CVL is developing an environmentally friendly solid-state laser with better performance, expecting $500mil US valuation pending FDA approval

CV Laser Pty Ltd (CVL) is a Perth based Australian Biotech Company and has developed a significant patented solid-state technology with a total investment of nearly 50 million US$ for Laser Vision Correction.  As this is a unique wavelength 213nm, the company has tested the technology for the last 10 years at 45 international sites in 24 countries.  There is no reported complication, and our clinical results are excellent for both LASIK and surface surgery.  Solid State Technology is a demand of the LVC market as most medical and industrial lasers are moving away from gas to environmentally friendly solid-state laser with better beam profile, stable energy, and better performance.  CVL Solid state technology is protected by the Australian patents.

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Solid State Laser Tested Worldwide

The CVL solid state refractive laser Pulzar Z1, which has been designed specifically to fulfil the requirements of customised surgery within the LVC field, delivers improved quality of vision to most cases. Pulzar Z1 is the only 213nm solid-state refractive laser fully tested and successfully performing laser vision corrective surgery with good clinical outcomes. Ablation of the cornea with 213nm wavelength is less affected by the variation in environmental humidity or tissue hydration, reducing the risk of uneven tissue removal during surgery which in turn avoids the demand for the faster treatment time.  During the excimer gas laser surgery, all fluid of the cornea must be removed whereas with Solid state laser, there is no need to remove the fluid from the cornea with better safety, outcome and less risk of thermal effect.

The Company believes that successful LVC surgery requires precision, accuracy, and reliability. To perform these requirements successfully a laser needs to have a small, fine and fast cutting spot to effectively ablate the cornea without damaging the remaining corneal tissue, a comprehensive tracking system to track any movement or rotation of the eye during surgery and leading-edge diagnostic tools to collate the data and produce a surgical plan. The CVL System which integrates several technological advances such as the use of a solid-state diode-pumped laser, solid-state scanning device, rapid eye movement tracking and integration of diagnostic data into a surgical planning and execution system is the only solid-state laser system that can offer all these features in a fully integrated package.

CVL has designed its laser so robust that it is planning to offer 15 years working guarantee as compared to an excimer laser with average 5 years laser head working life.  This will assure a regular income for 15 years from each laser from servicing and parts.

There are three biggest markets of LVC in the world, USA, China, and India.  Based on clinical trials and market feedback, the company is planning to design and launch the new model in 2021. Indian regulatory system takes nearly 6 – 9 months, China FDA takes nearly 15 – 18 months and USA FDA takes nearly 3-5 years.  To commercialise the laser, the company is planning to set up a manufacturing facility in India for Indian, Asian and Middle East markets.  The company is planning to raise initially US$ 2 – 5 million against the equity in the Australian company and later US$ 20 million for USA FDA and expansion.

The company believes that its value will be 300 – 500++ million US$ after successful installation of 150 refractive lasers worldwide with FDA approval.

TESTIMONIALS:

Yes, I really do like the Pulzar refractive laser and have used it for the last four years without any serious hitches.  It is very economical to run.  As it is a quintuple frequency diode laser it ablates at 213nm so has a different effect than the ArF gas excimer lasers.  There is less critical need for a dry ablation bed and the ablation is a little cooler. Dr Nigel Morlet, Australia

I began using the solid state laser more than eight years ago to treat complex irregular astigmatism that could not be treated by any excimer laser that time.  The results of solid state laser were so good that I stopped using the excimer laser and now treat all patients with a Pulzar Z1 solid State Laser.  I feel that the results are more accurate because the laser fluence is not affected by fluid on the cornea or dehydration of the cornea during treatment.  Dr Ian Anderson, Australia

I have used many different excimer lasers over the years and more recently have used the Pulzar Z1 solid state laser.  I have noticed that the results are better with the Pulzar Z1: more consistent, even in complex prescriptions and very high level of astigmatism.  The small spot size and accurate eye tracker I am sure contributes to this and helped to obtained excellent results with less pain and haze in surface treatments.  Prof. Sunil Shah, UK

In a word the Pulzar is economical. Because of the technology, we were able to deliver satisfactory LASIK results at much lower cost. This allowed doctors to perform the procedure with greater profitability. With training and a few adjustments, it’s fairly easy to use and results are comparable with excimer lasers. Our greatest advantage is we can offer our post IOL patients refractive corrections at practically no added cost to them.  This is a strong marketing strategy that augments practice in our clinic. Dr Raymond Evangelista, Philippines

About LASIK

Refractive impairments or vision problems such as myopia (near sightedness), hyperopia (far sightedness), astigmatism and presbyopia can lead to hindrance in everyday activities and increase of glasses. The prevalence of refractive errors is about 30 to 40 percent in the Europe and the United States, and up to 80 percent or higher in the Asian population, especially in China, Hong Kong, and Singapore. For instances, according to the Brian Holden Vision Institute estimations published in the World Health Organisation report 2015, estimated 52% of the global population would be suffering from high myopia in 2050. With an aging world population, the number of patients needing vision correction of all kinds will grow exponentially over the coming years result in the expectation of high demand of eye laser treatment over the coming years. With laser-based procedures such as LASIK, PRK becoming further established as the best tools for correcting the refractive errors.

Laser Vision Correction LASIK Procedure

LVC surgery (also known as refractive surgery) is carried out by ophthalmologists using a computer-controlled laser beam to alter shape of the cornea, the front surface of the eye, by ablation (removal of micron thickness layers of corneal tissue). The pattern of the ablation carried out by the laser is determined via several diagnostic methods.

Increasing demand for effective treatment of eye disorders is expected to drive growth of global custom LASIK surgery market growth during the forecast period 2019 – 2027.  The global custom Laser surgery market size was estimated to be valued at US$ 2,138.1 million in 2020 and is expected to increase to US$ 3,636.1 million by 2027, witnessing a CAGR of 7.9 % during 2020 – 2027 (Coherent Market Insights Report 2020).  Most companies in LVC field manufacture excimer lasers for laser vision corrections.  Excimer laser uses toxic and expensive ArF gas and has shorter laser lifetime (4-5 years) and require frequent replacement of optics.  During the excimer gas laser surgery, all fluid of the cornea must be removed.  Frequent product recalls and high cost of LASIK surgery are not helping of making laser vision correction affordable to a common person.

There are six excimer gas laser companies in world which are involved in LVC field and they are:

  • Johnsons and Johnsons bought Abbott USA for 4.325 Billion US$ in 2016:

Abbott bought AMO (VisX and Intralase) for around $ 2.4 billion US$

  • Novartis Switzerland: Bought Alcon USA, Alcon bought Wavelight

(Earlier Alcon bought Autonomous also for $300 million)

  • Nidek Japan (Private company)
  • Zeiss Germany: Bought Meditech Germany for undisclosed value
  • Schwind Germany (Private company)
  • Valeant Pharmaceuticals: Bought Bausch and Lomb Germany for $8.7 billion including

Pharmaceutical division

  • CV Laser (the solid-state laser company)
  • Ziemer Switzerland (displayed solid state refractive laser in 2019 but not tested yet)
Steadily growing underlying LASIK Surgeries

Market value USDM

Global Lasik Surgery Market Value, Year to year growth (%)

LASIK Surgery forecast growth by region

Source:   Coherent Market Insights Report 2020; Market Value US$ M

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