MOUNTAIN VIEW, Calif., Sept. 20, 2011 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that it has exclusively licensed the rights to all of the intellectual property of Ocunetics, Inc., a privately held company based in Alamo, California. Ocunetics develops procedure-enabling medical devices that are intended to increase surgeons' efficiency, while improving case predictability for ophthalmic surgeries. Further terms of the deal have not been disclosed.
"This is a great example of technology and talent that fit our culture and match our strategic initiative of rapidly expanding our portfolio of consumable instruments across the ophthalmology spectrum," said Theodore A. Boutacoff, President and CEO of IRIDEX. "Ocunetics' co-founders Timothy Buckley and Kenneth Peartree will join IRIDEX as Vice President of Marketing, MIGS & Laser Systems and Vice President of Product Development, Consumables, respectively, and we are excited about their future contributions to IRIDEX."
Ocunetics' co-founder and cataract/glaucoma surgeon Dr. Steven Vold added, "IRIDEX will accelerate the development and commercialization of the transformative product line created by Ocunetics. These products have been designed to improve efficiencies in a wide range of ophthalmic surgeries."
Mr. Boutacoff concluded, "The benefits to the organization resulting from the agreement and the people will be immediate and broad. The Ocunetics products are currently in development and are expected to begin commercialization under the IRIDEX brand within 18 months."About Ocunetics, Inc. Ocunetics, Inc. was founded in 2011 with the mission of bringing innovative procedure-enabling medical devices to market quickly. Through close collaboration with leading physicians and physician-inventors, the Ocunetics' team focuses on medical devices that improve operating-room efficiency, healthcare economics, and improve patients' clinical outcomes. About IRIDEX 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, the integration of new employees and their contributions to the Company, the development and commercialization of new products and the benefits of the Company's transaction with Ocunetics. 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 and July 2, 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