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Refractec Ready to Launch Eye Treatment Overseas

Irvine-based Refractec Inc. recently received FDA approval to treat both eyes of patients, on the same day, during its clinical trials. Refractec also will launch its Conductive Keratoplasy (CK) farsightedness treatment internationally in September.

The small company,15 employees,has treated more than 200 patients and is in Phase III of its clinical trials. Unlike the current Lasik method, which uses lasers, CK uses radio-frequency radiation to correct low-to-moderate levels of farsightedness. Refractec’s Viewpoint System heats and shrinks the eye tissue to achieve the desired shape, as opposed to lasers that “sculpt” the tissue by vaporizing some, said Lauren Kanner, vice president of marketing. So far, the results have been good and without complications, she said.

A commercial boost for CK could be that it is a less-expensive procedure for both the doctor and the patient. It costs about $1,200 to $1,500 per eye vs. Lasik’s approximately $2,500 per eye, Kanner said. For the eye docs, a laser costs $500,000 vs. the Viewpoint’s cost of $30,000 to $50,000.

CK is approved for use in Australia, Europe, Canada and Latin America. Refractec will launch internationally this year, targeting opthamologists for certification upon completion of a comprehensive educational program. Meanwhile, it will file for FDA approval by the end of the year to market in the U.S.

Refractec earns revenue on sales of its Viewpoint System and sales of the disposable tips, which cost the physician $100 per patient.

NeoTherapeutics Gets $7 Million

NeoTherapeutics Inc., based in Irvine, completed a $7 million private placement of common stock. The proceeds will fund the clinical development of NeoTherapeutics’ lead product candidate, Neotrofin. The company develops drugs to treat degenerative neurological diseases and conditions such as Alzheimer’s, depression and Parkinson’s. Neotrofin is for treatment of Alzheimer’s. The company reported no revenue in the last fiscal year. Its stock price last week was in the $13 neighborhood.

UCI Researchers Keep Busy

Researchers at UC Irvine’s College of Medicine said they have developed a chemical that could form the basis of a new class of drugs to treat disorders ranging from schizophrenia to Parkinson’s disease to autism. The team, led by Daniele Piomelli, professor of pharmacology, has tested the chemical on rats. It acts on nerves that produce unusually high levels of dopamine and cause exaggerated movements and other problems in the rats. Researchers are hoping the chemical will result in new treatments that don’t have as many side effects as current psychiatric drugs.

Another group of researchers at UCI’s College of Medicine say they have developed a test that can, within hours, diagnose encephalitis caused by the West Nile virus. Conducted as part of a spinal tap, the test could enable local hospitals and clinics to more quickly diagnose and treat patients with the disease. The team is led by Ian Lipkin, professor of microbiology and molecular genetics, neurology and anatomy and neurobiology, and Thomas Briese, assistant professor of neurology and microbiology and molecular genetics.

Cardiac Science Has Revenue

Cardiac Science Inc., Irvine, sold 120 of its Powerheart defibrillator monitors in its first quarter of their commercial release. The company earned $625,000 in revenue from the sales. The Powerheart is a bedside hospital monitor that provides life-saving defibrillation without the aid of hospital staff. As of April 1, the company had a backlog of orders worth $500,000. Cardiac Science reported no revenue in the last fiscal year.

Nurses Picket UCI Med Center

Last week, about 20 registered nurses held an informational picket at UCI Medical Center. The nurses, represented by the California Nurses Association, say the university is interfering with the conclusion of its new collective bargaining agreement that covers nearly 8,000 RNs at five UC Medical Centers. The nurses’ contract will expire May 15 and negotiations were due to resume this week.

The outstanding issues for the nurses include wages, seniority rights when layoffs occur, a nurse-proposed restriction on mandatory overtime and an end to penalizing RNs for using sick leave, which CNA says compels nurses to come to work when sick.

Paul Kronheim, manager of labor and employee relations for UCI Medical Center, downplayed the picket, saying it occurred during the nurses’ lunch hour and only 20 out of 700 nurses participated. In addition, most of the issues are system-wide issues, not UCI Medical Center-specific, he said.

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