OccuLogix to acquire SOLX

September 1, 2006

OccuLogix has signed an agreement to acquire SOLX, in order to continue its diversification plans focusing on age-related eye diseases.

OccuLogix has signed an agreement to acquire SOLX, in order to continue its diversification plans focusing on age-related eye diseases.

SOLX has developed the DeepLight Glaucoma Treatment System, a next generation treatment platform that includes the DeepLight 790 Titanium Sapphire Laser and the Gold Micro-Shunt. Both products have already received CE approval and are now undergoing randomized, multicentre studies in the United States.

At the closing of the merger, OccuLogix will issue 8.4 million shares of its common stock and pay $7 million in cash. It will make additional payments of $3 million and $4 million on the first and second anniversaries of the closing, respectively. If SOLX receives FDA approval for the marketing and sale of the DeepLight Gold Micro-Shunt on or prior to December 31, 2007, OccuLogix will pay a further $5 million.

Lumenis has received exclusive worldwide licensing rights to Selective Retina Therapy (SRT), a new laser therapy for the treatment of retinal disease.

SRT selectively targets and confines treatment to specific cells (retina pigment epithelium) at the back of the retina and, because so little heat is generated, the surrounding photoreceptors are left undamaged and their normal function is sustained.

Lumenis has also entered into separate research agreements with Professor Birngruber of Medizinisches Laserzentrum Lubeck GmbH and Dr Mark Latina at Massachusetts General Hospital, in addition to providing a grant to Dr Charles Lin at the Wellman Centre for Photomedicine, to advance the development of SRT.

Lumenis plans to initiate a multi-centre clinical study of laser system designs later this year.

Alcon & AMO settle differences

Alcon and Advanced Medical Optics (AMO) have reached a global settlement agreement, resolving all current patent disputes between the two companies.

The settlement also contains provisions designed to reduce the likelihood of future patent disputes between the rival companies.

Lilly & Alcon join forces

Eli Lilly and Alcon have signed a long-term agreement to co-promote ruboxistaurin mesylate (proposed brand name, Arxxant) in the US and Puerto Rico.

Arxxant is an investigational oral drug for the treatment of moderate to severe non-proliferative diabetic retinopathy. The agreement is subject to FDA approval of the drug, which is currently under regulatory review.

Alcon will have primary responsibility for the promotion of the drug to eye specialists, including retinal specialists and general ophthalmologists, while Lilly will promote Arxxant to endocrinologists and primary care physicians. If approved, Alcon will make milestone and marketing payments to Lilly and will be compensated based on product sales.

First strike to Iridex

The US district court for the eastern district of Missouri has ruled in favour of Iridex Corporation regarding claim construction for 13 of 14 patent terms involved in the patent infringement action it bought against Synergetics.

The suit alleges that Synergetics infringes Iridex's US patent no. 5,085,492 titled "Optical Fiber with Electrical Encoding". This intellectual property takes the form of the Iridex EndoProbe line of products and other laser delivery systems.

The company hopes the ruling will bring it closer to a full resolution of the matter.

Carl Zeiss tightens its grip

Carl Zeiss Meditec AG has acquired 110,174 shares, at a purchase price of €111 per share, in IOLTECH, bringing its share of the company's capital stock to 96.5%.