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Visx, Medjet sign R&D agreement; may merge within a year

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SANTA CLARA, Calif. — Visx (NYSE: EYE) and Medjet signed a 1-year research and development agreement under which Visx will provide funding to Medjet to pursue new ophthalmic technologies and products. Visx executives also announced the company has a 1-year option to buy Medjet for $2 a share.

Medjet researches and develops waterjet technology with an emphasis on ophthalmic surgical technology and equipment. Medjet currently has 7 U.S. patents (and 6 corresponding foreign patents) with additional U.S. and foreign patents pending.

Commenting on the agreement, Liz Davila, chief executive officer of Visx, said, "Medjet's waterjet technology not only has the potential to benefit the field of ophthalmology, but may also have applications within other medical specialties."

Visx has already purchased 21% of Medjet's voting stock. Visx also has entered into an agreement with Medjet's founder and current chief executive officer, Eugene Gordon, MD, to purchase his voting stock shares if Visx decides to move forward with the merger. Visx would gain an additional 32% of Medjet's voting stock by purchasing Dr. Gordon's shares.