IRIDEX gains three patent applications

Mountain View, CA-IRIDEX Corp. acquired three patent applications from Innovatech Surgical Inc. for a line of adjustable and intuitive disposable laser probes used in endophotocoagulation during retinal surgery.

Under the agreement, IRIDEX will give Innovatech an upfront payment and ongoing royalty stream. In July 2005, IRIDEX and Innovatech agreed to license jointly the design and manufacture of disposable laser probes for retinal surgery.

"We have a good reciprocal relationship with Innovatech Surgical that has allowed us to increase our offering of disposable laser probes," said IRIDEX President and CEO Barry G. Caldwell. "Building upon last year's introduction and filed patent application for our Stepped EndoProbe portfolio, these announcements today are indicative of the progress we are making in executing our strategy to increase recurring revenue at IRIDEX."