portfolio of treatment technologies that cover all stages of the glaucoma disease process – starting with our atraumatic and tissue sparing ab-interno iTrack canal-based glaucoma surgery for cases of mild-moderate glaucoma,” Mr. Bankovich said.
Nova Eye Medical has also acquired the lease on Molteno’s manufacturing facility in Dunedin, New Zealand, and has entered into a consulting agreement with the Molteno CEO, Dr. Nina Molteno, for a 3-month period to assist with the transition of Molteno’s operations into Nova Eye Medical.