SNRS <------------- How many Conference calls can they have? NO wonder the FDA hates them and keeps sending them warning letters.
( BW)(THETRUTHSEEKER.COM) TheTruthseeker.com Announces Investment Opinion on Sunrise Technologies Intl.
Business Editors
NOTE TO EDITORS: The following is an investment opinion issued
by TheTruthseeker.com
NEWTON, N.J.--(BUSINESS WIRE)--Nov. 5, 1999--
The Truthseeker, initiates coverage on Sunrise Technologies Intl., (NASDAQ:SNRS) with an immediate Sell and Short Sell Recommendation, We have placed a price target within the next 6 to 9 months of less than 1 dollar per share.
SNRS, according to its CEO Russell Trenary, in a recent conference call stated that Sunrise's application was turned down unanimously by the FDA Advisory panel, due to a lack of data on a sufficient number of candidates. They submitted data on 13 eyes over a 1 year test period; the FDA panel has asked for 300 eyes over a two year period.
It is our opinion that it will be impossible for Sunrise to gather the data requested by the FDA for at least another 12-18 months. We further believe that the FDA will once again reject the application, since the prior application was rejected based on a pattern of regression of vision correction within one year. It is incomprehensible how, by following these patients whose vision regressed within one year, that two years will show any improvement, but rather will show a continued regression toward pre-procedure vision.
Furthermore, the range of vision correction that SNRS has applied to treat with the LTK laser is very narrow, a range of .75 to 2.5 diopters. (Note that the procedure performed on Dr. Kelman with much fanfare, is not within the range of Sunrise's current application to the FDA, or its supporting studies. His treated eye required a 4 diopter correction.)
Should Sunrise eventually gain FDA approval for its vision correction device, this narrow range of use applies only to the most mildly farsighted, the vast majority of whom we believe will continue to opt for inexpensive reading glasses, rather than an expensive procedure with so many uncertainties about its long-term efficacy. Considering competition from other available procedures to treat hyperopia already available on the market, we believe the company's financial model of future revenues grossly overstates its potential returns from its yet unapproved procedure.
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