Home Trending Stocks Iridex Corporation (IRIX) Shares Rose 26.27% After-Hour, Thanks To A Strategic Alliance

Iridex Corporation (IRIX) Shares Rose 26.27% After-Hour, Thanks To A Strategic Alliance

Iridex Corporation (NASDAQ: IRIX) saw its shares’ price climbing 26.27% in after-hours trading on Tuesday following news of a strategic collaboration with a Japanese firm.

What happened?


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Mountain View, California-based IRIX has been providing laser treatments for ophthalmic conditions such as glaucoma and peripheral retinal diseases since 1989. A strategic partnership between the company and Topcon Corporation was announced today.

  • In addition to its $430 million eye care business, Topcon has over $1.3 billion in annual revenues, primarily as a manufacturer and distributor in Japan.
  • The transaction will provide IRIX not only with a net $19.5 million of cash but will also provide ongoing funding for a number of strategic development projects, in particular those designed to expand in glaucoma therapy markets with its unique non-incisional products.
  • The investment by Topcon in Iridex consists of the following:
    • Purchasing exclusive distribution rights in certain global markets for Iridex’s retina and glaucoma products; and
    • Purchasing approximately 10.4% of Iridex’s equity.
  • With Topcon’s strong distribution in the Asia Pacific and key EMEA markets, Iridex can provide a comprehensive diagnostic and treatment portfolio to glaucoma and retina market.
  • To combine its MicroPulse laser platform with that of Topcon’s PASCAL, Iridex is acquiring Topcon’s PASCAL product line.
  • This will help the companies to better focus on larger share of retinal scanning laser market, plus greater scale that will result in greater efficiency in the manufacturing, marketing and design sectors.

Iridex and Topcon are partnering on a comprehensive collaboration, which includes an Exclusive Distribution Agreement, an Asset Purchase Agreement and an Equity Funding Agreement. In these agreements, Topcon will acquire exclusive distribution of Iridex laser devices, accessories, and disposables in Asia Pacific and EMEA to be sold through its strong network in those regions.

In addition, Iridex will add Topcon’s PASCAL systems to its direct sales and distribution channels throughout the world. The company will also acquire Topcon’s PASCAL product line and its design and manufacturing operations. Iridex’s 10 million shares of common stock will be bought by Topcon for a price of $6.18 each. Before offering expenses, Iridex expects to receive approximately $19.5 million in net cash proceeds from these transactions.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Palatin Technologies Inc. (PTN) stock rises during pre-market trading. What has been happening lately?

Palatin Technologies Inc. (NASDAQ: PTN) stock declined by 1.16% the last close whereas the PTN stock price gains by 3.91% in the pre-market trading...

Smith Micro Develops Inc. (SMSI) stock soars during current market trading. Here’s to know why?

Smith Micro Develops Inc. (NASDAQ: SMSI) stock surged by 2.39% during the current market trading session. Smith Micro creates software that simplifies and improves...

Drive Shack Inc. (DS) stock soars during after-hour trading, followed by no recent update

Drive Shack Inc. (NASDAQ: DS) stock declined by 3.94% at last close while the DS stock-price surged by 7.38% in the after-hour session. Drive...

SPX Flow Inc. (FLOW) stock surged during current market. Here’s why the stock is sky-rocketing?

SPX Flow Inc. (NASDAQ: FLOW) stock gained by 24.24% in the current market trading session. SPX FLOW, based in Charlotte, works to make the...

Platinum Group Metal Ltd. (PLG) stock surges during after-market trading. Here’s to know what’s happening?

Platinum Group Metal Ltd. (NASDAQ: PLG) stock declined by 8.54% at last close whereas the PLG stock price gains by 7% in the after-market...

TD Holdings Inc. (GLG) stock gains during current market trading. Here’s the recent update

TD Holdings Inc. (NASDAQ: GLG) stock gains by 5.01% in the current market trading session. TD Holdings, Inc. is a service provider in China...

Palatin Technologies Inc. (PTN) stock rises during pre-market trading. What has been happening lately?

Palatin Technologies Inc. (NASDAQ: PTN) stock declined by 1.16% the last close whereas the PTN stock price gains by 3.91% in the pre-market trading...

NeuroMetrix Inc. (NURO) stock plunged during pre-market. Let’s find out why?

NeuroMetrix Inc. (NASDAQ: NURO) stock gained by 18.89% at last close while the NURO stock price losses by -4.12% in the pre-market trading session....

Related News

Palatin Technologies Inc. (PTN) stock rises during pre-market trading. What has been happening lately?

Palatin Technologies Inc. (NASDAQ: PTN) stock declined by 1.16% the last close whereas the PTN stock price gains by 3.91% in the pre-market trading...

Smith Micro Develops Inc. (SMSI) stock soars during current market trading. Here’s to know why?

Smith Micro Develops Inc. (NASDAQ: SMSI) stock surged by 2.39% during the current market trading session. Smith Micro creates software that simplifies and improves...

Drive Shack Inc. (DS) stock soars during after-hour trading, followed by no recent update

Drive Shack Inc. (NASDAQ: DS) stock declined by 3.94% at last close while the DS stock-price surged by 7.38% in the after-hour session. Drive...

SPX Flow Inc. (FLOW) stock surged during current market. Here’s why the stock is sky-rocketing?

SPX Flow Inc. (NASDAQ: FLOW) stock gained by 24.24% in the current market trading session. SPX FLOW, based in Charlotte, works to make the...

Platinum Group Metal Ltd. (PLG) stock surges during after-market trading. Here’s to know what’s happening?

Platinum Group Metal Ltd. (NASDAQ: PLG) stock declined by 8.54% at last close whereas the PLG stock price gains by 7% in the after-market...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam