FYidoctors launchs its Future Vision Leaders program, a one-of-a-kind initiative designed to help new and recent optometry graduates with up to $100,000 in forgivable loans. This unique program aims to partner the next generation of optometrists with patients and regions across Canada that are in marked need of professional eye care expertise, apart from giving new optometrists a career boost unlike no other.

“FYidoctors was founded on doctors defining what eye care looks like—both now and in the future,” says company Chair and CEO Dr. Alan Ulsifer. “This includes the vision to bring the highest level of eye care to all regions of Canada, with special appreciation and presence in rural and under-serviced areas. Eye care and vision is too important to the quality of one’s life to be limited in availability. We are excited about the Future Vision Leaders program to help us fill these important public needs while giving the next generation of optometrists rewarding opportunities.”

As part of the program, FYidoctors will assess applicants on an ad hoc basis and offer them 100% forgivable loans of up to $100,000 for new graduates as well as those who have graduated within the last several years. Successful applicants who enter the program will then be partnered with clinics in either urban, rural or remote regions, with the aim of bolstering the future of the industry while giving Canadians in those regions better all-around access to eye care.

Apart from the Future Vision Leaders loan, graduates who enter the program will also receive competitive base rate compensation, optical benefits and access to world-class innovation, leadership and development opportunities. Additionally, individuals could be eligible for guaranteed minimum pay and moving expenses.

“I was a young optometrist when we founded FYidoctors in 2008,” says Dr. Michael Naugle, FYidoctors’ Vice President, Optometric Partnerships, “and I have benefitted from our OD-owned and controlled model that allows us to practice to the highest level of care due to our emphasis on technology and advanced eye care. As the largest collegial ownership model, we are always looking for the best optometric talent. This one-of-a-kind program helps serve our collective goals in a way that everyone—especially the health care industry—wins. We are excited for its launch and to congratulate our first cohort of Future Vision Leaders.”

For more information, email Optometryleaders@fyidoctors.com.

Click HERE for the full press release.

Cornell Capital LLC, a private equity firm based in New York and Hong Kong, announced that it has entered into an agreement to acquire Advancing Eyecare, a leading, North America-based provider of ophthalmic instruments to independent eyecare practitioners, national chains, hospitals, teaching institutions and others, from Atlantic Street Capital.

Advancing Eyecare is headquartered in Jacksonville, FL, and comprised of market-leading brands in eyecare instrumentation, including Lobart Instrument, Marco Ophthalmic, Innova Medical, and S4Optik.

 Atlantic Street Capital, formed Advancing Eyecare Holdings with the partnership of its portfolio companies Lombart Instrument (Lombart), and Marco Ophthalmic Inc (Marco) in 2019. At the time of formation, INNOVA had already been part of the Advancing Eyecare group.

INNOVA Medical Ophthalmics has been supplying the Canadian ophthalmic community with a comprehensive line of diagnostic instruments, supplies, and support through factory-trained technicians and customer service representatives for over 30 years. They have facilities in Toronto and the Montreal area.

INNOVA represents several well-known brands in the Canadian equipment and diagnostic equipment markets, including Nidek, REICHERT, HAAG-STREIT and others.

In a statement issued today, Cornell Capital said it has “extensive experience partnering with strong management teams to drive growth, scale infrastructure and capitalize on opportunities across new markets. The firm said it intends to work closely with Advancing Eyecare’s current management team, led by chief executive officer Brad Staley, chief financial officer David Clay and chief strategy officer David Spear, to execute on “a shared vision and build on the significant momentum and investments the company has made in fostering a culture of authenticity, accountability, transparency and winning.”

Commenting on the acquisition, Stephen Trevor, partner at Cornell Capital, remarked, “AEC’s broad portfolio of innovative products and world class service and tech support have positioned the company as a leader in the attractive multibillion dollar ophthalmic products and services market. As the demand for eyecare continues to drive market growth and the industry continues to transition toward more advanced technologies and digital capabilities, AEC is uniquely well suited to meet comprehensive customer needs as an end-to-end service provider.

Terms of the transaction were not disclosed.

As two family companies with a passion for eye care, Laboratoires Théa and Labtician Ophthalmics recognized an opportunity to work together to bring innovative new products to Canadian patients. In 2018, this shared vision resulted in the formation of Labtician Théa, an ambitious Joint Venture with a 5-year term.

