SightGlass Vision Joint Venture Begins Operation
EssilorLuxottica and CooperCompanies have finalized their joint venture agreement for SightGlass Vision, focusing on innovative myopia management technologies. This collaboration aims to commercialize Diffusion Optics Technology™, which can potentially slow myopia progression in children by scattering light to reduce retinal contrast. With myopia affecting 2.6 billion globally, the partnership aims to enhance awareness and access to solutions. The lenses are not yet approved for sale in the U.S., marking an important step in addressing the rising myopia prevalence projected to impact half of the global population by 2050.
- Formation of joint venture between EssilorLuxottica and CooperCompanies for SightGlass Vision.
- Innovative technology aims to significantly address the growing global myopia issue, impacting 2.6 billion people.
- Potential for improved vision care solutions to support children's eye health.
- SightGlass Vision's lenses currently not approved for sale in the United States.
EssilorLuxottica and CooperCompanies initiative accelerates commercialization of innovative myopia management technologies
CHARENTON-LE-PONT, France and SAN RAMON, Calif., March 17, 2022 (GLOBE NEWSWIRE) -- EssilorLuxottica and CooperCompanies are pleased to announce the finalization of their joint venture agreement for SightGlass Vision. This collaboration of two global vision care leaders accelerates the commercialization of novel spectacle lens technologies to expand the myopia management category. SightGlass Vision’s Diffusion Optics Technology™ incorporates thousands of micro-dots into the lens that softly scatter light to reduce contrast on the retina, which is intended to reduce myopia progression in children.1
“As a global leader with a 30-year track record in myopia research, we have been developing the myopia management category for more than a decade. As such, we are thrilled to see our joint venture with CooperCompanies come to life as SightGlass Vision begins to operate and the first products start to reach the market. Together with eye care professionals, we will be able to grow awareness about existing solutions and improve access to technologies that can help children today and in their future lives,” said Norbert Gorny, co-Chief Operating Officer at EssilorLuxottica.
“We are excited to begin this joint venture with EssilorLuxottica to grow the overall myopia management category. Adding spectacle lenses with SightGlass Vision technology to our portfolio of myopia management products translates into better eyesight and brighter lives for countless children. SightGlass Vision’s commitment to clinically based performance fits well with CooperVision, which has conducted the world’s longest-running myopia management clinical study and is committed to establishing myopia management as a standard of care for affected children,” said Dan McBride, Chief Operating Officer and General Counsel at CooperCompanies.
The last several decades have seen a steady rise in the prevalence of myopia worldwide, notably under the effect of lifestyle changes. Today affecting 2.6 billion people globally, it is estimated that nearly 5 billion people – half the world’s population – will be myopic by 2050.2 Myopia is the leading cause of visual impairment in children and, over time, may contribute to an increased risk of developing permanent vision impairment, including macular degeneration, retinal detachment, cataract and glaucoma, and blindness associated with high myopia.3
Notes
1 Spectacles with SightGlass Vision Diffusion Optics Technology™ are not approved for sale within the United States.
2 Holden et al. Global Prevalence of myopia and high myopia and temporal trends from 2000 through 2050. Ophthalmology 2016. 123(5):1036-42
3 Tideman JW et al. Association of axial length with risk of uncorrectable visual impairment for Europeans with myopia. JAMA Ophthalmol. 2016;134:1355-1363
| Contacts | ESSILORLUXOTTICA | COOPERCOMPANIES | |
| Giorgio Iannella Head of Investor Relations ir@essilorluxottica.com | Marco Catalani Head of Corporate Communications media@essilorluxottica.com | Kim Duncan VP, Investor Relations and Risk Management +1 925 460 3663 – ir@cooperco.com | |
| About EssilorLuxottica | EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, its mission is to help people around the world to see more and be more by addressing their evolving vision needs and personal style aspirations. The Company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux and Transitions, and world-class retail brands including Sunglass Hut, LensCrafters, Salmoiraghi & Viganò and GrandVision are part of the EssilorLuxottica family. EssilorLuxottica has approximately 180,000 employees. In 2021, the Company generated consolidated pro forma revenue of | ||
| 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, Calif., Cooper has a workforce of more than 12,000 with products sold in over 100 countries. For more information, please visit www.coopercos.com | ||
FAQ
What is the new joint venture between EssilorLuxottica and CooperCompanies about?
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Is the Diffusion Optics Technology™ available in the United States?
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