Solid State Ablation Technology: The Future of Laser Vision Correction

CV Laser is an established Australian bio-tech company which has pioneered in the development of a patented Solid-State cutting-edge technology set to disrupt the laser eye surgery market for the purpose of correcting refractive errors. As per 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 will grow exponentially over the coming years resulting in the expectation of high growth forecast of 7.9% p.a. of eye laser treatment with multibillion-dollar global demand.

 

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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

Technology has been developed by 75 fulltime staff mainly scientists, engineers, and technicians between 2001 and 2010.  During this period company has invested nearly 50 million US$ and raised nearly 20 million pounds through AIM listing as CustomVis plc.  Technology had received two Government research grants; first of nearly $2.4 million to develop a new multifunctional laser and a second with The University of Western Australia under ARC linkage grant of nearly $1.6 million to study the effect of the solid-state laser wavelength on the corneal tissues. Company also received development, commercialisation, and export marketing development grants at different stages.

Company had been a finalist and received awards in different categories in 2007 Western Australian Industry and Export Awards: Innovative Excellence Award (Winner), Emerging Exporter Award (Winner), Innovative Excellence Award (Finalist), Emerging Exporter Award (Finalist), C. Y. O’Connor for Excellence in Engineering (Finalist), Small Business Export Award (Finalist) and 2007 Australian Export Awards: Emerging Exporter (Finalist), Innovative Excellence Award (Finalist).

During the global financial crises in 2010, the development company, went into liquidation and all assets were bought by CV Laser.  CV Laser had commercially and clinically validated the technology from 2010 till 2020 under the leadership of Dr Mukesh Jain with 10 years of testing and the treatment of over 200,000 patients worldwide and offers a clinically superior, cost effecting and environmentally friendly alternative to existing gas laser systems.

Dr Mukesh Jain has 25 years’ experience in the Laser Vision Correction industry and is well known across the world ophthalmic community.  Dr Jain has been selected as The Top 100 Australian Professional 2021 by The Top 100 Magazine USA and The Most Admired Global Indian 2021 by Passion Vista Magazine, India. Dr Jain has published 2 books, 7 book chapters, over 50 articles and delivered more than 400 lectures on Laser Vision Correction technology worldwide.  Dr Jain owns the company now.

Prof Sunil Shah, Medical Advisor, is world renowned ophthalmologist and user of this technology in UK. Prof Shah has developed the laser eye surgery technique now called LASEK, is former President of the British Society for Refractive Surgeons and former Editor for British Journal of Ophthalmology with over 120 publications.  Prof Shah is consultant Ophthalmologist at the Birmingham and Midland Eye Centre and City Hospital Birmingham.

Competitive Landscape

• The ophthalmic laser equipment market has become increasingly concentrated due to mergers and acquisitions. Currently only 6 producers remain which are all gas laser based. Although they have reputable brand-names and deliver high quality products, their technology will become increasingly obsolete with the entry of solid-state laser.
• Due to long lead time for development, clinical trials and registration, Company is well positioned to disrupt the existing gas laser market.

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 an 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.

Solid State Laser Tested Worldwide

Advantage of Solid-State Systems over excimer gas systems 

• Lower cost of operation (no gas cost, lower power consumption, 300% longer life span, takes up 50% less space), environmentally friendly.
• Can be used for multiple indications. Easier to use – no need to dry the cornea before use
• Reduces risk of uneven tissue removal

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

Before launching commercially into the market, ethically it was important to check long term out come of the laser.  It has been established that this unique laser does not create any side effect and eye does not heal even after 10 years means surgery is successful.  During testing process, company did not manufacture any new laser but able to generate sufficient revenue to run the business.  Company has no out standing debt.

Total investment in the development and testing of technology is nearly 50 million US$. Company is planning to raise initially US$ 2 million against equity in the Australian company with the valuation of US$ 10 million.  Part of the funds will be used to design a new model.  Company is expecting to double the sales from the second year.

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

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