By focusing on supporting Canadian Eye Care professionals provide optimal care to their patients, the Labtician Théa Joint Venture has achieved its goals of creating a strong presence in the Canadian marketplace and offering Canadian Eye Care Professionals the most comprehensive suite of products and services available in the industry.

With the successful completion of the agreed-upon 5-year term, as of January 1, 2023, the Joint Venture will terminate, resulting in a stronger Labtician Ophthalmics with a new Therapeutics Division to complement its existing Surgical Division, and the launch of Théa Pharma Canada Inc., an affiliate of Laboratoires Théa, based in the Greater Toronto Area. As two separate entities, Labtician Ophthalmics and Théa Pharma Canada will be better positioned to service and support the Canadian Eye Care community for many years to come.

“Our partnership with Labtician Ophthalmics has allowed us to get to know the Canadian Eye Care professionals and understand their needs and that of their patients. It was a great way to introduce them to Théa and bring innovative best-in-class products to market that are supported by strong clinical evidence,” says Fiona McCloskey, Managing Director of Labtician Théa and Théa Pharma Canada. “With the launch of Théa Pharma Canada in 2023, our goal is to continue to provide ECPs and patients with new innovative treatments and solutions for a wide range of ocular diseases including Dry Eye, Glaucoma, Allergy and more over the years to come. We are thankful for our partnership with Labtician Ophthalmics and excited for this exciting new chapter in our journey as Théa Pharma Canada.”

This unique Joint Venture has also been a success for the team at Labtician Ophthalmics.

“Working with the world-class team and products at Théa allowed us to demonstrate our unique ability to platform other companies in the Canadian marketplace and showcase our skill of developing unprecedented business models and executing against them,” says Polydor Strouthos, President of Labtician Ophthalmics. “We built on our expertise in regulatory, cross-functional marketing, and customer expansion, and increased our capacity to launch products and entities. We bring innovation to practice and will provide our valued customers with more best-in-class products, services, and innovative solutions due to a stronger Labtician Ophthalmics with a new Therapeutics Division to complement our existing Surgical Division.

When mutually beneficial opportunities arise, Théa Pharma Canada Inc. and Labtician Ophthalmics Inc. will leverage their strong relationship and shared family values as Partners of Choice.

Click HERE for the full press release.

CooperVision revealed findings from multiple studies that advance scientific understanding of contact lens comfort factors during the 2022 Association for Research in Vision and Ophthalmology (ARVO) meeting. The annual event ran from May 1-4 in Denver.

Comfort remains the key factor in maintaining contact lens satisfaction among patients. While numerous product developments have significantly improved the wearing experience over the last few decades, comfort considerations and improvement continue to be of substantial interest to eye care professionals and consumers.

Two of the works focus on helping protect the ocular surface from hyperosmolarity of the tear film, which has particular relevance for contact lens wearers who are symptomatic, especially those with dryness. Conducted with the Herbert Wertheim School of Optometry & Vision Science at the University of California, Berkeley, the research team designed and employed a novel model to quantify a non-measurable yet critical factor: tear film osmolarity behind a contact lens.

“We concluded that contact lens materials with low salt diffusivity are better at protecting the cornea from hyperosmolarity and that osmolarity behind a contact lens reaches a steady state within the first hour. Our findings also illustrate that midday lens removal and reinsertion alone cannot prevent post-lens tear film hyperosmolarity,” said Cheng-Chun Peng, a Senior Scientist at CooperVision who co-authored the ARVO-delivered paper and poster.

“If tear film break-up on the cornea is believed to cause discomfort, contact lenses could theoretically help protect the ocular surface from osmolarity spikes. While pre-lens tear film hyperosmolarity is primarily due to evaporation, little is known about salt accumulation within and behind a contact lens. A better understanding of this factor could lead to substantial gains in future lens innovations and patient care.”

Additional CooperVision comfort science being presented at ARVO 2022 includes research regarding corneal sensitivity changes in symptomatic neophyte contact lens wearers, an evaluation of discomfort-associated conjunctival epithelial cell gene expression, and preliminary results from the Neurosensory Abnormalities in Ocular Surface Disease study. Those projects were conducted in conjunction with Indiana University, Universidad de Valladolid, and Tufts Medical Center, respectively.

CooperVision’s additional ARVO 2022 research presentations, including advancements in myopia management and other contact lens topics, can be viewed at arvo.org/annual-meeting/. 

Click HERE for the full press release.