SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 11, 1997
(September 9, 1997)
LASERSIGHT INCORPORATED
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Exact name of registrant as specified in its charter
Delaware
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State or other jurisdiction of incorporation
0-19671 65-0273162
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Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
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Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
<PAGE>
Item 5. Other Events.
The press release issued by LaserSight Incorporated dated September 9, 1997 is
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit 99. Press Release dated September 9, 1997
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LaserSight Incorporated
Date: September 11, 1997 By: /s/ Michael R. Farris
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Michael R. Farris
Chief Executive Officer
EXHIBIT 99
NASDAQ SYMBOL: LASE
LASERSIGHT ACQUIRES RIGHTS TO
DISPOSABLE LASIK MICROKERATOME
St. Louis, MO -- September 9, 1997 -- LaserSight Incorporated (NASDAQ: LASE)
today announced it has acquired worldwide distribution rights to the Ruiz
disposable microkeratome for the refractive surgery LASIK procedure. The
microkeratome is the instrument used to create the corneal flap during LASIK, a
laser vision correction alternative to PRK.
This disposable microkeratome was developed by Luis Antonio Ruiz, M.D. and
engineer Sergio Lenchig of Bogota, Colombia. Both developed the Automated
Corneal Shaper (ACS) microkeratome distributed by Chiron Vision Corporation
(NASDAQ: CHIR). The disposable microkeratome component is also designed to fit
the ACS control console. The ease of the disposable is evidenced by virtually no
maintenance, assembly, or sterilization requirements.
"The introduction of a disposable microkeratome into the marketplace is a
significant event in our industry. Refractive surgeons have expressed
frustration over labor-intensive procedures resulting from set-up, cleaning, and
re-assembly requirements of current microkeratomes," said Dr. Charles W.
Stewart, executive vice president of LaserSight Technologies. "LaserSight is
committed to fulfilling the demand in the industry for clinically effective and
cost effective approaches to laser vision correction. We are already meeting
this demand with our scanning excimer laser products and will continue to pursue
opportunities such as the Ruiz microkeratome."
Current instruments, available both domestically and internationally, range in
price from $35,000 to $65,000 with an additional per-use price of $50 to $175
for non-reusable components. The expected prices associated with the new
disposable microkeratome are approximately $7,500 for the optional control
console instrument and a per-use price of approximately $125 for the disposable
component.
According to a recent survey by industry expert Irving Arons of Spectrum
Consulting, it is estimated that 655,000 laser vision correction procedures will
be performed outside the United States in 1997. It is further estimated that
40-to-45 percent of these procedures will be LASIK.
LaserSight expects to begin distribution of the microkeratome in the
international marketplace through its current network of ophthalmic device
distributors late this year or early next year. In the domestic market, the
microkeratome is subject to 510K approval by the FDA for which an application is
in process.
LaserSight has entered into a limited exclusive license agreement for United
States patent #RE35421 and its foreign counterparts owned by Dr. Ruiz and Mr.
Lenchig. These patents represent intellectual property for microkeratome
products believed to include those products currently distributed by Chiron.
LaserSight and Chiron are the only licensees to this patent.
"This license agreement, coupled with our recent patent purchases from IBM and
Frederic B. Kremer, M.D. strengthens our position with regard to providing
technologies for LASIK," said Michael R. Farris, president and chief executive
officer of LaserSight. "The demand for LASIK continues to grow in the United
States and we believe this will provide LaserSight an ongoing revenue stream
complimentary to our laser technology platform."
At closing, LaserSight paid $400,000 and agreed to supply at no cost one
LaserScan LSX scanning excimer laser. Six months after shipment of the
disposable microkeratome product commences LaserSight will pay an additional
$150,000 to the sellers with another installment of $150,000 due 12 months after
the initial shipment date. LaserSight shall share equally in the gross profit
with the Licensors with minimum quarterly royalties of $400,000 beginning six
months after the initial shipment date. Under the arrangement gross profit is
defined as the selling price less certain costs of goods and costs of sales.
LaserSight Incorporated is a holding company with operating subsidiaries engaged
in the business of ophthalmic laser manufacturing and international sales,
third-party managed vision care administration, ophthalmic practice management,
and health and vision care consulting services.
This press release contains forward-looking statements regarding future events
and future performance of the Company which involve risks and uncertainties that
could materially affect actual results. Investors should refer to documents the
Company files from time to time with the Securities and Exchange Commission for
a description of certain factors which could cause actual results to vary from
current expectations and the forward-looking statements contained in this press
release. Such filings include, without limitation, the Company's Form 10-K, Form
10-Q and Form 8-K reports.
For additional information please contact: Marti Benfield
Manager, Investor Relations
LaserSight Incorporated
(314) 469-3220
Visit us on the Internet at www.lase.
com
