Coronado Industries Announces Clinical Study to Begin for Its Glaucoma Equipment and Treatment With CIBA Vision.Business/Medical Editors FOUNTAIN HILLS, Ariz.--(BUSINESS WIRE)--Nov. 8, 2000 Coronado Industries, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CDIK), a manufacturer of proprietary pneumatic devices for the treatment of glaucoma, announced today CIBA Vision, they eye care unit of Novartis (NYSE NYSE See: New York Stock Exchange : NVS NVS - Non-Volatile Storage ) will conduct a short clinical study to observe the effectiveness of 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 treatment for glaucoma as part of their due diligence. The two companies announced an exclusive agreement on October 23, which gives CIBA Vision an exclusive option for global licensing and distribution rights to PNT. The option period allows ample time for CIBA Vision to complete the clinical study, and its remaining due diligence on PNT. CIBA Vision will assume associated external study costs and has agreed to assist Coronado Industries with 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. discussions. Coronado agrees to reserve exclusive licensing and distribution rights and patented technology for CIBA Vision during this period. Management of both companies have agreed to work together to fine-tune the definitive agreement for the future. "We feel very satisfied with this agreement," commented Richard Smith, chief executive officer of Coronado Industries. "We have been successful in treating hundreds of patients in the last seven years. I see no reason why CIBA CIBA Canadian Intercollegiate Baseball Association CIBA Chemical Industry in Basle CIBA Cayman Islands Bankers Association CIBA Californian Indian Basketweavers Association Vision's study should not mirror the success of our past efforts." Coronado Industries' PNT treatment is designed to treat the two most common types of glaucoma - open-angle and pigmentary glaucoma. A suction device, applied to the eye for two minutes, reduced intraocular pressure non-invasively. After four years' evaluation of PNT/glaucoma trial results, the treatment has been proven to offer some value in the treatment of ocular hypertension as well. 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-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
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