CooperCompanies Announces MiSight® Approval in China

Rhea-AI Summary

CooperCompanies (NYSE: COO) has received approval from the Chinese National Medical Products Administration (NMPA) for its MiSight® 1 day contact lenses. This innovative lens targets the growing issue of myopia in children aged 8-12, potentially slowing axial length progression. With an estimated 80% prevalence of myopia among high school students in China, this approval positions Cooper to collaborate with eye-care professionals effectively. The company plans to share more details in its earnings call on September 2, 2021.

Positive

• Approval of MiSight® 1 day contact lenses by Chinese NMPA.
• Targets myopia in children, addressing a significant health issue.
• Potential for increased market share in a growing segment.

Negative

• None.

SAN RAMON, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO), today announced that the Chinese National Medical Products Administration (NMPA), which regulates medical devices and pharmaceuticals in China, has approved CooperVision MiSight^® 1 day contact lenses for use within the country following a priority review.

“We are extremely excited to receive this approval,” said Al White, President and CEO. “The increasing incidence of myopia is one of the most pressing global eye-health issues we face today, and receiving approval from the NMPA allows us to work closely with eye-care professionals proactively treating children in China. MiSight^® is the most innovative contact lens in the market, and we remain incredibly passionate about promoting it along with our ortho-k and SightGlass Vision^® myopia management products.”

MiSight^® is the first Chinese NMPA approved soft contact lens with an indication relating to slowing the progression of axial length in patients who at initiation are 8-12 years old and have a refraction of -0.75 D to -4.00 D with ≤ 0.75 diopters of astigmatism. Myopia (nearsightedness or short-sightedness) progression has been linked to causing cataracts, retinal detachment, glaucoma and myopic maculopathy later in life. Within China, the prevalence of myopia among high school students is estimated to be around 80 percent. Additional information may be found at CooperVision.com and in the CooperVision MiSight® trade release.

The company will provide further information on its September 2, 2021 earnings call.

About CooperCompanies
CooperCompanies ("Cooper") is a global medical device company publicly traded on the NYSE (NYSE: COO). Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of women, babies and families with its diversified portfolio of products and services focusing on medical devices and fertility & genomics. Headquartered in San Ramon, CA, Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com.

Contact:
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663
ir@cooperco.com

FAQ

What is the significance of CooperCompanies' MiSight® approval in China?

The approval allows CooperCompanies to market MiSight® contact lenses aimed at treating myopia in children, addressing a pressing health issue.

When is CooperCompanies scheduled to discuss its earnings?

CooperCompanies will provide further information during its earnings call on September 2, 2021.

What age group does MiSight® target?

MiSight® is designed for children aged 8-12 years old to help manage myopia.

What is the prevalence of myopia among students in China?

Approximately 80% of high school students in China are estimated to have myopia.