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Iridex Announces Strategic Review to Unlock Shareholder Value
MOUNTAIN VIEW, Calif., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) announced today that its Board of Directors is undertaking, in
About this update from Iridex Corporation
[{"type":"text","content":"MOUNTAIN VIEW, Calif., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX) announced today that its Board of Directors is undertaking, in consultation with its financial and legal advisors, a review and evaluation of strategic alternatives that may be available to the Company to unlock shareholder value. Iridex has engaged Piper Sandler to act as financial advisor in connection with the strategic review process. “Iridex is a worldwide leader in laser-based medical systems for the ophthalmology market, with proven platforms, systems and consumable technologies for the treatment of glaucoma and retinal diseases,” said David Bruce, President and CEO. “Our decades of commitment to innovation and quality engineering has earned Iridex a unique market position with thousands of physicians and facilities utilizing our products every day in more than 100 countries.” “Throughout its history, Iridex has embodied the innovative spirit of Silicon Valley, developing new products that set the clinical and technical standards within its markets,” Mr. Bruce continued. “Most recently, in retina this includes the next generation PASCAL® platform with MicroPulse® capability. In glaucoma, armed with only a fraction of the resources of our market peers, we have steadily expanded our market presence and clinical adoption of an alternative, non-incisional and cost-effective Micropulse Transcleral Laser Therapy for moderate to advanced stage patients. To date, we have placed more than 2,000 glaucoma laser consoles, with approximately half of the total in each of the U.S. and OUS markets, and delivered more than 250,000 single-use probes. Further growth and adoption progress are expected to be driven by recent regulatory approval in China, a soon to begin multi-center clinical trial and new delivery device innovation developments, giving us confidence that MPTLT has a strong future.” Scott Shuda, Chairman of the Board of Directors, commented on the strategic review process, “As a public company, Iridex must always seek to maximize shareholder value. Following COVID, this led us to reaffirm our market leadership position in retina via a transaction with Topcon Corporation and product-line integration of its PASCAL platform, while in glaucoma we advanced our clinical work with the international consensus panel in 2022 and the development of...