Advanced Medical Optics Announces Intent to Acquire Quest Vision Technologies for Development of Accommodating IOL Designs to Ad
04 May 2005 - 9:00PM
PR Newswire (US)
Advanced Medical Optics Announces Intent to Acquire Quest Vision
Technologies for Development of Accommodating IOL Designs to
Address Presbyopia SANTA ANA, Calif., May 4 /PRNewswire-FirstCall/
-- Advanced Medical Optics, Inc. (AMO) (NYSE:AVO), announced today
that it has exercised its option to acquire Quest Vision
Technologies, Inc. Financial terms were not disclosed. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050324/AMOLOGO) The companies
entered into a one-year research and evaluation licensing agreement
last May to develop accommodating intraocular lens (IOL)
technologies and designs to address presbyopia, which is the
progressive loss of the natural lens' ability to change focus from
far to near objects. At the time of the licensing agreement, AMO
was given the option to acquire Quest Vision after one year. "We
have spent the past year working together with Quest Vision and a
number of scientific and clinical advisors on accommodating IOL
concepts," said AMO President and CEO Jim Mazzo. "Our research has
been very productive and we are enthusiastic about the potential of
Quest Vision's proprietary technology which is distinct from others
under development in the industry because it uses the concept of a
shape-changing optic to provide accommodation, rather than an axial
movement used in single- or dual-optic alternatives." Quest Vision
President and CEO Bob Schulz stated, "We are very excited about the
progress we have made with AMO's development team and we look
forward to a successful long-term relationship." The accommodating
IOL being designed through a collaboration of AMO and Quest Vision
provides accommodation through changing the shape of the optic with
or without axial movement. Dr. Randy Woods' research in this area
began with patents issued as early as 1988 and have continued with
the combined efforts with AMO. Presbyopia is caused by the aging of
the eye's natural lens and is prevalent in individuals typically
over 40 years old. Recent studies indicate that presbyopia will
affect 90 million people over the next 10 years. The IOL designs by
AMO and Quest Vision are designed to mimic the qualities of the
eye's natural crystalline lens by accommodating in response to
changes in the eye's natural ciliary muscle mechanism. The
acquisition of Quest Vision gives AMO access to novel accommodating
IOL technologies that could add breadth to its growing refractive
IOL offering, which currently includes innovative technologies such
as the ReZoom(TM) multifocal lens, which gained FDA approval in
March 2005, the Verisyse(TM) phakic IOL and the Tecnis(R)
multifocal IOL. Both the ReZoom(TM) and Tecnis(R) multifocal IOLs
have CE Mark approval in Europe for treatment of presbyopia. About
Advanced Medical Optics (AMO) AMO is a global leader in the
development, manufacturing and marketing of ophthalmic surgical and
eye care products. The company focuses on developing a broad suite
of innovative technologies and devices to address a wide range of
eye disorders. Products in the ophthalmic surgical line include
intraocular lenses, phacoemulsification systems, viscoelastics,
microkeratomes and related products used in cataract and refractive
surgery. AMO owns or has the rights to such ophthalmic surgical
product brands as ReZoom(TM), Phacoflex(R), Clariflex(R), Array(R),
Sensar(R), CeeOn(R), Tecnis(R) and Verisyse(TM) intraocular lenses,
Sovereign(R) and Sovereign(R) Compact(TM) phacoemulsification
systems with WhiteStar(TM) technology, Amadeus(TM) and Amadeus(TM)
II microkeratomes, Healon(R) and Vitrax(R) viscoelastics, and the
Baerveldt(R) glaucoma shunt. Products in the contact lens care line
include disinfecting solutions, daily cleaners, enzymatic cleaners
and lens rewetting drops. Among the contact lens care product
brands the company possesses are COMPLETE(R) Moisture PLUS(TM),
COMPLETE(R) Blink-N-Clean(R), Consept(R)F, Consept(R) 1 Step,
Oxysept(R) 1 Step, UltraCare(R), Ultrazyme(R), Total Care(R) and
blink(TM) branded products. Amadeus is a licensed product of, and a
trademark of, SIS, Ltd. OptiEdge(TM) is a registered trademark of
Ocular Sciences. AMO is based in Santa Ana, California, and employs
approximately 3,000 worldwide. The company has operations in about
20 countries and markets products in approximately 60 countries.
For more information, visit the company's Web site at
http://www.amo-inc.com/. About Quest Vision Technologies, Inc.
Quest Vision Technology, Inc. is a Tiburon, California-based
research and development company founded to develop solutions for
the correction of presbyopia. The technology platform was invented
by cataract surgeon, Dr. Randy Woods, in 1986. Quest was formally
founded in 2000 by a group of industry executives and surgeons and
was privately financed. Over the last five years, the company has
developed two separate accommodating lens technologies: one for the
cataract market (FocusIOL) and the other for the refractive market
(FlexOptic). The FocusIOL has been implanted in both animal and
cadaver eyes. Quest has developed significant expertise in the area
of accommodating lens technology and currently has an extensive
portfolio of issued and pending patents. Forward-Looking Statements
This press release contains forward-looking statements about AMO,
Quest Vision, and their businesses, such as Mr. Mazzo's and Mr.
Schulz's statements, and statements about potential new products
and product benefits and AMO's planned acquisition. Any statements
in this press release that refer to AMO's estimated or anticipated
future results are forward-looking statements. All forward-looking
statements in this press release reflect AMO's current analysis of
existing trends and information and represent AMO's judgment only
as of the date of this press release. Actual results may differ
from current expectations based on a number of factors affecting
AMO's or Quest Vision's businesses, including but not limited to
unpredictable competitive, regulatory and market conditions; risks
of technology development failures and product feasibility; the
execution of strategic initiatives; the uncertainties associated
with intellectual property protection for these products; and the
risks of not meeting the regulatory and other conditions necessary
to close the planned acquisition. Therefore, the reader is
cautioned not to rely on these forward-looking statements. AMO
disclaims any intent or obligation to update these forward-looking
statements. Additional information concerning these and other risk
factors may be found in previous financial press releases issued by
AMO. AMO's public periodic filings with the Securities and Exchange
Commission, including the discussion under the heading "Certain
Factors and Trends Affecting AMO and its Businesses" in AMO's 2004
Form 10-K filed in March 2005 include information concerning these
and other risk factors. Copies of press releases and additional
information about AMO are available at http://www.amo-inc.com/, or
you can contact the AMO Investor Relations Department by calling
714-247-8348. Advanced Medical Optics, Inc. Investors: Sheree
Aronson (714) 247-8290 Media: Steve Chesterman (714) 247-8711
http://www.newscom.com/cgi-bin/prnh/20050324/AMOLOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Medical Optics,
Inc. CONTACT: investors, Sheree Aronson, +1-714-247-8290, , or
media, Steve Chesterman, +1-714-247-8711, , both of Advanced
Medical Optics, Inc. Web site: http://www.amo-inc.com/
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