Here is the reason for today's pop. Too bad this company is so poorly run. They have a truly revolutionary product. It is a shame that they seem to care more for maintaining a 'status level' pricing scheme. Have they never heard of supply and demand? As long as they are uncompetitive with LASIK pricing, they will go nowhere. I fail to see why the company would rather sell tens of sets at the current price verses thousands of sets at half the price.
Jeff Vayda
Now on to the post (thanks to PHILD from Raging Bull)
Federal Aviation Administration Accepts INTACS Inserts as Approved
Procedure for Nearsighted Pilots Inserts are Newest Alternative to Eyeglasses,
Contact Lenses and Surgeries That Permanently Alter the Cornea
FREMONT, Calif., Sep 27, 2000 (BUSINESS WIRE) -- KeraVision, Inc.
(Nasdaq:KERA), maker of INTACS micro-thin prescription inserts to correct
nearsightedness, said today that the Federal Aviation Administration (FAA) has
accepted INTACS inserts as an approved medical procedure for use by the nation's
635,000 licensed pilots. Approval acceptance covers all classes of FAA-licensed
private, commercial and transport pilots.
INTACS inserts become the first non-laser option for surgically correcting
nearsightedness, or myopia, to be accepted by the FAA. The approval acceptance
follows a six-month evaluation by the FAA. KeraVision's product was approved by
the Food and Drug Administration last year.
KeraVision Chairman and Chief Executive Officer Thomas M. Loarie said, "INTACS
inserts offer the maintenance-free convenience of a surgical procedure and the
flexibility of eyeglasses and contact lenses which can be replaced as consumers
go through life. KeraVision believes these unique benefits are a natural match
for pilots' demanding lifestyle."
INTACS inserts are the first vision correction surgery product that is designed
to result in a naturally shaped cornea -- a key element in overall quality of
vision, according to medical literature. They are also removable, which allows
consumers to return to their preoperative vision in three months, in most cases,
or to have their correction replaced as consumers age.
The inserts are made from a special clear, biocompatible plastic that has been
safely used in contact lenses and cataract surgery for over 50 years. The Food
and Drug Administration has approved INTACS inserts for correcting -1.0 to -3.0
diopters of myopia, or up to about 20/400 vision -- the most common range of
nearsightedness.
KeraVision, founded in 1986, is the developer of INTACS micro-thin prescription
inserts for correcting -1.0 to -3.0 diopters of myopia. Approved by the FDA in
1999, INTACS inserts were named one of "The Year's Top 10 Medical Advances" by
both CNN and Health magazine. INTACS inserts are a flexible and convenient
option to eyeglasses, contact lenses and vision correction surgeries that alter
the eye's central optical zone. The company's patented vision correction
technology is also being developed for the possible treatment of hyperopia
(farsightedness); myopia (nearsightedness) in wider ranges than presently
approved by the FDA; astigmatism; and keratoconus, a corneal thinning disease.
Except for the historical information, the matters discussed in this news
release are forward-looking statements. Actual results may differ materially due
to a variety of factors, including market acceptance of KeraVision INTACS
inserts, complications relating to the product or the surgical procedure,
uncertainties and delays in obtaining regulatory approvals, competitive products
and technologies, and other risk factors described under the heading "Risk
Factors Affecting the Company, Its Business and Its Stock Price" contained in
Form 10-K for the year ended Dec. 31, 1999 and in Form 10-Q for the period ended
June 30, 2000.
To learn if you are a candidate for INTACS micro-thin prescription inserts, take
our quick vision test at www.GetIntacs.com
Note to editors: KERAVISION and INTACS are protected trademarks of KeraVision,
Inc. in the U.S. and foreign countries.
CONTACT: KeraVision, Inc.
Mark Fischer-Colbrie, 510/353-3000 (Investors)
Mick Taylor, 510/353-3075 (Media)
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