Coronado Industries, Inc. and Novartis Ophthalmics Announce Extension Of Option Agreement For Exclusive Global Licensing and Distribution Rights to Glaucoma Treatment.Business Editors and Health/Medical Writers FOUNTAIN HILLS, Ariz. & ATLANTA--(BW HealthWire)--Nov. 1, 2001 Coronado Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDIK) and Novartis Ophthalmics, the eye health unit of Novartis AG (NYSE NYSE See: New York Stock Exchange NVS NVS - Non-Volatile Storage ) today announced the extension of their option agreement covering the exclusive global licensing and distribution rights to Coronado's patented Pneumatic Trabeculoplasty (PNT PNT Point PNT Paint (MacPaint graphic file format) PNT Patient PNT Pentagon (Washington, DC; US DoD) PNT Positioning, Navigation and Timing PNT Prime Number Theorem PNT Phenytoin (TM)) equipment and medical procedure to treat glaucoma. The original one year option agreement, signed last October, anticipated among other activities a four-month clinical study along with the time required to collect and analyze the statistical data. Initiation of the study was delayed and the initial option period did not allow for the agreed upon evaluation to be completed within the original time allotted. The study is currently underway and is progressing as anticipated. Therefore both companies have agreed to extend the option period until the end of May, 2002. This will allow sufficient time to complete the trial and perform the necessary follow-up testing and statistical analysis dictated by the study protocol. The companies also continue to work in good faith toward the completion of an agreement covering the exclusive global licensing and distribution rights to the product. PNT, a two minute, non-invasive procedure, is currently being evaluated as a cost effective alternative for the treatment of the most common types of glaucoma--open angle and pigmentary. During PNT a suction device is applied to the eye for two minutes with the intention of reducing intraocular pressure intraocular pressure n. The pressure of the intraocular fluid within the eye. intraocular pressure (in´tr . Background on Novartis Ophthalmics and Coronado Industries Novartis Ophthalmics: With worldwide headquarters in Bulach, Switzerland, Novartis Ophthalmics is a global leader in research, development and manufacturing of leading ophthalmic pharmaceuticals that assist in the treatment of glaucoma, age-related macular degeneration Age-related macular degeneration (ARMD) Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. , eye inflammation, ocular allergies and other diseases and disorders of the eye. Novartis Ophthalmics products are available in more than 110 different countries. The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. headquarters is based in Atlanta, Georgia. Novartis Ophthalmics has production sites in Switzerland, France and Canada. For more information, visit www.novartisophthalmics.com or www.novartisophthalmics.com/us. Novartis AG (NYSE: NVS) is a world leader in healthcare with core businesses in pharmaceuticals, consumer health, generics, eye-care, and animal health. In 2000, the Novartis Group's ongoing businesses achieved collective sales of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 29.1 billion (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 17.2 billion) and a net income of CHF 6.5 billion (USD 3.9 billion). The Group invested approximately CHF 4.0 billion (USD 2.4 billion) in R&D. Novartis AG is headquartered in Basel, Switzerland. Novartis Group companies employ about 70,000 people and operate in over 140 countries around the world. For further information please consult http://www.novartis.com. Coronado Industries, through its wholly-owned subsidiaries American Glaucoma and Ophthalmic International, focuses on the development and testing of a patented procedure, Pneumatic Trabeculoplasty (PNT (TM)), a non-invasive, highly-effective, and low-cost alternative to traditional treatments. Currently, the Company is allowed to market its pneumatic suction device and treatment throughout the European market place under a CE Mark (allowing manufacturers to freely sell their products) from the European commission. Pending 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. approval, the Company will license its patented treatment procedure and equipment in the United States. Forward-looking statements in this release are made pursuant to the 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the company, new products and technological changes, the Company's dependence on third-part suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. For additional information, see.www.coronadoindustries.com or www.otcfn.com/cdik/4pg.html |
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