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Biotech / Medical : Staar Surgical STAA
STAA 25.87-2.5%Oct 31 9:30 AM EST
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To: Patricia Smith who wrote (31)6/28/1999 11:22:00 AM
From: Alan A. Hicks   of 50
 
There was an article on Dow Jones last week that talked positively about both STAAR and KeraVision. The article cited stronger than expected revenues for KERA as the reason for strength in its shares. The article then also talked about STAA and its new Toric lens and ICL. This is probably the reason for the strength in STAA last week.

Interestingly, even without FDA approval in the US, STAA has already been selling more ICL's worldwide in one quarter than a full year of KERA's Intac rings. KERA's rings are placed in two separate arcs in the iris. Two grooves are cut into the cornea and the rings slipped into the grooves. The cut is then sutured up. It has been approved for very mild myopia.

STAA's ICL is for more severe vision correction so they don't really compete directly. STAA's ICL also does not need a suture. It is very similar to the technique for cataract IOLs that eye surgeons have been implanting for 50 years.

It looks like the market is starting to look at new refractive vision correction techniques besides Lasers. New support for STAA shares should now be around $12 3/8 after breaking above that point last week. Several positive announcements still lie ahead this summer - new collamer material for IOLs, completion of the glaucoma wick trials, and completion of the ICL trials for myopia. We should hear an update from the company on these when Q2 earnings are announced by late July.
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