Nordic Group B.V. (Nordic Pharma), via its subsidiary Amring Pharmaceuticals, Inc., has officially completed the acquisition of Visant Medical, Inc.
Refresh me on these companies.
Based in the United Kingdom, Nordic Pharma is a privately-owned marketing and sales pharmaceutical company focused on the development and commercialization of specialty products in a number of therapeutics areas—including ophthalmology.
Founded in 2015 and based in Berwyn, Pennsylvania, Amring Pharmaceuticals is a privately-held pharmaceutical manufacturing company offering niche generic formulations and “value-driven brands” to the market. Additionally they have forged partnerships with global biopharmaceutical companies to deliver biotechnology-based medicines.
And the Menlo Park, California-based Visant Medical is a clinical-stage medical device company which has developed a medical device for dry eye treatment called LACRIFILL (see below for details).
Gotcha. Any financial details on this deal?
Nope; the companies did not disclose any mention of those.
Now the inevitable question: what is LACRIFILL?
So glad you asked…
LACRIFILL is a cross-linked hyaluronic acid (HA)-based canalicular occlusive device designed to block tear drainage via occlusion of the canalicular system.
Granted FDA 510(k) clearance in 2022, the patented therapy device which could be routed to an established CPT reimbursement code (68720) and is indicated for up to 6 months of use in patients experiencing dry eye symptoms.
To note, LACRIFILL was developed in partnership with the French manufacturing company Symatese SAS, which designs advanced medical device solutions via its technology portfolio of HA, collagen, thermoplastics, and silicone materials.
Gotcha. So what’s the future of this product?
As part of the company acquisition, Nordic Pharma is planning to launch and commercialize LACRIFILL in the U.S. market—making it Nordic’s second branded medical device in the United States, according to a release (with the first being the “Biolon and Biolon Prime” ophthalmic viscoelastic devices (OVDs) containing 1% and 1.2% sodium hyaluronate, respectively).
This major move will enhance Nordic’s position in the global ophthalmology market, the company stated.
When can we expect a launch?
The company is planning an “anticipated 2024 U.S. launch,” with no specific timeframe. Heading up the U.S. product launch team for the device will be Philip Gioia, president of Nordic Pharma.
Following these steps towards commercialization of LACRIFILL, Nordic also “intends to seek regulatory approval to make the product available globally.”