PMR and Associates, LLC Presents Lasik America, Inc. Overview
PMR and Associates, LLC Presents Lasik America, Inc. Overview
DEL MAR, CA -- (MARKET WIRE) -- 04/12/04 -- Lasik America Inc. (OTC BB: LSIK) is a medical services company based in Albuquerque, New Mexico. The company currently operates a Laser Surgery Eye Clinic in Albuquerque with the capacity to perform 100 eye surgeries each week. The surgical procedure involves using excimer lasers to treat such common refractive visions disorders such as myopia, hyperopia and astigmatism. Fiscal year 2003 revenues for company were approximately $1.4 million. The center employs a team of medical professionals including board-certified Ophthalmologists, Optometrists and a surgical support staff providing the latest laser eye procedures to patients throughout the metropolitan area. Our medical staff performed over 850 laser vision correction procedures since the company's inception in 2001.
Lasik America Inc. has reached supplier and financings agreements to provide excimer lasers and related equipment with DVI Financial, Inc., Nidek, Inc., and VISX, Incorporated. Lasik America, Inc. Management envisions future growth through the establishment of more Lasik surgery centers and is also exploring additional opportunities for growth in the medical arena including bio-device, development of surgical procedures and products and development of medical treatment centers.
Dr. Howard P. Silverman, Founder and CEO of Lasik America, Inc.
Dr. Silverman is the founder, chief executive officer and chairman of the board of Lasik America, Inc. Historically, he has been involved in various other companies developing products and methods of delivery from the ophthalmic industry. Such companies include Precision Contract Lens Labs, Inc., Diversified Health Industries, Inc., Hydro Optics, Inc., Staar Surgical Company and Vision Science, Inc. From 1991 Dr. Silverman has been actively involved in a private consulting business designed to address the capital and corporate structural needs of companies in the ophthalmic and vision correction industries. In addition, from 1994 to 1997, Dr. Silverman served as an investment banking professional at Rickel & Associates, in New York, New York.
Stuart Cooper, MD, Chief Ophthalmologist, Lasik America, Albuquerque Medical Clinic
Dr Cooper, MD was awarded a Doctor of Medicine Degree from the University of Illinois College of Medicine, Chicago, Ill. in 1969. He completed his residency in Ophthalmology in 1973 at the prestigious Cleveland Clinic in Pittsburgh, PA. Dr. Cooper has been a practicing Ophthalmologist for over 30 years and has completed over 8,000 Lasik procedures. Dr. Cooper is a board-certified in Ophthalmology and has been involved in instructing new physicians, technicians and assistants in all aspects of his specialty. Dr. Cooper has been the Chief Ophthalmologist at the Lasik America, Inc. Albuquerque Clinic since it opened in 2001.
Robert S. Helmer, COO, Albuquerque Medical Center
Mr. Helmer has been chief operating officer of the Lasik America Inc.'s Albuquerque, New Mexico center since operations began in May 2001. Mr. Helmer also served as the clinical support manager from October 1998 to April 2001 for TrueVision International, Inc., an eye vision corrective surgical clinic in Albuquerque, New Mexico. Mr. Helmer is a graduate physician and surgical assistant with 30 years of medical experience in emergency medicine, laser medicine, dermatology, cosmetic surgery and hair transplant surgery. Mr. Helmer has been a certified ophthalmic laser technician since September 1998 and a certified microkeratome technician since June 1999. Mr. Helmer received his associate of applied science degrees as a physician's assistant and surgical assistant in 1974 from the Cincinnati Technical College. He is a member of the American Academy of Physicians Assistants.
LASIK stands for Laser-Assisted In Situ Keratomileusis and is a procedure that permanently changes the shape of the cornea, the clear covering of the front of the eye, using an excimer laser. A instrument, called a microkeratome, is used to cut a flap in the cornea. A hinge is left at one end of this flap. The flap is folded back revealing the stroma, the middle section of the cornea. Pulses from a computer-controlled laser vaporize a portion of the stroma and the flap is replaced.
