NIDEK & VISX to Sign Global Litigation Settlement and Patent Cross-License Term Sheet

Market Wire, 20050229

NIDEK Co. Ltd. announced today that NIDEK and VISX have signed a term sheet outlining a global litigation settlement and patent cross-license. The settlement outlined in the term sheet will resolve all litigation between the parties worldwide, including all of the parties' patent and antitrust lawsuits in the United States, and will involve a worldwide cross-license of certain of the parties' respective patents. VISX will also pay $9 million in settlement of NIDEK's antitrust and related claims.

According to Mr. Hideo Ozawa, President and Founder of NIDEK, "We are very pleased to report these developments. This settlement is significant to NIDEK as it saves on legal expenses and also allows NIDEK to focus resources aimed at growing the market for laser vision correction in the U.S. and worldwide."

The settlement and cross-license will become effective upon the signing of a formal written agreement, which is currently being finalized. Following the signing of the agreement, the parties will submit requests for dismissal of the lawsuits to the appropriate courts for approval. Under the term sheet, all other terms and conditions are confidential.

With worldwide operations headquartered in Gamagori, Japan, NIDEK develops, manufactures, and sells laser systems and diagnostic equipment for ophthalmology, optometry, general surgery, gynecology, and cosmetic dermatological surgery. The Company's ophthalmic and optometric products are specifically designed for diagnosing and treating retinal diseases, glaucoma, refractive therapies, retinopathy of prematurity, and pre and post-operative cataract surgery therapy. Its surgical products are designed to treat patients in the growing applications of cosmetic laser surgery and laser skin resurfacing. NIDEK distributes its products through a network of distribution partners and a direct sales force.