ReVision Optics, the maker of the Raindrop Near Vision Inlay, has ceased its operations, the company has confirmed with Eyewiretoday.com.
In a posting on its website, ReVision Optics stated that it has "made great strides to build a market for the surgical correction of presbyopia, but respectful of our best efforts, it is with regret, that we have to close our doors."
The Raindrop Inlay will not be sold to ophthalmic practices or distributors as of Tuesday, January 30, 2018, the message stated, and the Raindrop Rebate will not be honored past this date.
In an interview with Eyewiretoday.com, Sarah Cannon, Vice President of Global Marketing at ReVision Optics, said the closure was purely a business decision.
“It had nothing to do with Raindrop. The Raindrop is a great product. It’s just that we had $150 million invested into our organization. In order to ramp up to have full adoption, we still needed about another $50 million, which we did not have. So it was the decision of the board to go ahead and shut down ReVision Optics and pay off our debt," Ms. Cannon said.
The company is closing out its business with all of its vendors and surgeons, and the remaining money will be given to the 80 employees of the company, Ms. Cannon said, along with a 60-day notification.
To address any questions, ReVision Optics has established a hotline number, 1-866-934-6592, which will be staffed through April 30, 2018.
As to the future of the Raindrop Near Vision Inlay, Ms. Cannon said there's always the possibility that the intellectual property or technology could be picked up by another company, but there are no offers currently on the table.
In June 2016, ReVision Optics received FDA approval for the Raindrop Near Vision Inlay for the surgical correction of presbyopia. The Raindrop is indicated to improve near vision by reshaping the anterior curvature of the cornea in presbyopic patients who have emmetropic refractions (+1.00 D to -0.50 D). The Raindrop, which was commerically launched in August 2016, was the second FDA-approved implantable corneal device, following the AcuFocus Kamra Inlay, which was approved in April 2015.
The approval of the Raindrop marked the first FDA-approved implantable device that changes the shape of the cornea to achieve improved vision. In April 2017, ReVision Optics announced that 1,000 Raindrop Near Vision Inlay procedures had been performed since the company’s commercial launch.