MOUNTAIN VIEW, Calif., Nov. 15, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) announced it has entered into a license and distribution agreement with Alcon, the global leader in eye care, headquartered in Fort Worth, Texas. The agreement covers the IRIDEX GreenTip™ Soft Tip Cannula family of products and license rights to the associated patented technology.
IRIDEX GreenTip Soft Tip Cannula products are used in vitrectomy procedures and allow retina surgeons to effectively visualize and access the proximity of the retina. Benefits include: optimal contrast against the retina, maximized visualization and greater protection of the retina with its unique atraumatic silicone tip.
As part of the agreement, Alcon will pay $1.5 million in upfront royalties to IRIDEX, purchase IRIDEX branded products for distribution in the U.S. and pay an ongoing royalty to license and manufacture related Alcon branded products for distribution overseas.
"An important part of our growth strategy is to develop and identify unique consumable products that bring clinical value to retina surgeons and their patients, and we are very pleased to be working with Alcon in distributing a key product family in that category," commented Dr. Dominik Beck, President & CEO. "Working with Alcon, the market leader in ophthalmology devices, underscores the value of our enhanced visualization cannula products and may lead to additional opportunities for collaboration in the future."
About IRIDEX Corporation
IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems and delivery devices. We provide solutions for multiple specialties, including ophthalmology, dermatology and otolaryngology. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 100 independent distributors into 107 countries. For further information, visit the Company's website at http://www.iridex.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, relating to the Company's strategic growth initiatives, relationship with Alcon and future collaboration opportunities. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended January 1, 2011 and our Quarterly Reports on Form 10-Q for the quarters ended April 2, 2011, July 2, 2011 and October 1, 2011, each of which was filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
SOURCE IRIDEX Corporation
Company, Jim Mackaness, Chief Financial Officer, +1-650-940-4700; or Investor Relations, Matt Clawson, Allen & Caron, +1-949-474-4300, matt@allencaron.com
