San Francisco, CA (PRWEB) April 30, 2007
Following a court-ordered sale, all the remaining assets of Sunrise Technologies International, Inc. have been acquired by PriaVision, Inc. With the addition of these intellectual property assets, all the assets of Sunrise and its Hyperion® LTK System are now owned by PriaVision, which plans to expand the Hyperion business and to support Sunrise's former customers.
The patented, no-touch technology used in the Hyperion LTK System allows an ophthalmic surgeon to correct mild to moderate farsightedness in an FDA approved procedure that requires only moments in an outpatient setting. PriaVision plans to upgrade existing instruments with new technology that is currently being developed and tested.
PriaVision's battle to acquire ownership and control of Sunrise's business dates back to 2002, the year when Sunrise became insolvent and filed Chapter 7 bankruptcy. Disputes with a large creditor that initiated several legal actions required years of expensive litigation to resolve. A company owned by David A. Brewer, 21X Capital Ltd., funded these legal battles and eventually prevailed in the unusually tenacious battle between Sunrise creditors. (This case was decided 10/12/05 in Superior Court of California, County of Santa Clara, case no. 1-03-CV 816191, but had been appealed until this week.)
During this time, however, Satish Herekar led a very productive development effort to refine and extend the Hyperion's capabilities. In addition, Mr. Herekar, who had been Sunrise's chief design manager for the Hyperion, developed breakthrough technologies for new ophthalmic products. Versions of those products will be tested in clinical trials and brought to market in future years.
"PriaVision's KeraCure™, PriaWave™, and PriaGel™ products will enable ophthalmic physicians to bring outstanding benefits to their patients", said Mr. Herekar. "Our design mandate is to provide unique solutions that are minimally invasive and minimize side effects. I am very proud of the innovations our development team has underway in cross-linking, augmentation, and capsular lens-filling."
"Now that we have the litigation finally out of the way", said Mr. Brewer, "we intend to move forward and grow this business. Our first priority, though, is to strengthen the support of Hyperion customers here in the U.S. and internationally. We believe in this improved technology and plan to make it successful for our customers and their patients."
PriaVision was founded in 2002 and is located in Menlo Park, California. David A. Brewer is its President and Satish Herekar its Vice President and Chief Scientist.
For more information, contact David Brewer 1-650-566-8000.