UTK Utek Corp

RNS Number:5877H
UTEK Corporation
11 August 2006



FOR IMMEDIATE RELEASE                                            11 August 2006


                                UTEK CORPORATION


         TECHNOLOGY TRANSFER TO ADVANCED REFRACTIVE TECHNOLOGIES, INC.


Transfer includes a worldwide exclusive licence for a new treatment of glaucoma


Tampa, FL, San Clemente, CA & Tucson, AZ - UTEK Corporation (AMEX & LSE-AIM:
UTK), a specialty finance company focused on technology transfer, and Advanced
Refractive Technologies, Inc. (OTC BB: ARFR), a medical device company focused
on the development and marketing of innovative ophthalmic applications, have
completed a technology transfer in a stock-for-stock transaction


The technology transferred includes the worldwide exclusive licence to a patent
pending technology developed by W. Daniel Stamer, Ph.D., Associate Head for
Vision Research and Associate Professor of Ophthalmology and Vision Science, and
Ronald Heimark, Ph.D., Head of Surgical Research and Professor of surgery at The
University of Arizona. The primary goal in the treatment of people with glaucoma
is to reduce intraocular pressure either by decreasing inflow or increasing
outflow of aqueous humor (transparent fluid in the eye). Current pharmacological
treatments in most cases insufficiently reduce intraocolur pressure. Second, no
commonly used method targets the primary outflow structures of the eye; a
location of pathology in most glaucomas. Third, laser trabeculoplasty, the most
common surgical intervention, involves damaging trabecular meshwork tissue that
results in increased remodelling and increased outflow that lasts for a short
time (usually 1-2 years). Fourth, if all of the above do not lower intraocular
pressure, a major surgical procedure, trabeculectomy, is commonly performed.
This surgical procedure has many complications associated with it and has
limited success in most cases, lasting 1-5 years.

The present invention is a novel strategy for reducing pressure build-up in the
eye using specific monoclonal antibodies. This non-surgical treatment of
glaucoma may be able to be administered to all patients in all stages of
glaucoma. It seeks to lower intraocular pressure and thus may slow the damage to
the retinal cells. Patients might require only biannual treatment on an
outpatient basis during routine check-ups, and potentially no longer may have a
need for eye drops or risky surgeries, hopefully avoiding common side effects
associated with current therapies. This method may be an effective alternative
to available drugs and it is currently anticipated that visual acuity would not
be adversely affected after treatment. Applications may include glaucoma
treatment and adjuvant therapy with other common eye surgeries such as cataract
removal.


"The goal of this technology is to specifically target the diseased tissue with
therapeutics to more effectively lower intraocular pressure in people with
glaucoma," said W. Daniel Stamer, Ph.D. Dr. Stamer is a recognised expert in
glaucoma research, having many awards and publications in the area of
intraocular pressure regulation.


"Advanced Refractive Technologies, Inc. is enthusiastic about this technology as
an effective alternative to traditional eye surgery for glaucoma. We are looking
forward to expanding upon this technology and offering a better solution to
patients suffering from glaucoma and related eye diseases," said Randy Bailey,
Chief Executive Officer of Advanced Refractive Technologies, Inc.


"UTEK is pleased to consummate this technology transfer with Advanced Refractive
Technologies, Inc. and we look forward to continuing our efforts to identify
additional technology acquisition opportunities for its consideration," said
Joel Edelson, Vice President of Technology Licensing for UTEK Corporation.



Terms of the transaction


Advanced Glaucoma Technologies, Inc., a company established by UTEK specifically
for this transaction has been acquired by Advanced Refractive Technologies,
Inc., in a tax-free stock-for-stock exchange. Advanced Refractive Technologies,
Inc. issued 100,000 unregistered shares of series D convertible preferred stock
to UTEK Corporation in exchange for 100% of the issued and outstanding shares of
Advanced Glaucoma Technologies, Inc. The shares acquired in the exchange are
restricted and may only be resold pursuant to the requirements of the Securities
Act of 1933. The value of the consideration will be determined based on a
valuation in accordance with UTEK's valuation policy as of the closing date of
the transaction.


About Advanced Refractive Technologies, Inc.


