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VisionCare Relocates and Expands Facility in IsraelCompany expands manufacturing and R&D capabilities Saratoga, CA - June 8, 2005 - VisionCare Ophthalmic Technologies, Inc., developer of proprietary visual prosthetic devices for the treatment of macular degeneration and other central vision disorders, announced today it has completed a relocation of its subsidiary, VisionCare Ophthalmic Technologies Ltd., from Yehud to an expanded and upgraded facility in the Kiryat Ayre area of Petah Tikva. "VisionCare continues to make significant product development and clinical progress. The Pitah Tikva facility provides our company the capacity to meet expected product demand for the coming three to four years and laboratory resources required to address a growing number of research and development initiatives," commented Eli Aharoni, VisionCare's Vice President of R&D and General Manager. "Our team managing the construction and relocation, led by Yona Katz, Director of Operations, and supported by Boris Aradovsky, Vice President of Quality Assurance and Doron Raz, Director of Finance and Administration, brought the facility project in on-time and under budget with very tight time constraints." VisionCare's visual prosthetic devices are designed to help improve vision and quality of life in patients with moderate to profound visual impairment due to end-stage macular degeneration in both eyes. Smaller than a pea, the Implantable Miniature Telescope (IMT by Dr. Isaac Lipshitz) is implanted in one eye in an outpatient surgical procedure. In the implanted eye, the device renders enlarged central vision images over a wide area of the retina to help improve central vision, while the non-operated eye provides peripheral vision for mobility and orientation. The company estimates more than one million individuals in the US and major European markets are affected by bilateral end-stage macular degeneration. VisionCare's US Phase II/III clinical trial data are being compiled and the company is in the process of completing its regulatory application to the US Food and Drug Administration. The prospective, multicenter trial enrolled over 200 patients at 28 investigational sites. One-year clinical results will be presented later this year at major medical symposia. About VisionCare VisionCare Ophthalmic Technologies, Inc., headquartered in Saratoga, CA, along with its subsidiary, VisionCare Ophthalmic Technologies Ltd, Pitah Tikva, Israel, is a privately held company involved in the research, development, manufacturing, and marketing of innovative and proprietary visual prosthetic devices for the treatment of macular degeneration and other vision disorders. Company investors include Pitango Venture Capital, Boston Scientific Corporation, Onset Ventures, Three Arch Partners, and Infinity Venture Capital. The Implantable Miniature Telescope was invented by company founders, Dr. Isaac Lipshitz and Yossi Gross. Additional information on VisionCare can be found at www.visioncareinc.net.
Contact:
Eli Aharoni, Vice President & General Manager, |
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Caution: Investigational Device, Limited by Federal Law to Investigational Use. |