ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

AVO Aveon Group LP Com USD0.01

0.00
0.00 (0.00%)
Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
Aveon Group LP Com USD0.01 NYSE:AVO NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Advanced Medical Optics Announces Intent to Acquire Quest Vision Technologies for Development of Accommodating IOL Designs to Ad

04/05/2005 12:00pm

PR Newswire (US)


Advanced medical Optics (NYSE:AVO)
Historical Stock Chart


From May 2019 to May 2024

Click Here for more Advanced medical Optics Charts.
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/

Copyright

1 Year Advanced medical Optics Chart

1 Year Advanced medical Optics Chart

1 Month Advanced medical Optics Chart

1 Month Advanced medical Optics Chart