Elektron Technology Plc Acquisition of IP in EET business
Elektron Technology plc (AIM:EKT), announces that its Elektron Eye Technology business ("EET") has purchased the patent of the MPS II macular pigment screening device for the sum of £220,000. Previously the device was manufactured under a licence arrangement that was scheduled to expire in 2023. The transaction is 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. As a result of the two transactions, EET owns all IP related to its product portfolio.
The two instruments referred to above address age-related macular degeneration ("AMD") and glaucoma, respectively, two of the most common ocular diseases threatening the eye health of the ageing global populace. It is estimated that by 2020 there will be 196 million AMD 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 is not subject to premarket registration under its clearance procedures. This opens 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. The number of optometrists in the US is approximately 45,000, three times that of the UK.
John Wilson, Elektron CEO, commented: "We are pleased to have completed these acquisitions which are in line with our strategy of being an owner of IP. We look forward to making the best use of the opportunities presented to us by vigorously marketing these products globally."