Advanced Refractive Technologies, Inc. is an ophthalmology development company
focused on the identification, development and marketing of innovative
ophthalmic applications that will result in faster, safer and more effective
procedures for large surgical markets: corrective refractive surgery, cataract
surgery and other ophthalmic pathologies. The company is also entering the area
of drug discovery through strategic licensing opportunities. Advanced Refractive
Technologies, Inc. is also in the process of developing its Accupulse, a next
generation cataract emulsifier, which utilises the company's proprietary
waterjet technology. The Accupulse cataract emulsifier, currently under
development, is a device that uses pulsed waterjet technology to remove
cataracts - one of the most frequently performed surgical procedures in the
world. For more information about Advanced Refractive Technologies, please visit
its website at www.advancedrefractive.com.


About The University of Arizona


The University of Arizona (UA) is a premier, student-centered research
institution. Established in 1885 as the first university in the Arizona
Territory and the state's only land grant institution, the UA embraces its
three-fold mission of excellence in teaching, research and public service. It is
one of only 62 members in the Association of American Universities, a
prestigious organisation that recognises universities with exceptionally strong
research and academic programmes. Now in its second century of service to the
state, the UA has become one of the nation's top 20 public research
institutions. Advances in medicine, agriculture, telecommunications and law
enforcement are a few examples of innovations arising from the UA and managed by
the Office of Technology Transfer. Local and national companies are essential
partners in the Office of Technology Transfer whose mission is to ensure that
intellectual property and other innovations are further developed and made
available to the public by fostering economic development in the region and the
nation. For more information about The University of Arizona, please visit its
website at www.arizona.edu.


About UTEK Corporation


UTEK(R) is a specialty finance company focused on technology transfer. UTEK
enables companies to acquire innovative technologies from universities and
research laboratories worldwide. UTEK facilitates the identification and then
finances the acquisition of external technologies for clients in exchange for
their equity securities. This unique process is called U2B(R). In addition to
its U2B(R) service, UTEK offers companies the tools to search, analyse and
manage university intellectual properties. UTEK is a business development
company with operations in the United States, United Kingdom and Israel. For
more information about UTEK, please visit its website at www.utekcorp.com.



CONTACT:

Advanced Refractive Technologies,
Inc.
Randy Bailey                                                  +1 949-940-1300

University of Arizona
W. Daniel Stamer, Ph.D.                                       +1 520-626-7767
Suzanne Dubuque                                               +1 520-626-1213

UTEK Corporation
USA:
Tania Bernier                                            +1 813-754-4330 x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               +1 800-625-2236

UK: Bankside                                                 +44 20-7367-8888
Steve Liebmann or Simon Bloomfield


Forward-Looking Statements


Certain matters discussed in this press release are "forward-looking
statements." These forward-looking statements can generally be identified as
such because the context of the statement will include words, such as UTEK or
Advanced Refractive Technologies, Inc. "expects," "should," "believes,"
"anticipates" or words of similar import. Similarly, statements that describe
UTEK's or Advanced Refractive Technologies, Inc.'s future plans, objectives or
goals are also forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties, including the financial performance
of UTEK or Advanced Refractive Technologies, Inc., as appropriate, and the
valuation of UTEK's investment portfolio, which could cause actual results to
differ materially from those currently anticipated. Although UTEK and Advanced
Refractive Technologies, Inc. believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, they cannot give
any assurance that their expectations will be attained. Shareholders, potential
investors and other readers are urged to consider these factors carefully in
evaluating any forward-looking statements. Certain factors could cause results
and conditions to differ materially from those projected in these
forward-looking statements, and some of these factors are discussed below. These
factors are not exhaustive. New factors, risks and uncertainties may emerge from
time to time that may affect the forward-looking statements made herein. These
forward-looking statements are only made as of the date of this press release
and both UTEK and Advanced Refractive Technologies, Inc. do not undertake any
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.


UTEK's operating results could fluctuate significantly due to a number of
factors. These factors include the small number of transactions that are
completed each quarter, the value of individual transactions, the timing of the
recognition and the magnitude of unrealised gains and losses, UTEK's dependence
on the performance of companies in its portfolio, the possibility that advances
in technology could render the technologies it has transferred obsolete, the
loss of technology licenses by companies in its portfolio, the degree to which
it encounters competition in its markets, the volatility of the stock market and
the volatility of the valuations of the companies it has invested in as it
relates to its realised and unrealised gains and losses, the concentration of
investments in a small number of companies, as well as other general economic
conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a
more complete discussion of the risks pertaining to an investment in UTEK,
please refer to UTEK's filings with the Securities and Exchange Commission.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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