Advanced Refractive Technologies Licenses Innovative Cataract Detection Device Unique Device Developed at the Los Alamos National Laboratory LOS ALAMOS, N.M. and SAN CLEMENTE, Calif., May 10, 2006 (PRIMEZONE) -- Advanced Refractive Technologies, Inc. (OTCBB:ARFRE), an ophthalmology development company focused on the development and marketing of innovative ophthalmic applications, announced today that it has acquired OptiMetrix Technologies, Inc., a subsidiary of UTEK Corporation, in a stock transaction.
OptiMetrix Technologies, Inc., Inc. holds the exclusive license to a patented technology developed at Los Alamos National Laboratory that takes the application of fiber-optic, OMA-based instrumentation as an in vivo diagnostic tool for the human ocular lens. This results in the first simple and effective device for use by ophthalmologists and optometrists in detecting cataract formation.
"The focus of our research is the development of minimally-invasive diagnostics and therapeutics based on optical and photonic technologies. We often collaborate with clinical researchers who test the new technologies on animals or human subjects. With noninvasive optical measurements there is minimal risk to the patient, but significant medical benefits are possible," said Inventor Irving J. Bigio, Ph.D., Professor of Biomedical Engineering, Electrical and Computer Engineering at Boston University, and former scientific staff member at Los Alamos National Laboratory.
Randy Bailey, Chief Executive Officer of Advanced Refractive Technologies, said, "We are particularly excited about this new device as it is relevant to both the ophthalmology and optometric markets. This device also requires a unique disposable aspect, which will provide ongoing revenue for Advanced Refractive Technologies."
About Advanced Refractive Technologies, Inc.
Advanced Refractive Technologies, Inc. is an ophthalmology development company focused on the development and marketing of innovative ophthalmic applications that will result in faster, safer and more effective procedures in two of the largest surgical markets in the world: corrective refractive surgery and cataract surgery, as well as innovative drugs for glaucoma and age-related macula degeneration. Advanced Refractive Technologies is currently in the process of developing their Accupulse, a next generation cataract emulsifier, which utilizes the company's proprietary waterjet technology. The Accupulse cataract emulsifier, currently under development, is a device that uses pulsed waterjet technology to remove cataracts -- the most frequently performed surgical procedure in the world. For more information on Advanced Refractive Technologies, please visit its website at www.advancedrefractive.com.
Los Alamos National Laboratory is the largest institution in northern New Mexico with more than 8,300 University of California employees plus approximately 3,000 contractor personnel. From its origins as a secret Manhattan Project laboratory, Los Alamos has attracted world-class scientists and applied their energy and creativity to solving the nation's most challenging problems. As one of the U.S. Department of Energy's multi-program, multi-disciplinary research laboratories, Los Alamos thrives on having the best people doing the best science to solve problems of global importance. The laboratory is the second-largest manufacturing site in the nuclear weapons complex and one of only two national laboratories operating at this high level of mission importance and scientific excellence. As their new logo declares, Los Alamos National Laboratory is indeed "The World's Greatest Science Protecting America." For more information about Los Alamos National Laboratory, please visit its website at www.lanl.gov.
About UTEK Corporation
UTEK(r) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(r). In addition to its U2B(r) service, UTEK offers both large- and small-capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
CONTACT: Advanced Refractive Technologies, Inc. Lawrence Schreiber (949) 940-1300 (949) 940-1301, fax www.advancedrefractive.com
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