VISX received approval to treat astigmatism over a month ago (see press release below). At the same time they got approval to treat higher degrees of myopia which you'll notice the Summit folks are still waiting on. Also it's seemed in the past that the doctors prefer the VISX laser.
Even if the Summit laser were approved for more types of procedures or if it were more popular, it wouldn't matter a whole lot to VISX anyway. A lot of the initial machine sales in the U.S. have already taken place and VISX will make more money from future procedure royalties than future laser sales.
riday January 30, 9:42 am Eastern Time
Company Press Release
REPEAT/VISX First to Receive FDA Approval for
Treatment of Higher Myopia With Astigmatism
SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 29, 1998--VISX Inc. (NASDAQ:VISX -
news) announced today that the U.S. Food and Drug Administration (FDA) has approved the use
of its excimer laser systems as safe and effective for the treatment of higher degrees of
nearsightedness with astigmatism.
VISX is the first and only laser manufacturer in the United States to receive such an approval.
Greater than 99% of nearsighted consumers, with or without astigmatism, are now eligible for laser
vision correction procedures using VISX excimer laser systems.
''We are extremely pleased with the FDA's expedited review for this indication,'' said David Patino,
vice president of Regulatory and Clinical Affairs at VISX. He added, ''VISX continues to work
diligently to expand the treatment parameters of the VISX STAR.''
Mark Logan, VISX chairman and chief executive officer, said, ''This is another step in our ongoing
efforts to offer U.S. doctors and consumers the same range of procedures as their international
counterparts. Not only is VISX the first and only company in the U.S. to receive approval for the
treatment of low, moderate and high myopia with astigmatism, but we also expect to file for
approval of hyperopia (farsightedness) in the first quarter. The broad beam and scanning capabilities
of the advanced VISX STAR are proving invaluable as we move to have additional indications
approved by the FDA.''
All VISX systems sold in the U.S. are capable of correcting the approved procedures via VISX's
VisionKey(R) card. They will not have to use trackers, masks, additional hardware, or disposables,
and a special service call is not required.
VISX is the worldwide sales and technology leader in the dynamic laser vision correction market.
Correction of astigmatism and/or low, moderate or high myopia using the VISX STAR generally
takes less than one minute, requires no scalpel incisions and is incredibly precise. It is an automated,
computer-controlled procedure that uses a cool beam of laser light to reshape the front surface of
the cornea.
Laser vision correction is the first FDA-approved innovation in refractive vision correction since the
introduction of contact lenses in the 1950s.
Another common form of vision correction using the excimer laser, LASIK, while not an approved
FDA indication, is routinely performed by physicians on VISX systems as an ''off-label'' use and
has been ruled a ''practice of medicine'' issue by the FDA.
Contact:
VISX Inc.
Lola Wood, 408/733-2020
As for what's caused the latest run-up in the stock price... who cares I'm just enjoying it!!! |
