OptiMedica to sell retina and glaucoma assets to Topcon

Aug 11 2010

Global ophthalmic device company OptiMedica Corp. has announced that it has signed a definitive agreement to sell its retina and glaucoma assets to Topcon Corp., a strategic move that positions OptiMedica to focus exclusively on the continued development and commercialization of advanced technologies for the treatment of cataract. The largest acquisition by Topcon's medical division to date, the sale provides OptiMedica with significant additional funding for the global market launch of its laser cataract surgery system as well as continued cataract-focused research and development.

“We have every confidence that the company will repeat its success in cataract, providing new technologies that deliver transformational improvement to the practice of refractive cataract surgery.”

"This is a very exciting time for OptiMedica, as we transition our highly successful retina and glaucoma franchise to Topcon and devote all of our energy towards revolutionizing cataract surgery," said Mark J. Forchette, OptiMedica president and chief executive officer. "Topcon has been an outstanding distribution partner for the PASCAL® (PAttern SCAn Laser) Photocoagulator in several major markets, so we are confident that they are ideally suited to advancing PASCAL in the global marketplace. With our retina and glaucoma portfolio in the very capable hands of Topcon, OptiMedica will concentrate on delivering the significant innovations that we have developed in laser cataract surgical technology."

OptiMedica revolutionized the field of retinal photocoagulation on a global basis with the 2006 introduction of the PASCAL Method. Co-invented by ophthalmic thought leader Dr. Mark Blumenkranz and four Silicon Valley engineers, the PASCAL Method is a proprietary, semi-automated pattern generation technique that allows the rapid delivery of laser pulses in a pre-determined sequence. The PASCAL Method provides numerous benefits over conventional photocoagulators, including improved efficiency, less patient pain and superior clinical results. Since the technology's market introduction, OptiMedica sold more than 600 PASCAL systems, which have been used in more than 750,000 patient treatments worldwide. The company's PASCAL product offerings include the original PASCAL Photocoagulator, the PASCAL SlimLine™, the PASCAL Streamline™ and the Patterned Laser Trabeculoplasty (PLT) application.

"The acquisition of OptiMedica's retina and glaucoma business marks a milestone in the history of Topcon. It is the largest acquisition in the medical division to date and underlines our objective to be a total-solutions provider to the eye care practitioner. Given the aging population and continued growth in diabetic and age-related eye disease, the therapeutic laser market continues to be a major opportunity in ophthalmology. OptiMedica's innovative approach and outstanding customer support have made a difference in our industry and we look forward to continuing on this path," says Hiroshi Fukuzawa, general manager, Eye Care Business Unit, Topcon.

OptiMedica will continue its focus on laser cataract surgery, where it is applying its considerable expertise in the delivery of laser energy with high speed scanning, advanced control systems and user interface design as well as its deep knowledge of laser-tissue interaction. The company has developed a proprietary femtosecond laser system from the ground up to dramatically improve the cataract procedure by replacing its most technically demanding and manual steps. The system will provide cataract surgeons with the same winning combination of precision, control, performance, safety and efficacy that OptiMedica delivered with its PASCAL technologies.

The product of deep clinical and scientific collaboration, the company's new system is well positioned to lead the market for laser cataract surgery. For the last several years, OptiMedica's senior leadership, design team and engineers have worked closely with a Cataract Medical Advisory Board made up of esteemed cataract surgeons from around the world. The Advisory Board has provided valuable input to every step of the development process, from product design and clinical study to commercial planning. Together, OptiMedica's Cataract Advisory Board members have treated hundreds of pre-clinical eyes, and many have participated in institutional review board (IRB) approved clinical studies. OptiMedica's laser cataract surgery system is not currently for sale in the United States; the company expects to launch it in the United States and international markets in 2011.

"With its significant achievement in retina and glaucoma, OptiMedica has clearly demonstrated the ability to develop and commercialize technologies that transform clinical practice on a global scale," said Brook Byers, partner, Kleiner, Perkins, Caufield & Byers, and chairman of the board, OptiMedica. "We have every confidence that the company will repeat its success in cataract, providing new technologies that deliver transformational improvement to the practice of refractive cataract surgery."