MIAMI, June 1 /PRNewswire-FirstCall/ -- eXegenics, Inc., (OTC Bulletin Board: EXEG - News), doing business as Opko Health, today announced that it has entered into an agreement to acquire Ophthalmic Technologies, Inc. (OTI), a private Canadian company providing innovative patient imaging systems to eye care professionals worldwide. Additionally, Opko announced it has hired Steven Verdooner as Executive Vice President of Instrumentation, a newly created position.
“It is fitting that among our first actions as Opko Health is the acquisition of a respected ocular diagnostics firm and the hiring of an experienced senior manager from the diagnostics industry,” said Dr. Philip Frost, Chairman and CEO of Opko Health. “There is the potential for powerful synergies between our therapeutics pipeline and the diagnostic systems and devices used by eye care professionals, and we believe OTI will be a good strategic foundation for that business. We are delighted that Steve Verdooner is joining Opko and believe his extensive experience in ophthalmic diagnostic instrumentation will be very valuable as we build our presence in this sector.”
Toronto-based OTI provides technologically advanced, easy-to-use diagnostic and imaging equipment to the ophthalmology community. It markets a full line of advanced ophthalmic ultrasound and imaging products used by eye care professionals for both routine and specialized care. The company’s SLO/OCT system is a breakthrough product offering unique advantages over current technology and providing a flexible platform that can process a wide variety of diagnostic tests. OTI has offices in Canada, the U.S. and the U.K. and a growing distributor network that currently covers more than 40 countries.
Rishard Weitz, President and CEO of OTI said, “As a team that has successfully commercialized innovative ophthalmic diagnostic imaging technologies, we are pleased to join forces with Opko, where we see the combination of strategic vision and successful companies with advanced technologies having the potential to create a new leader in the growing ophthalmology field.”
According to the terms of the agreement with OTI, Opko has purchased one- third of the outstanding common shares of the company and has received an exclusive option to purchase the remaining shares over a period of approximately six months. Further details of the agreement are included in the company’s 8-K filing with the Securities and Exchange Commission.
Steven Verdooner joins Opko from Ophthalmic Imaging Systems (OIS), a market leader in the field of ophthalmic digital imaging and informatics. Mr. Verdooner co-founded OIS in 1984 and played a major role in its growth and market success, including the development and marketing of revolutionary new ophthalmic imaging systems. In his more than 20 years at OIS, Mr. Verdooner had responsibility for a wide variety of functional areas, serving as Executive Vice President, President, Chief Executive Officer and Chairman. He received a B.S. degree from the University of California, Davis.
About eXegenics/Opko Health
Miami-based eXegenics (doing business as Opko Health) was recently reconstituted as a specialty healthcare company through a 3-way merger with private companies Acuity Pharmaceuticals Inc. and Froptix, Inc. Its product portfolio includes the pioneering gene silencing agent bevasiranib, which has successfully completed Phase ll clinical trials for wet age-related macular degeneration and diabetic macular edema; a novel clinical stage product for conjunctivitis; and a pipeline of preclinical candidates that include novel agents to treat dry age-related macular degeneration and other ophthalmic diseases. The company also intends to market selected diagnostic products that are complementary to its therapeutic programs.
This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA),regarding product development efforts and other non-historical facts about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our filings with the Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments, including the risks that advanced clinical trials for our lead product candidate, bevasiranib, may not be commenced or completed on a timely basis or at all, that any of our compounds under development, including bevasiranib, may fail, may not achieve the expected results or effectiveness and may not generate data that would support the approval or marketing of products for the indications being studied or for other indications. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. We do not undertake any obligation to update forward-looking statements. We intend that all forward- looking statements be subject to the safe-harbor provisions of the PSLRA.
Contacts:
Corporate: Media: Steven D. Rubin GendeLLindheim BioCom Partners 305 575 6015 Barbara Lindheim 212 918 4650
Source: eXegenics, Inc.
