VISX AND SUMMIT REACH PATENT ACCORD
VISX AND SUMMIT REACH PATENT ACCORD WALTHAM, Mass., June 4 /PRNewswire/ -- Summit Technology, Inc.
(NASDAQ: BEAM) and Visx, Inc. (AMEX: VSX) announced today that they have settled all issues between them regarding ownership and use of their United States patents for performing excimer laser corneal procedures, including both refractive (PRK) and Therapeutic (PTK) applications.
Pursuant to the accord, Visx and Summit have assigned their United States PRK and PTK patents to Pillar Point Partners, a Partnership jointly owned and controlled by Summit and Visx which has granted licenses to Visx and Summit to practice the art covered by the patents. The Partnership will earn a per-use royalty (to be determined by the Partnership at a later date) for each licensed procedure performed in the United States. The Partnership will also earn certain equipment royalties and have the right to license the patents to third parties. The Partnership's earnings will be distributed to Summit and Visx, with the allocations being determined by the specific technology which is utilized in performing the procedures that generate the royalties. -0- 6/4/92 /CONTACT: David F. Muller, president, Peter Litman, general counsel or Paula Rainville, investor relations, all of Summit Technology, Inc., 617-890-1234; or Charles R. Munnerlyn, CEO, Alan McMillen, president or Katrina Church, legal counsel, all of Visx, Inc., 408-732-9880/ (BEAM VSX) CO: Summit Technology, Inc.; Visx, Inc. ST: California, Massachusetts IN: MTC SU:
DD -- NE001 -- 6863 06/04/92 08:12 EDT
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|Date:||Jun 4, 1992|
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