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The Magnum Group Inc. has been hired to solicit offers for the assets of NovaVision Inc., which filed for Chapter 7 bankruptcy in Florida April 28 after more than seven years of continuous operation.
Boca Raton, FL-The Magnum Group Inc. has been hired to solicit offers for the assets of NovaVision Inc., which filed for Chapter 7 bankruptcy in Florida April 28 after more than seven years of continuous operation.
Assets include a neuroplasticity platform (Visual Restoration Therapy) that has been cleared by the FDA for the treatment of amblyopia, optic nerve damage, stroke, and traumatic brain injury.
NovaVision has received a total investment of $49.2 million since its founding in 2003 and has generated revenues of about $1 million each year for the past 3 years, according to the company. More than 3,000 patients worldwide have been treated by the company’s non-invasive, computer-based neuroplasticity products. NovaVision estimates the total market opportunity for its portfolio of products to exceed 300,000 units in U.S. ophthalmology, optometry, neurology, and primary-care practices as well as rehabilitation centers.
“While it is extremely unfortunate that NovaVision has fallen victim to the current economic environment, there remains huge market potential to keep these treatments alive in the marketplace while continuing to commercialize the numerous patents and discoveries that NovaVision has invested nearly $50 million to advance,” said Holger Weis, former chief financial officer for NovaVision.
The company also has developed devices to aid in the diagnosis of visual field deficits, including an inpatient device for assessment and therapeutic use in rehabilitation centers and the head-mounted perimeter, a portable and Americans with Disabilities Act-compliant instrument to aid in the assessment of visual field deficits.
In the United States, the company has five issued patents and 12 pending applications. The international patent portfolio includes one issued patent and more than 30 pending applications. NovaVision’s wholly owned European subsidiary, NovaVision AG, located in Magdeburg, Germany, also is available for sale.