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Australian bionic eye business receives multimillion-dollar investment

Australian bionic eye business receives multimillion-dollar investment

Eye

One firm has advised China Huarong in a multimillion-dollar investment into an Australian company, established to develop and commercialise bionic eye implants.

Firm: Herbert Smith Freehills (China Huarong)

Deal: China Huarong has been advised on its investment into Bionic Vision Technologies Pty Ltd (BVT).

Value: US$18 million

Area: Finance

Key players: The legal team advising China Huarong was led by Herbert Smith Freehills partners Nick Baker and Alexander Aitken, with assistance from special counsel Amalia Stone.

Deal significance: BVT is an Australian company that has been established to develop and commercialise bionic eye implants that help restore vision to people with retinitis pigmentosa.

According to a statement from Herbert Smith Freehills, China Huarong’s investment into BVT will be used to manufacture, conduct trails in relation to and commercialise bionic eye implants.

Future capital raising may involve further private investment or an initial public offering, the firm said.

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