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Autonomous Technologies Receives Approval to Market in Canada.


ORLANDO, Fla.--(BW HealthWire)--Nov. 6, 1998--Autonomous Technologies Corporation (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
 NM: ATCI ATCI Albany Transcomm International ) today announced that it received a Medical Device License from the Canadian Therapeutic Products Directorate Therapeutic Products Directorate (TPD) is a Canadian federal authority that regulates pharmaceutical drugs and medical devices for human use, a role performed by the Food and Drug Administration in the United States.  for the Company's LADARVision(R) System. The Canadian license was granted after the Medical Devices Bureau determined that the Company's clinical study data satisfied the requirements for safety and efficacy. The Company's license application was for visual correction between -1.0 and -10.0 diopters of 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  and up to -6.0 diopters of astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. . Based on the new Medical Device Regulations, the LADARVision System is considered a Class III medical device.

Earlier this week, Autonomous announced approval by the U.S. Food and Drug Administration for its LADARVision System. The U.S. approval is for the treatment of mild to moderate nearsightedness (-1.00 to -10.00 diopters) with or without astigmatism (up to -4.00 diopters) with photorefractive keratectomy Photorefractive keratectomy (PRK)
A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia.

Mentioned in: Myopia, Radial Keratotomy

photorefractive keratectomy 
 (PRK PRK photorefractive keratectomy.
Photorefractive keratectomy (PRK)
A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia.
). Developed from technology originally designed to track fast moving objects in space, the Company's LADARVision System is the first and only U.S. approved system to incorporate an eye tracker. The tracker guided system ensures precise delivery of the treatment laser beam even if the patient's eye moves during surgery.

Autonomous announced on October 1, 1998 that it has agreed to be acquired by Summit Technology (NASDAQ NM: BEAM) subject to the approval of the shareholders of both companies. Summit has agreed to acquire all of the outstanding shares of Autonomous in exchange for 11.65 million shares of Summit common stock and an equal value of cash, up to $50 million. The actual value of the transaction will not be determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled.


determinable adj.
 until closing, which is currently expected to be within the next three months.

Autonomous has completed staffing its sales and marketing team and plans to begin an aggressive marketing campaign beginning at the American Academy of Ophthalmology The American Academy of Ophthalmology (AAO) is a medical association of ophthalmologists–medical doctors (MDs) specializing in eye care and surgery).

The group is based in San Francisco, California.
 Annual Conference. The Autonomous LADARVision System will be featured with its strategic partner, CIBA Vision, during the conference, which begins this weekend in New Orleans.

Autonomous designs, develops and markets next generation excimer laser instruments for laser vision correction. The company's LADARVision System combines high-speed, laser radar eye tracking with precisely controlled small beam shaping technology. For more information, contact Autonomous Technologies at 2800 Discovery Drive, Orlando, FL 32826 (407) 384-1600, or visit us on the web at www.autonomous.com.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors, including: a decline in the price of Summit common stock prior to the closing; and that there are no assurances the shareholders of both companies will take the necessary actions to complete the acquisition; and that the Company may not receive the regulatory approval necessary to complete the acquisition; and that competitive responses may occur preventing the achievement of increased market share. For a discussion of the important factors that could affect the Company's results, please refer to the Overview section, the Management's Discussion and Analysis Management's discussion and analysis (MD&A)

A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial
 of Financial Condition and Results of Operations, and the Risk Factors section in the Company's Annual Report on Form 10-K as amended.
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 6, 1998
Words:546
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