IRIDEX licenses rights to Ocunetics' intellectual property

IRIDEX Corporation (Nasdaq: IRIX) today announced that it has exclusively licensed the rights to all of the intellectual property of Ocunetics, Inc., a privately held company based in Alamo, California.  Ocunetics develops procedure-enabling medical devices that are intended to increase surgeons' efficiency, while improving case predictability for ophthalmic surgeries.  Further terms of the deal have not been disclosed.  

"This is a great example of technology and talent that fit our culture and match our strategic initiative of rapidly expanding our portfolio of consumable instruments across the ophthalmology spectrum," said Theodore A. Boutacoff, President and CEO of IRIDEX. "Ocunetics' co-founders Timothy Buckley and Kenneth Peartree will join IRIDEX as Vice President of Marketing, MIGS & Laser Systems and Vice President of Product Development, Consumables, respectively, and we are excited about their future contributions to IRIDEX."

Ocunetics' co-founder and cataract/glaucoma surgeon Dr. Steven Vold added, "IRIDEX will accelerate the development and commercialization of the transformative product line created by Ocunetics. These products have been designed to improve efficiencies in a wide range of ophthalmic surgeries."  

Mr. Boutacoff concluded, "The benefits to the organization resulting from the agreement and the people will be immediate and broad. The Ocunetics products are currently in development and are expected to begin commercialization under the IRIDEX brand within 18 months."