Nova Eye Medical : View ASX ELX Completion announcement

ASX / Media Release

30 June 2020

Completion of Lumibird Transaction

Adelaide, Australia, 30 June 2020 - Ellex Medical Lasers Limited (ASX:ELX), a world leader in medical technologies for the diagnosis and treatment of eye disease, today announces the completion of the sale of Ellex Lasers & Ultrasound to Lumibird Group SA (Lumibird).

Mr Victor Previn, Executive Chairman of Ellex Medical Lasers said: "We are delighted to have completed the sale of Ellex Lasers & Ultrasound to Lumibird."

"The sale represents a major milestone in the Company's history and allows us to move forward with our strategy to focus on the high growth glaucoma consumable device market with the iTrack™ MIGS platform."

Funds totalling A$97.4 million have been received by Ellex for the sale of Adele Ellex SPV Pty Ltd, the special purpose vehicle established by Ellex to facilitate the restructure and the sale to Lumibird of the required Ellex subsidiaries (collectively the Lasers & Ultrasound business). This amount includes A$2 million placed in escrow.

The difference between the A$97.4 million received and the transaction value of A$100 million represents the application of the locked box process for the transaction. The locked box arrangement allows for adjustments for iTrack™, 2RT® and certain other corporate expenditure and an interest rate adjustment on the purchase price, commencing 30 June 2019 until the completion date (namely 30 June 2020).

Ellex will implement the name change to Nova Eye Medical Limited (Nova Eye Medical) as a result of the completion of the transaction with Lumibird and as approved by shareholders at the Extraordinary General Meeting held 24 April 2020. This will become effective from 1 July 2020 with the ASX ticker to change from "ELX" to "EYE" approximately two business days thereafter. Nova Eye Medical is committed to develop a suite of novel ophthalmic treatment technologies that advance clinical outcomes and improve patient quality of life.

Thomson Geer acted as legal adviser to the Company for the transaction with Lumibird.

- ENDS -

This release dated 30 June 2020 has been authorised for lodgement to ASX by the Board of Directors of Ellex Medical Lasers Limited and lodged by Kimberley Menzies, Company Secretary.

Ellex Medical Lasers Limited │ABN 15 007 702 927 │3-4 Second Avenue, Mawson Lakes, SA 5095 Australia │

ABOUT ELLEX

Ellex designs, develops, manufactures and sells innovative product that help eye surgeons around the world to effectively and efficiently treat eye disease. Ellex is a world leader in this field. Headquartered in Adelaide, Australia, Ellex has ophthalmic lasers and devices that treat glaucoma, retinal disease primarily caused by diabetes, secondary cataract and vitreous opacities, as well as age-related macular degeneration. Manufacturing is carried out in Adelaide, Australia and Fremont, California. Sales and service directly to eye surgeons is conducted via subsidiary offices in Minneapolis, Lyon, Berlin and Tokyo. A network of more than 50 distribution partners around the world services other markets.

For additional information about Ellex and its products, please visit www.ellex.com

For further information on Ellex please contact:
Victor Previn	Dr. Tom Duthy
Executive Chairman	Investor Relations & Corporate Development
Ellex Medical Lasers Limited	Ellex Medical Lasers Limited
3 Second Avenue, Mawson Lakes SA 5095	3 Second Avenue, Mawson Lakes SA 5095
W [phone]	M [phone]
[e-mail]	[e-mail]

Ellex Medical Lasers Limited

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