Advanced medical Optics (NYSE:AVO)
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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/