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Alcon Debuts As Independent Company

It now trades on the New York Stock Exchange under the symbol ‘ALC.’

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GENEVA – Alcon announced the completion of its separation from Novartis, positioning the business as an independent, publicly traded company.

Alcon’s shares begin trading on the SIX Swiss Exchange and New York Stock Exchange under the symbol “ALC.”

Alcon describes itself as the largest eyecare device company in the world, with complementary surgical and vision care businesses. The company has a presence in 74 countries and serves patients in more than 140.

“For more than 70 years, Alcon has been dedicated to helping people see brilliantly and now, as an independent company, we are pursuing even more opportunities to further that mission,” said David Endicott, CEO of Alcon. “We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”

Eye care is an approximately $23 billion a year market, growing at roughly 4 percent annually, the company noted in a press release. Last year, Alcon had sales of $7.1 billion, including $4 billion in surgical – up 7 percent from the prior year – and $3.1 billion in vision care – up 3 percent.

Endicott stated: “Demand for eye care is growing significantly as our population ages and people spend more time in front of screens and mobile devices. As we mark this new chapter in the life of our company, all of us at Alcon are committed to addressing the growing consumer need for improved vision and eye health and to expanding access to quality eye care all around the world.”

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The company launched a new global website that can be found at www.alcon.com.

Under the terms of the separation, each Novartis shareholder or ADR (American Depositary Receipt) holder will receive one Alcon share for every five Novartis shares or ADRs they held as of the close of business on April 1, 2019, the record date for the distribution.

As an independent company, Alcon “will have more focus and flexibility in pursuing its own growth strategy driven by rapid iterative innovation,” according to the release.

“The company will have a distinct investment identity with a more efficient capital structure that will allow it to expand markets, enter promising adjacencies and introduce new business models. These benefits, combined with Alcon’s industry-leading customer relationships, favorably position the company to achieve sustainable growth.”

Alcon is headquartered in Geneva. Its facilities in Fort Worth, TX, “will remain a major operational center and innovation hub with a large base of employees.”

Alcon stated that it will continue its corporate giving efforts, which in 2018 included $62 million in monetary and product donations. Through its charitable organizations, the Alcon Foundation and Alcon Cares, Alcon partners with hundreds of charitable organizations to help increase access to eyecare, providing sight-restoring surgeries, eye exams and other services to people in underserved communities around the world.

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Alcon also sponsors hands-on and virtual eyecare provider training and skills-transfer to strengthen the level of care, and supports its communities through charitable donations and associate volunteerism.

 

Since launching in 2014, INVISION has won 21 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

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Pharma Company with Eyecare Focus Names CEO

He previously served as interim chief.

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EMERYVILLE, CA — NovaBay Pharmaceuticals Inc., a biopharmaceutical company focusing on commercializing Avenova for the domestic eye care market, announces the appointments of Justin Hall as president and CEO and Jason Raleigh as chief financial officer.

Hall has served as interim president and CEO, and Raleigh as interim CFO, since March 2019.

“Justin and Jason have proven their leadership abilities by successfully implementing the shift in our U.S. commercial strategy we announced in March and executing the recent launch of our U.S. direct-to-consumer sales of Avenova on Amazon.com,” said Paul E. Freiman, chairman of NovaBay.

“This is a very exciting time at NovaBay as we launch Avenova Direct, making our leading lid and lash spray directly accessible to consumers without a prescription and at affordable pricing,” Hall said. “My close working relationships with our Board, principal investors, and sales force are key to quickly adjusting our strategy to rapidly address opportunities in the marketplace. We are on the move and we have momentum.”

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Raleigh said: “I’m honored to be selected as CFO and appreciate the Board’s trust in my abilities. I look forward to continuing to work with Justin and the NovaBay team toward the continued successful commercialization of Avenova.”

Hall has served with NovaBay for six years in a variety of roles, including as corporate counsel, and has been actively involved in a number of operating functions, including the sales organization and manufacturing. Raleigh has been with NovaBay for more than three years and has nearly 20 years of financial experience.

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AOA: Amazon Has Dropped Noncompliant Contact Lens Sellers

AOA plans to ‘continue to monitor the site and report retailers.’

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The American Optometric Association reports that Amazon’s marketplace no longer displays noncompliant, decorative contact lens vendors following complaints from the AOA.

The AOA explains that it had alerted the e-commerce retailer to potential violations of federal law and its own medical device policy.

In a Feb. 27 letter to Amazon, the AOA emphasized that contact lenses — whether corrective or plano — are U.S. Food and Drug Administration-regulated medical devices that not only require a prescription from a licensed practitioner for purchase, but also fall under Amazon’s own policy for “Medical Devices and Accessories.” That policy mandates how sellers must abide by all federal, state and local laws, which in this case, the AOA noted, includes patient protection provisions of the Fairness to Contact Lens Consumer Act (FCLCA).

Per federal law, vendors “may sell contact lenses only in accordance with a contact lens prescription for the patient that is (1) presented to the seller by the patient or prescriber directly or by facsimile; or (2) verified by direct communication.”

AOA’s letter noted: “The contact lenses available for sale on Amazon are sold entirely without a prescription, which we believe is an FCLCA violation.” Furthermore, “in addition to sales via (Amazon’s) platform raising legal questions related to the FCLCA, the guidance provided by sellers regarding these FDA-regulated medical devices is very concerning.”

The AOA’s letter document instructions from vendors such as “… gently press the contact lens opposite clockwise or counterclockwise turn 30 times [sic], and put in a box for a new care solution … if you do not use for a long time, please put in the box, soak with care solution [sic], replace the care solution every three days.”

Such guidance is “wholly inappropriate and dangerous,” the AOA states in a post on its website. It notes that proper physician oversight is necessary for medical devices that require a physician’s prescription.

According to AOA:

In response, Amazon thanked AOA for its diligence and reiterated its own medical devices policy while stating the company will take appropriate action when products are reported for legal non-compliance. As of June 4, those violating posts that AOA first identified and reported have been removed. The AOA will continue to monitor the site and report retailers.

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Ophthalmologists Hope to Undo State Law That Allows ODs to Perform Eye Surgery

They’re attempting a ballot referendum.

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A movement is afoot in Arkansas to undo recently passed state legislation that allows optometrists to perform certain surgeries.

It’s being led by Safe Surgery Arkansas, a group of medical doctors, Talk Business & Politics reports. They hope to use a ballot referendum to accomplish their goal.

R. Scott Lowery, president of the Arkansas Ophthalmological Society, was quoted saying: “Every day the people of Arkansas rely on medical doctors who have the experience and training to perform medical procedures to ensure that they are getting world class healthcare in Arkansas. We are confident that when the people are heard on this issue, they will not allow individuals without medical degrees and without surgical residencies to jeopardize the precious eyesight of Arkansans.”

The legislation was signed into law in March. The procedures that it allows optometrists to perform include selective laser trabeculoplasty and Nd:YAG laser procedures, along with injections (excluding intravenous and intraocular), removal of lid lesions and chalazion incision and curettage.

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The bill called on the Arkansas Board of Optometry to establish credentialing requirements for optometrists to perform these laser procedures, as well as require those doctors to report the outcomes of their procedures to the board.

Vicki Farmer, executive director of the Arkansas Optometry Association, was quoted noting that Arkansas legislators “overwhelmingly approved this measure during the recent session, after listening to hours of testimony and debate, and learning optometrists in other states, like Oklahoma, have been safely performing these procedures for more than 20 years.”

Read more at Talk Business & Politics

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