Monday, 29-Sep-2003 9:10AM PDT
Story from NovaVision via BizWire
Copyright 2003 by Business Wire (via ClariNet)
Until now, effective therapy has not existed for the often severe vision deficits caused by stroke and traumatic brain injury (TBI). In everyday terms, a "severe vision deficit" can translate into an inability to read and/or drive. It can also cause a person to bump into walls or "ignore" a familiar face because of vision deficits such as tunnel vision or hemianopia (blindness in one half of the vision field).
There are approximately 1.2 million stroke and TBI victims in the US with major visual field deficits. This number is increasing by over 100,000 each year. VRT is a computer-based therapy designed to help stroke and TBI victims regain enough vision to perform the activities of daily life. Initial and follow-up evaluations are performed by the patient's neurologist, neuro-ophthalmologist or vision care specialist at a NovaVision partner clinic. VRT is typically performed at home on a computerized device. The program is updated monthly based on the patient's progress. To date, over 500 patients have used VRT in Germany with over 65 percent experiencing significant quality of life improvements.
"We believe in the promise of NovaVision's technology and business model," said Rusty French, partner of Noro-Moseley. "With its patented technology, impressive therapeutic benefits and strong management and research teams, NovaVision has the potential for long-term success." Ravi Ugale, partner of Crossbow Ventures added, "Crossbow Ventures prides itself on being actively involved in growing the business of its portfolio companies, and our investment in NovaVision is just the first step in what we are sure will be a successful long-term partnership. We look forward to working with NovaVision to build a solid foundation for future growth and profitability."
Navroze Mehta, President & CEO of NovaVision Inc., said, "We are pleased to be working with strong investors who will be partners in driving the Company's growth. We believe that VRT will help over one million people in the US who previously had no hope while leading to the creation of a high growth, profitable company in this potentially billion dollar marketplace."
Simultaneous with the closing, NovaVision added Andrew D. Firlik, MD to the board of directors. Dr. Firlik is a neurosurgeon, Clinical Assistant Professor of Neurosurgery at New York University Medical Center and a Principal at Canaan Partners. "I believe that therapies based on taking advantage of neuroplasticity will be the next major advance in treating many neurological disorders. NovaVision is the leader in its field," said Dr. Firlik.
About NovaVision
NovaVision developed and markets the patented and proprietary NovaVision VRT Vision Restoration Therapy. VRT is based on the proven concept of neuroplasticity. Neuroplasticity implies that the brain is not as "hard-wired" as previously thought and is, in fact, highly adaptive to change, can repair itself and is responsive to therapy that enhances this repair process.
Based on these findings, the Company's founder, Dr. Bernhard Sabel, developed VRT for stroke and traumatic brain injury patients who have suffered vision impairments. VRT is a patented and proprietary series of synchronized software programs. Initial and follow-up patient evaluations are performed at a stroke and brain injury rehabilitation center or major eye institute that has partnered with NovaVision to provide VRT. Generally, the patient performs the training at home on a computerized device. VRT is currently marketed in the European Union and has been cleared for marketing by the FDA in the U.S.
NovaVision is headquartered in Boca Raton, Florida in the Enterprise Development Corporation's Technology Center. Its European headquarters are located in Magdeburg, Germany.
(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; and trends toward health care cost containment. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.)