Russian approval granted for Norwood EyeCare products

Norwood Devices, a division of medical technologies group Norwood Abbey (ASX:NAL) has received approval from the Russian Ministry of Health to import and sell the Norwood EyeCare Epi-LASIK system.

"The market potential in Russia is significant. There are 75 laser refractive centres across Russia with approximately 75,000 patient procedures being undertaken per year," said Norwood Devices CEO Richard Walmsley in a statement.

The first EyeCare Epi-LASIK systems have been sold in Russia and will be commissioned for routine patient use shortly. It also has approval in all major territories in North America, Europe and Asia.

According to Norwood the Epi-LASIK system is the next generation of laser vision correction surgery, incorporating the benefits current laser vision correction procedures with a less invasive and safer technique that eliminates the need to cut the eye.

Earlier his month Norwood Abbey raised AUD$13.3 million (US$10 million) through US institutional investors to make the final payment on its products used in vision correction surgery and to expand production.