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 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 our next-level clinical trial expected to begin in 2023. Iridex’s sales revenue and product offerings today are bigger and stronger than they have ever been, and the Board of Directors believes this is an appropriate time to explore strategic options for the future of each of our product lines.”

There can be no assurance that the ongoing strategic review will result in Iridex entering into any transaction or that any transaction will be completed on attractive terms. Iridex has not set a timetable for completion of the strategic process and does not intend to disclose further developments unless and until it is determined that further disclosure is appropriate or necessary.

About Iridex
Iridex Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company’s proprietary MicroPulse® technology delivers a differentiated treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the Iridex website at www.iridex.com.

Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning the Company’s plans to conduct clinical trials, commercialize new products, evaluate its strategic options and consider value-maximizing transactions. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 10, 2023.

Investor Relations Contact
Philip Taylor
investors@iridex.com