Healthcare Industry News: Glaucoma
News Release - June 24, 2008
Advanced Medical Optics Enters into Cross-Licensing Patent Agreement with AlconSANTA ANA, Calif.--(HSMN NewsFeed)--Advanced Medical Optics, Inc. (AMO) (NYSE:EYE ) announced today that it has entered into a patent cross-licensing agreement with Alcon, Inc. (NYSE:ACL ) relating to lubricious coatings for intraocular lens (IOL) inserters and one-piece IOL haptic designs. AMO is granting a license to Alcon to AMO’s U.S. Patent Nos. 5,803,925, entitled "IOL Insertion Apparatus with Covalently Bonded Lubricant," and 5,716,364, entitled "IOL Insertion Apparatus and Method for Making and Using Same," and related foreign patents. Alcon is granting AMO a license to Alcon’s U.S. Patent No. 5,716,403, entitled "Single Piece Foldable Intraocular Lens," and related foreign patents, in so far as they relate to AMO’s newly-launched Tecnis® One-Piece Intraocular Lens. As part of this cross-license agreement, Alcon will make a payment to AMO of $31 million and AMO will make a payment to Alcon of $10 million. All other terms of the agreement are confidential.
AMO expects to receive the net cash proceeds of $21 million in the second quarter of 2008.
About Advanced Medical Optics (AMO)
AMO is focused on providing the full range of advanced refractive technologies and support to help eye care professionals deliver optimal vision and lifestyle experiences to patients of all ages. Products in the cataract line include monofocal intraocular lenses (IOLs), phacoemulsification systems, viscoelastics, and related products used in ocular surgery. AMO owns or has the rights to such product brands as Tecnis®, Clariflex® and Sensar® IOLs; Sovereign®, Sovereign® Compact and WhiteStar Signature™ phacoemulsification systems with WhiteStar® technology; Healon® viscoelastics and the Baerveldt® Glaucoma shunt. Products in the refractive line include wavefront diagnostic devices, femtosecond lasers and associated patient interface devices; excimer laser vision correction systems and treatment cards, and refractive implants. AMO brands in the refractive business include iDesign™, iFS™, Star S4 IR®, WaveScan Wavefront®, Advanced CustomVue™, IntraLase®, IntraLasik® and ReZoom®, Tecnis® Multifocal and Verisyse® IOLs. Products in the eye care line include disinfecting solutions, enzymatic cleaners, lens rewetting drops and artificial tears. Among the eye care product brands the company possesses are COMPLETE®, COMPLETE® Blink-N-Clean®, Consept®F, Consept® 1 Step, Oxysept® 1 Step, UltraCare®, Ultrazyme®, Total Care™ and blink™ branded products. AMO is based in Santa Ana, California, and employs approximately 4,000 worldwide. The company has operations in 24 countries and markets products in approximately 60 countries. For more information, visit the company's Website at www.amo-inc.com.
This press release contains forward-looking statements about AMO, including statements related to payments expected to be paid by the parties under the terms of the cross-licensing agreement. All forward-looking statements in this press release 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, including, but not limited to, unexpected delays in payment and non-compliance with the terms of the agreement. 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 press releases issued by AMO and AMO's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in AMO's 2007 Form 10-K filed in March 2008. Copies of press releases and additional information about AMO are available at www.amo-inc.com.
Source: Advanced Medical Optics
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