Summit Technology Press Release
Medical Advisory Board Member Michael Gordon, MD To Perform Laser Vision Correction Procedure
Using Breakthrough Eye-Tracking Laser Technology
(Procedure to be webcast on www.sandiegoinsider.com)
Waltham, MA, January 24, 2000 - Summit Technology, Inc. (NASDAQ: BEAM) announced today that Dr. Michael Gordon, of the San Diego Vision Surgery & Laser Center, will be broadcasting on Wednesday, January 26, 2000, via the Internet, a laser vision correction surgery performed on the Autonomous Technologies LADARVision® System. Dr. Gordon has been at the forefront of excimer laser technology since its development and has performed over 25,000 refractive surgery procedures. Between 11:30 am and 12:30 pm (PST) Dr. Gordon, his associate and fellow pioneer in refractive surgery, Dr. Perry Binder and Verne Sharma, President of Summit Technology will host an online chat to discuss this latest advancement in laser vision correction and answer any questions regarding the procedure. This educational event will be webcast by Cox Interactive Media via their web site at www.sandiegoinsider.com and the surgery will begin at 1:00 pm (PST).
Autonomous is a wholly-owned subsidiary of Summit Technology, Inc. of Waltham, Massachusetts, which in 1995 became the first company to obtain FDA approval for laser vision correction. Derived from "Star Wars" strategic defense technology, the LADARVision® System is the only small-spot scanning laser with an eye-tracking device approved by the FDA. The system tracks the position of the eye during the laser vision correction procedure at a rate of 4,000 times per second, essentially removing voluntary and involuntary eye movement as a factor during the procedure and greatly increasing the comfort level for both the patient and the surgeon. Other laser systems typically rely on the patient focusing on a point of light to ensure the eye remains still during surgery.
"It's an added comfort level to the patient, knowing that the procedure is not dependent on their ability to fixate," said Dr. Gordon. "The tracker is a benefit because if an eye did move during the procedure, the tracker would keep the treatment centered over the pupil to help minimize post-operative glare."
Dr. Gordon was the first surgeon in the U.S. to use the Summit laser to correct nearsightedness. He was also the first surgeon in the U.S. to use the excimer laser to correct astigmatism and hyperopia using Summits patented emphasis® Disc technology. Dr. Gordon has been in private practice in San Diego since 1979.
An estimated 980,000 laser vision correction procedures were performed in the United States in 1999. This year that number is expected to increase to well over one million procedures as patients seek the correction of nearsightedness, farsightedness and astigmatism.
Founded in 1985, Summit Technology is a leading developer, manufacturer and marketer of ophthalmic laser systems and related products designed to correct common vision disorders such as nearsightedness, farsightedness and astigmatism. In 1995, Summit was the first excimer laser company to receive FDA approval for its excimer laser system for the correction of mild to moderate myopia in the U.S. and in 1999 became the first commercial excimer laser manufacturer to receive FDA approval for the popular LASIK procedure. Autonomous, a wholly owned subsidiary, is engaged in the design and development of next-generation excimer laser instruments for laser refractive surgery. The Companys LADARVision System combines laser radar eye tracking with narrow beam shaping technology and is the only FDA approved laser system to incorporate an eye-tracker during surgery. In addition, through its wholly owned subsidiary, Lens Express, Summit sells contact lenses and related products.
Cautionary Statement under "Safe harbor" Provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this news release contain information about the Companys future business prospects. These statements may be considered "forward looking". These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Among these risks and uncertainties are: competition from other manufacturers and vision correction technologies, delays in obtaining regulatory approvals, challenges to patents owned and licensed by the Company affecting per procedure revenues, adverse litigation results, difficulties in commercializing the LADARVision system and dependence on sole source suppliers. For additional information and risks associated with the Companys business prospects and future operating results, please refer to Summits public filings with the Securities and Exchange Commission.
Created January 28, 2000