MOUNTAIN VIEW, Calif., July 12, 2005 /PRNewswire-FirstCall via COMTEX/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced a joint marketing and licensing agreement with Innovatech Surgical, Inc. Under the terms of the arrangement, IRIDEX has an option for worldwide distribution rights to Innovatech's current and future disposable endo ocular probes and Innovatech will license IRIDEX's proprietary probe/laser connector. This agreement will increase the consumable probe offering IRIDEX currently offers ophthalmologists giving customers more clinical versatility and a wider selection of probes compatible with IRIS Medical(R) laser photocoagulators.
IRIDEX will immediately begin distribution of Innovatech's Illuminating endo ocular probes (Straight and Angled, 20 gauge) and Adjustable & Intuitive (20 and 25 gauge) for endophotocoagulation for the treatment of diabetic retinopathy, retinal breaks and detachments, and neovascular glaucoma. The illuminating probes combine white light illumination with laser delivery in one convenient handpiece. The illuminating probes also feature a bayonet style tip design for simultaneous wide field illumination and precise laser spots. The Adjustable & Intuitive endo ocular probes allow the fiber optic to be continuously adjusted over a wide range of angles for full coverage of peripheral retina without removing the probe from the eye.
Barry G. Caldwell, President and CEO of IRIDEX said, "We are pleased to partner with Innovatech as a provider of innovative probe designs for endophotocoagulation procedures. This alliance fits our strategy to expand our consumable product line and provide a wider array of laser probe options to satisfy the demands of vitreoretinal surgeons worldwide. The addition of the adjustable and intuitive probe models complements our cannula probe strategy recently initiated with the introduction of our new Stepped EndoProbe(R) products."
"Further, Innovatech endo ocular probes will be fitted with the IRIDEX proprietary connector technology validating them for use on all IRIDEX lasers and insuring delivery of precisely calibrated laser energy and compliance with laser safety standards," continued Mr. Caldwell.
"We're thrilled to be in this relationship with IRIDEX," said Michael J. McGowan, Sr., President of Innovatech Surgical, Inc. "IRIDEX is recognized as a leader in ophthalmic laser photocoagulators. By licensing their proprietary connectors, our full line of probes will now be integrally compatible to IRIS Medical laser consoles. We believe this partnership presents a tremendous opportunity for Innovatech, and we look forward to strengthening this relationship across a variety of vitreoretinal surgical device platforms."
About IRIDEX
IRIDEX Corporation is a leading worldwide provider of semiconductor-based laser systems for the ophthalmology and dermatology markets. IRIDEX products are sold in the United States through a direct sales force and internationally through a network of independent distributors into more than 100 countries. For further information, visit the Company's website at www.iridex.com.
About INNOVATECH
Innovatech Surgical Inc. is a New Jersey based specification developer of vitreoretinal surgical devices and instrumentation. For further information, visit the Company's website at www.innovatechsurgical.com.
SOURCE IRIDEX
Larry Tannenbaum Chief Financial Officer Of IRIDEX, +1-650-940-4700
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