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Herzliya, December 14, 2009: Optonol Ltd. An Israeli medical device company, leader in developing, manufacturing and commercializing novel miniature surgical implants used to lower intraocular pressure (IOP) in patients with glaucoma, today announced that it has signed a definitive agreement to be acquired by Alcon (NYSE: ACL).
Since its inception in 1996 by CEO Ira Yaron, Optonol has raised $22M from its investors: Pitango Venture Capital, Israel Healthcare Ventures, Genesis Partners and other private investors. It has 35 employees located in Neve Ilan, Israel and main sales and marketing office in Chicago, US.
Pitango Venture Capital, the largest shareholder in Optonol, has been supporting the company since its inception in 1996 and granted it its first seed investment, with 2 Pitango partners serving on its board of directors, Rami Kalish, as Chairman of the Board and Zeev Binman.
Optonol’s flagship product, Ex-PRESSTM, is a unique microscopic FDA approved implant that redefines the surgical treatment for patients with medically uncontrolled glaucoma. Optonol’s unique solution, Ex-PRESSTM, is the smallest FDA approved technology commercially available; it enjoys market dominance and a strong intellectual property position with international coverage in the U.S, Europe, Canada, Australia and other countries. It is implanted in a minimally penetrating reproducible procedure with consistent, safe and predictable results and has been endorsed by key opinion leaders worldwide.
Alcon, Inc. is the world’s leading eye care company, with sales of approximately $6.3 billion in 2008, operates in 75 countries and sells products in 180 markets. The acquisition of Optonol will enable Alcon to complement the company’s pharmaceutical products that lower IOP in patients with glaucoma and ocular hypertension, and will be additive to the company’s growth opportunities.
Ira Yaron, Founder & CEO of Optonol: “I’m proud that we’ve been successful in developing a world class product that has been adopted by both patients and physicians worldwide. This is all due to the excellent and devoted team of employees, management, Board of Directors and investors that have accompanied Optonol since its inception.”
Rami Kalish, Chairman of the Board of Optonol, Managing General Partner & Co-Founder, Pitango Venture Capital:
“Optonol was one of the first medical devices companies in Pitango’s portfolio and from the beginning we recognized the tremendous promise in its vision. Under the leadership of Ira Yaron and Optonol’s management, we have created a world class company with cutting edge technology, which we supported from the first prototype through the FDA regulation and commercialization. We are very proud and happy to reach this important milestone with the company, when Optonol’s products are being embraced by a world leader company like Alcon.”
Zeev Binman, General Partner & CFO in Pitango and member of Optonol’s Board of Directors added: From its first day, 13 years ago, Pitango has been supporting Optonol, always believing it had the potential to become a leader in its space and enjoying great teamwork with its management”
About Glaucoma
Worldwide, over 67 million people suffer from glaucoma, with 6.7 million suffering from blindness. In the USA, over three million people age 40 and older have glaucoma, and about 100,000 are blind due to the disease.
Glaucoma is caused when an excess amount of eye fluid (aqueous) is created and its regular drainage is damaged. This causes the aqueous to accumulate and build up pressure. This pressure can damage the optic nerve and cause a decrease in vision. Glaucoma is the second cause of blindness around the world and and first cause among various populations.
Traditionally, glaucoma is first treated by administration of eye drops. If the eye drops are not effective, laser procedures may be performed to open the drain if your doctor thinks this is appropriate. If laser is ineffective, or not appropriate for your type or level of glaucoma, a filtering procedure such as the Ex-PRESS mini shunt implantation may be needed to preserve your vision.
About Optonol www.optonol.com
Optonol, Ltd. is a privately-held company located in Neve Ilan, Israel that has one commercialized product, the Ex-PRESS™ Mini Glaucoma Shunt, and two additional surgical glaucoma products in its pipeline. The Ex-PRESS™ device reduces intraocular pressure (IOP) by diverting the aqueous humor from the anterior chamber into the subconjunctival space of the eye. The procedure has comparable IOP lowering effectiveness to a trabeculectomy, but it is more predictable, more efficient and associated with less post-operative complications.
The Ex-PRESS™ Mini Glaucoma Shunt device was introduced in the United States in 2002. The American Medical Association (AMA) assigned the Ex-PRESS™ Mini Glaucoma Shunt to CPT® 0192T effective July 1, 2008 and it is currently reimbursed by Medicare and other payors. It is also available in multiple countries outside the United States, including Europe and Canada.
About Pitango Venture Capital www.pitango.com
Pitango Venture Capital, the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Israel and Silicon Valley, California, Pitango currently manages several venture funds totaling over $1.3 billion in committed capital invested in more than 100 companies, among them are companies that went public, such as AudioCodes, VocalTech, RADWARE, Retalix, CardGuard & others and companies that were acquired, such as Dune Networks (acquired by Broadcom) Ventor (acquired by Medtronic), Triana (acquired by ICAP), Gteko (acquired by Microsoft), Colbar (acquired by Johnson & Johnson), RADLAN (acquired by Marvell) and Disc-o-Tech (acquired by Kyphone). Pitango invests in early stage start-ups, as well as growth phase companies, in the IT, Life Sciences and CleanTech industries.
About Alcon www.alcon.com.
Alcon, Inc. is the world’s leading eye care company, with sales of approximately $6.3 billion in 2008. Alcon, which has been dedicated to the ophthalmic industry for 65 years, researches, develops, manufactures and markets pharmaceuticals, surgical equipment and devices, contacts lens solutions and other vision care products that treat diseases, disorders and other conditions of the eye. Alcon operates in 75 countries and sells products in 180 markets. For more information on Alcon, Inc., visit the Company’s web site at | 
