May 25, 1993
Allergan Inc., a provider of eye-care and other medical products, said it has agreed to conduct joint clinical trials of drugs with Summit Technology Inc. The companies will conduct joint clinical trials of certain drugs for use after a surgical procedure known as photorefractive keratectomy. The procedure involves the use of a laser to correct eye disorders such as nearsightedness, farsightedness and astigmatism.
June 9, 1998 |
Visx Inc. said it will pay Summit Technology Inc. $35 million as the medical-laser companies settle lawsuits against each other and end their partnership. Santa Clara-based Visx and Summit, of Waltham, Mass., make lasers used to treat eye problems such as nearsightedness and farsightedness. Under their 1992 agreement, they were paying into a partnership and sharing revenue from eye operations using their lasers. The settlement ends months of legal wrangling over royalty payments.
March 25, 1998 |
Federal regulators voted unanimously to bring price-fixing charges against two makers of laser equipment to correct vision disorders, saying the scheme cost consumers $30 million a year in higher prices. The Federal Trade Commission voted 5 to 0 to bring the charges against Visx Inc. of Santa Clara and Summit Technology Inc. of Waltham, Mass., accusing them of improperly sharing fees charged to doctors who used equipment made by either company.
March 14, 1995 |
The Food and Drug Administration has approved an eye laser that polishes the cornea to improve vision and prevent the need for many corneal transplants. Summit Technology Inc. announced the approval of the nation's first excimer laser to treat corneal scars and other diseases. Experts predicted it could be used to treat between 10,000 and 25,000 Americans this year. Dr. Carmen A.
February 11, 1997 |
The $108-billion California Public Employees' Retirement System released its top 10 list of corporate America's financial underperformers. Apple Computer Inc. and Reebok International Ltd. head this year's list of companies that CalPERS will target for severe underperformance relative to their industry peers. The companies will serve as the focus of CalPERS' corporate governance activism for the 1997 proxy season. The other companies on its list are technology companies Novell Inc.