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Elektron purchases macular pigment screening device patent
Elektron Technology announced on Thursday that its Elektron Eye Technology business (EET) has purchased the patent of the MPS II macular pigment screening device for the sum of £0.22m.
The AIM-traded company said that previously, the device was manufactured under a licence arrangement that was scheduled to expire in 2023.
It said the transaction was in addition to the purchase of intellectual property - previously mentioned in Elektron's interim report - relating to the Henson 9000 visual field screener.
That transaction also replaced a licensing agreement, and as a result of the two transactions, EET would own all intellectual property related to its product portfolio.
The two instruments address age-related macular degeneration and glaucoma - respectively two of the most common ocular diseases threatening the eye health of the ageing global populace.
Elektron said it was estimated that by 2020, there would be 196 million age-related macular degeneration sufferers and 80 million glaucoma sufferers worldwide.
Separately, EET was recently notified by the Food and Drug Administration in the US that the Henson 9000 was not subject to premarket registration under its clearance procedures.
The board said that opened the way for the instrument to be marketed in the US.
In the last financial year, approximately 90% of its sales were in the UK, while the number of optometrists in the US is approximately 45,000 - three times that of the UK.
"We are pleased to have completed these acquisitions which are in line with our strategy of being an owner of IP," said Elektron CEO John Wilson.
"We look forward to making the best use of the opportunities presented to us by vigorously marketing these products globally."