Ellex Medical Lasers has completed the sale of its Ellex Lasers & Ultrasound business to Quantel Medical via Lumibird Group SA, and changed its name from Ellex Medical Lasers Limited to Nova Eye Medical Limited.
In December 2019, Lumibird Group, the parent company of Quantel Medical, signed an agreement with the Ellex Medical Lasers to acquire Ellex’s laser and ultrasound business for $100 million Australian dollars (about $69 million USD).
The divesture of the Ellex Lasers & Ultrasound business marks a major milestone in the company’s evolution to become the preeminent glaucoma technology company, according to a Nova Eye Medical news release.
“We’re excited about the trajectory for Nova Eye Medical. As our new name suggests, we are committed to developing a suite of novel ophthalmic treatment technologies. These technologies will advance clinical outcomes and improve patient quality of life,” said Joe Bankovich, President of Nova Eye Medical.
At the heart of the Nova Eye Medical business is the company’s proprietary iTrack MIGS procedure.
“iTrack is a truly atraumatic MIGS. It is able to effectively reduce IOP and medication burden without removing or damaging tissue, both in phakic and pseudophakic patients,” said Mr. Bankovich. “It is well understood that no one glaucoma treatment lasts forever. The ability to deploy a tissue-sparing MIGS procedure such as iTrack early in the treatment paradigm, without compromising the ability to intervene with another treatment option at a later stage, enables physicians to better manage a glaucoma patient over the life of their disease.”
The company will look to further develop the clinical utility of the iTrack technology platform, in addition to building a suite of novel glaucoma treatment technologies.
“By developing a comprehensive portfolio of glaucoma treatments, we hope to create more opportunities for ophthalmologist to intervene across each stage of the disease process. Helping patients to maintain a high quality of life will underpin these technologies,” Mr. Bankovich said.
Headquartered in Fremont, California, the company will maintain its listing on the Australian Securities Exchange, with the new ticker symbol “EYE” (formerly “ELX”).