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In Brief: Visx

This article was originally published in The Gray Sheet

Executive Summary

Visx: Excimer laser manufacturer says it will report higher than predicted fourth-quarter 1997 earnings, following a Dec. 16 announcement that the firm has stopped making certain royalty payments to Pillar Point Partners, a joint venture with laser maker Summit Technology. "Commencing in October 1997, the company no longer pays royalties to Pillar Point for certain patented procedures performed using the Visx excimer laser system which have not been approved by FDA," Visx explains. "This is consistent with a provision in the agreement which provides that royalties are due only for FDA-approved procedures." A November lawsuit filed by Visx in a Santa Clara County, California state court seeking declaratory judgment is pending...

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