Autonomous LASIK Hyperopic PMA Accepted for Filing by FDA.WALTHAM, Mass.--(BW HealthWire)--Nov. 1, 1999-- Summit Technology Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BEAM) announced today that the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. has accepted for filing Autonomous Technologies' Pre-market Application (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ) Supplement for treatment of myopia and hyperopia with or without astigmatism using LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. . The PMA Supplement seeks new approvals for the Autonomous LADARVision(R) System for the correction of farsightedness (up to +6.0 D sphere and up to -6.0 D of astigmatism) and nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the (up to -11.0 D sphere and up to -6.0 D of astigmatism) with or without astigmatism using LASIK. Filing the PMA Supplement by the FDA is the first step in the approval process. The FDA has indicated that its Ophthalmic Devices Panel will review the PMA sometime in the near future. The Autonomous LADARVision System is presently approved for the treatment of Myopia (up to -10.0D sphere and up to -4 D of astigmatism) using PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. . "This filing acceptance represents a significant milestone toward obtaining regulatory approval for the full range of refractive indications using LASIK," commented Randy Frey, President of Autonomous. 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. Autonomous, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is engaged in the design and development of next generation excimer laser instruments for laser refractive surgery. The Company's LADARVision system combines laser radar eye tracking with narrow beam shaping technology. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements made in this news release contain information about the Company's 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 Company's business prospects and future operating results, please refer to Summit's public filings with the Securities and Exchange Commission. |
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