The cornea is a part of the eye that helps focus light to create an image on the retina. It works in much the same way that the lens of a camera focuses light to create an image on film. The bending and focusing of light is also known as refraction. Usually the shape of the cornea and the eye are not perfect and the image on the retina is out-of-focus (blurred) or distorted. These imperfections in the focusing power of the eye are called refractive errors. There are three primary types of refractive errors: myopia, hyperopia and astigmatism. Persons with myopia, or nearsightedness, have more difficulty seeing distant objects as clearly as near objects. Persons with hyperopia, or farsightedness, have more difficulty seeing near objects as clearly as distant objects. Astigmatism is a distortion of the image on the retina caused by irregularities in the cornea or lens of the eye. Combinations of myopia and astigmatism or hyperopia and astigmatism are common. Glasses or contact lenses are designed to compensate for the eye's imperfections. Surgical procedures aimed at improving the focusing power of the eye are called refractive surgery. In LASIK surgery, precise and controlled removal of corneal tissue by a special laser reshapes the cornea changing its focusing power.
Other types of refractive surgery
Radial Keratotomy or RK and Photorefractive Keratectomy or PRK are other refractive surgeries used to reshape the cornea. In RK, a very sharp knife is used to cut slits in the cornea changing its shape. PRK was the first surgical procedure developed to reshape the cornea, by sculpting, using a laser. Later, LASIK was developed. The same type of laser is used for LASIK and PRK. Often the exact same laser is used for the two types of surgery. The major difference between the two surgeries is the way that the stroma, the middle layer of the cornea, is exposed before it is vaporized with the laser. In PRK, the top layer of the cornea, called the epithelium, is scraped away to expose the stromal layer underneath. In LASIK, a flap is cut in the stromal layer and the flap is folded back.
Another type of refractive surgery is thermokeratoplasty in which heat is used to reshape the cornea. The source of the heat can be a laser, but it is a different kind of laser than is used for LASIK and PRK. Other refractive devices include corneal ring segments that are inserted into the stroma and special contact lenses that temporarily reshape the cornea (orthokeratology).
The Role of FDA
In the United States, the Food and Drug Administration (FDA) regulates the sale of medical devices such as the lasers used for LASIK. Before a medical device can be legally sold in the U.S., the person or company that wants to sell the device must seek approval from the FDA. To gain approval, they must present evidence that the device is reasonably safe and effective for a particular use, the "indication." Once the FDA has approved a medical device, a doctor may decide to use that device for other indications if the doctor feels it is in the best interest of a patient. The use of an approved device for other than its FDA-approved indication is called "off-label use." The FDA does not regulate off-label use or the practice of medicine.
THE LASIK INDUSTRY
In 2002 refractive surgery represented a $475 million market. The annual number of procedures increased dramatically during the 1990's reaching a peak of 1.4 million in 2000. Recently the number of procedure have stabilized but industry analysts project strong future growth going forward. Even though refractive surgery procedures, and LASIK in particular, have declined in the past several years along with the economy, the pool of potential candidates is large. Industry consultant MarketScope estimates that approximately 50 million Americans (100 million procedures) are candidates for laser vision correction (LVC). The American Academy of Ophthalmology estimates that more than 63 million people in the U.S. are candidates for some type of refractive surgery.
In 2001, only 4% of eligible patients had received laser vision correction. Today, penetration is around 5%. Analysts forecast modest growth from about 1.4 million procedures in 2003 to 1.5 million in 2004. However, longer-term, peak annual procedures are forecasted to be approximately 2.5 million procedures.
Improvements in technology, such as custom LASIK, hold the promise of re-building the sector, with MarketScope forecasting procedure growth of around 10% in the latter half of 2003.
Lasik America, Inc. is well positioned for growth into 2004 and beyond. Its core New Mexico facility generated revenues in excess of $1.4 million in 2003 and provides an excellent foundation to base the company's future expansion. A seasoned, professional management team is in place to guide growth. Industry analysts have indicated that the corrective surgery industry sector has excellent growth potential and many markets in the US are significantly underserved. Lasik America, Inc. is uniquely situated to capitalize on this situation and management looks forward to successful implementation of growth initiatives.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, actual results may differ materially from the expectations expressed in the forward-looking statements.
For further information, please contact: Patrick Rost President PMR and Associates, LLC 858-350-0409 Email: PMRandCO@aol.com Provider ID: 04065654