Opko Health, Inc. to Acquire Diagnostic Imaging Firm
Friday June 1, 8:00 am ET
--Hires Industry Veteran as Executive Vice President of Instrumentation--
MIAMI, June 1 /PRNewswire-FirstCall/ -- eXegenics, Inc., (OTC Bulletin Board: EXEG - News), doing business as Opko Health, today announced that it has entered into an agreement to acquire Ophthalmic Technologies, Inc. (OTI), a private Canadian company providing innovative patient imaging systems to eye care professionals worldwide. Additionally, Opko announced it has hired Steven Verdooner as Executive Vice President of Instrumentation, a newly created position.
"It is fitting that among our first actions as Opko Health is the acquisition of a respected ocular diagnostics firm and the hiring of an experienced senior manager from the diagnostics industry," said Dr. Philip Frost, Chairman and CEO of Opko Health. "There is the potential for powerful synergies between our therapeutics pipeline and the diagnostic systems and devices used by eye care professionals, and we believe OTI will be a good strategic foundation for that business. We are delighted that Steve Verdooner is joining Opko and believe his extensive experience in ophthalmic diagnostic instrumentation will be very valuable as we build our presence in this sector."
Toronto-based OTI provides technologically advanced, easy-to-use diagnostic and imaging equipment to the ophthalmology community. It markets a full line of advanced ophthalmic ultrasound and imaging products used by eye care professionals for both routine and specialized care. The company's SLO/OCT system is a breakthrough product offering unique advantages over current technology and providing a flexible platform that can process a wide variety of diagnostic tests. OTI has offices in Canada, the U.S. and the U.K. and a growing distributor network that currently covers more than 40 countries.
Rishard Weitz, President and CEO of OTI said, "As a team that has successfully commercialized innovative ophthalmic diagnostic imaging technologies, we are pleased to join forces with Opko, where we see the combination of strategic vision and successful companies with advanced technologies having the potential to create a new leader in the growing ophthalmology field."
According to the terms of the agreement with OTI, Opko has purchased one- third of the outstanding common shares of the company and has received an exclusive option to purchase the remaining shares over a period of approximately six months. Further details of the agreement are included in the company's 8-K filing with the Securities and Exchange Commission.
Steven Verdooner joins Opko from Ophthalmic Imaging Systems (OIS), a market leader in the field of ophthalmic digital imaging and informatics. Mr. Verdooner co-founded OIS in 1984 and played a major role in its growth and market success, including the development and marketing of revolutionary new ophthalmic imaging systems. In his more than 20 years at OIS, Mr. Verdooner had responsibility for a wide variety of functional areas, serving as Executive Vice President, President, Chief Executive Officer and Chairman. He received a B.S. degree from the University of California, Davis.
Source: eXegenics, Inc.
Jim Profit
