Published on November 29, 2007
|
Contacts:
|
Media:
|
|
Corporate:
|
GendeLLindheim
BioCom Partners
|
|
Steven
D. Rubin
|
Barbara
Lindheim
|
|
305
575 6000
|
212
918-4650
|
OPKO
HEALTH COMPLETES ACQUISITION OF
OPHTHALMIC TECHNOLOGIES, INC.
MIAMI,
FL - November 29, 2007-
OPKO
Health Inc. (AMEX: OPK) today announced that
it
has completed the previously announced acquisition
of Ophthalmic Technologies, Inc. (OTI), a privately owned Canadian company
providing innovative ocular imaging systems to eye care professionals worldwide.
“OPKO
has
already made excellent progress in integrating OTI as we have actively worked
together over the past months to prepare for the recent market introduction
of
our breakthrough Spectral SLO OCT system,” said Rishard Weitz, President of OTI.
“Our team believes there is the potential for powerful synergies between OPKO’s
therapeutics pipeline and the diagnostic systems and devices used by eye care
professionals, and we expect OTI to continue to play an important strategic
role
in OPKO’s plans for a broadly based ophthalmic business.”
OTI
provides technologically advanced, easy-to-use diagnostic and imaging equipment
to the ophthalmology community, marketing a full line of ultrasound and imaging
products for both routine and specialized situations. Its new Spectral SLO
OCT
system is a breakthrough product offering unique advantages over current
technology and providing a flexible platform capable of processing a wide
variety of diagnostic tests. OTI has a growing distributor network that
currently covers more than 40 countries.
Further
details of the agreement will be included in the company’s 8-K filing with the
Securities and Exchange Commission.
About
OPKO Health, Inc.
Miami-based
OPKO is a specialty healthcare company. Its lead investigational drug, the
pioneering gene silencing agent bevasiranib, has entered a pivotal Phase III
trial after successfully completing Phase II trials for wet age-related macular
degeneration and diabetic macular edema. OPKO is developing a preclinical
pipeline of novel agents for ophthalmic diseases and markets diagnostic systems
that complement its therapeutic products. For more information visit the
company’s website at www.opko.com.
This
press release contains "forward-looking statements,” as that term is defined
under the Private Securities Litigation Reform Act of 1995 (PSLRA), which
statements may be identified by words such as “expects,” “plans,” “projects,”
“will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and
other words of similar meaning, including statements regarding the powerful
synergies between our therapeutics pipeline and the diagnostic systems and
devices used by eye care professionals, our belief OTI is an excellent strategic
foundation for our ophthalmics diagnostics business, our product development
efforts, our ability to develop a preclinical pipeline of novel agents for
ophthalmic diseases, our ability to market diagnostic systems that complement
our therapeutic products, as well as other non-historical statements 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 an
inability to integrate OTI and other acquisitions into OPKO’s business, those
factors 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 enrollment of patients for the Phase III clinical trial for
bevasiranib, may not be successful, that the Phase III clinical trial itself
may
not be 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. The forward-looking
statements contained in this press release speak only as of the date the
statements were made, and 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.
####