Vycor's Proprietary NeuroEyeCoach(TM) Addresses a Multi-Billion Dollar Market Opportunity
BOCA RATON, FL--(Marketwired - Oct 15, 2013) - Vycor Medical, Inc. ("Vycor") (OTCBB: VYCO) announced today its wholly-owned NovaVision subsidiary plans to launch a new "direct to the patient" saccadic eye training program to be marketed as NeuroEyeCoach™. The proprietary Internet-based program is expected to be commercially available by year-end 2013. Additionally, NeuroEyeCoach™ will be available in an institutional version designed for use at rehabilitation and medical centers.
The NeuroEyeCoach™ therapy is highly complementary to NovaVision's existing Vision Restoration Therapy ("VRT"), the only FDA 510k cleared device aimed at the multi-billion dollar market of restoration of vision for neurologically induced vision loss.
The two therapies address different visual disabilities each of which results from neurologically-induced vision loss -- a loss of visual field as well as difficulty with eye movement, affecting the ability to integrate visual information. VRT provides partial restoration of the patient's lost visual field. NeuroEyeCoach™ has been specifically developed to increase the efficiency of eye movement and re-train the patients' ability to integrate visual information between the left and right hand side.
The inclusion of NeuroEyeCoach™ into the patients overall therapy regime along with VRT therefore addresses two key visual disabilities and will enable a significant positive impact in a patient's interaction with their environment and hence their ability to successfully perform their daily living activities.
The Company is actively working on re-engineering its VRT to also enable it for direct to the patient Internet delivery and to streamline a number of business processes related to the delivery and servicing of patients, although the therapy itself will remain unchanged. Once completed, NovaVision plans to offer both NeuroEyeCoach™ and VRT alongside each other in one therapy suite creating the most robust, affordably available Internet-based visual therapy solution targeted at neurologically induced vision loss.
NeuroEyeCoach™ is a result of collaboration between Vycor management and its world class NovaVision Scientific Advisory Board, and in particular:
- Josef Zihl, Prof. Dr. Phil., Professor of Neuropsychology at Ludwig Maximilians University of Munich, Department of Psychology-Neuropsychology, and Head of Research Group Neuropsychology at the Max Planck Institute of Psychiatry, Munich, a leader in the field of compensatory techniques for vision loss resulting from neurological damage, and
- Prof. Arash Sahraie, Chair in Vision Sciences, College of Life Sciences and Medicine at the University of Aberdeen and NovaVision's Chief Scientific Officer.
NeuroEyeCoach™ is an innovative program which evolved from Professor Zihl's extensive research and pioneering of a computer-based saccadic treatment approach which has been the subject of 13 studies with a total of 556 patients with homonymous visual field loss and persistent visual disabilities resulting from neurological damage. NeuroEyeCoach™ distills all of Professor Zihl's clinical findings into one comprehensive therapeutic product for improving a patient's ability to scan their environment more efficiently.
Importantly, the home-based NeuroEyeCoach™:
- will be the first commercially available Internet-based saccadic therapy allowing patients to receive therapy in the comfort of their own home without the need to deliver any additional hardware, or daily trips to a medical clinic
- is tailor-made for the individual's visual disability by adapting through the course of the therapy to the patient's progress, and provides feedback on progress directly to the patient
- is very user-friendly, resulting in high compliance, with a real impact on daily living
- is affordable with an excellent cost/benefit ratio
Commenting on the Company's announcement, David Cantor, President of Vycor, stated, "This is one of the most significant developments we have made since acquiring NovaVision. NeuroEyeCoach™ will be applicable to a very wide range of people who will be able to benefit from this therapy in the comfort of their home. Dr. Zihl has an immense amount of knowledge in this space where he has been, and remains, at the forefront of saccadic therapy. We are very fortunate to be able to draw on all of his and Dr. Sahraie's knowledge and experience to develop our new saccadic therapy."
Given available information and the Company's experience to date, management estimates NovaVision's addressable target market for both its VRT and NeuroEyeCoach™ saccadic therapies (both stroke and TBI victims suitable for therapy) in the US and EU to be in excess of $4 billion, and worldwide the total market potential exceeds $13 billion.
VRT is supported by more than 15 years of clinical research, with clinical studies and articles published in more than 30 leading journals. VRT has improved patients' vision and more importantly enabled them to experience significant functional improvements in their daily lives.
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical, Inc. ("Vycor") is a publicly traded company (OTCBB: VYCO) dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and has a growing portfolio of FDA-cleared medical solutions that are changing and improving lives every day. The Company operates two wholly-owned business units: Vycor Medical and NovaVision, both of which adopt a minimally or non-invasive approach. Both technologies have exceptional sales growth potential, address large potential markets, have the requisite regulatory approvals and are commercialized and generating revenue. The Company has a strong patent portfolio with 36 granted patents and a further 19 patents pending.
Vycor Medical's, ViewSite™ Surgical Access Systems (VBAS) is a suite of clear cylindrical minimally invasive disposable devices that hold the potential for speedier, safer and more economical brain surgeries and a quicker patient discharge. VBAS is designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery and add tangible value to the professional medical community. Vycor is currently exploring fully integrating its VBAS devices with Image Guided Systems. Vycor Medical is ISO 13485:2003 compliant, has FDA 510(K) clearance for VBAS for brain and spine surgeries and regulatory approvals for brain surgeries in Australia, Canada, China, Europe, Japan, Korea and Russia. For an overview of Vycor Medical's VBAS see http://player.vimeo.com/video/39766887
NovaVision develops and provides science-driven neurostimulation therapy and other medical technologies that help improve and partially restore sight in patients with neurological vision impairments. The company's proprietary Visual Restoration Therapy® (VRT) platform is clinically supported to improve lost vision resulting from stroke, traumatic brain injury ("TBI"), or other acquired brain injuries. VRT is the only FDA 510K cleared medical device in the U.S. aimed at the restoration of vision for neurologically induced vision loss and can be prescribed by any ophthalmologist, optometrist, neurologist or physiatrist. VRT also has CE Marking for the EU. NovaVision also provides Neuro-Eye Therapy (NeET) in the EU, aimed at increasing visual sensitivity deep within the field defect. NovaVision also provides a fully portable and ADA-compliant Head Mounted Perimeter (HMP™) which aids in the detection and measurement of visual field deficits. For an overview of NovaVision see http://player.vimeo.com/video/39765566
For the latest information on the company, including media and other coverage, and to learn more, please go online at www.vycormedical.com or www.novavision.com.
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