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OPTICAL RADIATION SIGNS AGREEMENT TO ACQUIRE CORNEAL CONTOURING INC.

OPTICAL RADIATION SIGNS AGREEMENT TO ACQUIRE CORNEAL CONTOURING INC.
 AZUSA, Calif., March 9 /PRNewswire/ -- Optical Radiation Corp. (NASDAQ: ORCO) today announced it has signed a definitive agreement to acquire all of the shares of privately owned Corneal Contouring Inc. (CCI), an ophthalmic surgical products development stage company.
 Richard D. Wood, president and chief executive officer, said the total purchase price is $10 million, plus future royalties. He said payments will be made over the next four years, pending certain product development milestones.
 Based in Tulsa, Okla., CCI is developing a novel, non-laser office surgical procedure to correct vision. Patents have been issued on the surgical method and technique and are pending on the device. Wood said CCI has had encouraging results from limited human clinical studies conducted over the past two years.
 "The market for refractive surgery is large and represents a major growth opportunity for us in the ophthalmic products industry," said Wood. "The patented technology CCI brings to Optical Radiation will significantly accelerate the product development research in refractive surgery currently being done by our ophthalmic surgical products division. We are excited about its potential for the years ahead."
 The goal of this proprietary technology is to obtain surgical vision correction. CCI's proprietary technology reshapes the cornea to attain this vision correction. Further development of CCI's products will be completed at Optical Radiation's facilities in Azusa.
 Optical Radiation designs and manufactures a wide range of precision optical components and systems for medical, industrial and scientific applications.
 -0- 3/9/92
 /CONTACT: Richard D. Wood of Optical Radiation Corp., 818-969-3344; or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Optical Radiation Corp./
 (ORCO) CO: Optical Radiation Corp.; Corneal Contouring Inc. ST: California IN: MTC SU: TNM


JL -- LA026 -- 6543 03/09/92 16:16 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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