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MedicalCorp falls short

THE Simon Lee-chaired Medical Corporation Australasia Ltd has doubled its stake in Sydney-based Objectivision Pty Ltd but remains unable to achieve a full takeover.

Objectivision has developed and patented the AccuMap diagnostic system for measuring visual field loss, specifically in relation to glaucoma.

In November last year it signed a five-year sales and distribution agreement with OPSM Instruments for that company to market the AccuMap in Australia and New Zealand.

MedicalCorp first took a 40 per cent stake in Objectivision in September 2000 for $2 million.

However, despite the conversion of convertible notes and the acceptance by all but one Objectivision shareholder of MedicalCorp shares in exchange for Objectivision shares, the University of Sydney chose to keep its 18.8 per cent holding in the company.

MedicalCorp chief operating officer, Dimitri Bacopanos said the company had decided the time was right to up its stake in Objectivision, given the latter’s success in commercialising its technology.

He said MedicalCorp was confident the technology would be applicable to other medical fields, particularly audiology and neurology, and was quietly working towards developing appropriate applications in those fields.

In the meantime, however, the company’s first task would be to get some runs on the board in the Australian and New Zealand markets.

“Before you go conquering the world you need to be able to prove you know what you’re doing in your own backyard,” Mr Bacopanos said.

The Perth company hopes to expand into the US and European markets.

Mr Bacopanos said that while the University of Sydney rejected MedicalCorp’s offer, the two groups were working towards a common goal.

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