SOURCE: NuLens

November 29, 2007 10:07 ET

The World Economic Forum Announces Technology Pioneers 2008: NuLens Selected

HERZELIYA, ISRAEL--(Marketwire - November 29, 2007) - The World Economic Forum today announced 39 visionary companies selected as Technology Pioneers 2008. NuLens Ltd. has been selected as one of these Technology Pioneers. The Technology Pioneers 2008 were nominated by the world's leading technology experts, including venture capitalists, technology companies, academics and media. The final selection from 273 nominees was made by a panel of leading technology experts appointed by the World Economic Forum. Technology Pioneers 2008 are invited to participate in the World Economic Forum Annual Meeting 2008 that will be held in Davos, Switzerland, from 23-27 January and in the Annual Meeting of the New Champions that will be held in Tianjin, People's Republic of China from 25-27 September 2008.

NuLens researches and develops technologies for the ophthalmic markets. The Company is currently developing a new Accommodative Intraocular Lens (IOL) technology that will enhance a patient's quality of vision following traditional cataract procedures. Currently, lenses inserted during surgery have had a positive impact in correcting the opacities associated with the cataract but a limited success in restoring the accommodative function; the ability to focus at all distances. The NuLens® IOL innovation will prove to be the first intraocular lens to provide real, comfortable, and lasting accommodation for near, intermediate and far distances -- the way nature intended. It is expected that patients will not require additional procedures or corrective eyewear after the NuLens IOL is implanted by the surgeon. Initial clinical studies have demonstrated that NuLens IOL is successfully providing functional vision at near distances in patients with age related macular degeneration (AMD). Additionally, NuLens is evaluating the potential to restore accommodation in patients who have already undergone cataract surgery and have had traditional IOLs implanted.

"This recognition from the World Economic Forum reflects the importance and potential of NuLens' ophthalmic technology," said Ori Gal, Chief Executive Officer of NuLens. "Our Accommodative Intraocular Lens will eventually be an ideal solution to offer the more than 10 million patients who undergo cataract surgery around the world each year. Our goal is to help generations of people suffering from debilitating vision loss regain their independence and restore a quality of life recognized before vision loss."

Technology Pioneers are companies that have been identified as developing and applying highly transformational and innovative technologies in the areas of energy, biotechnology and health, and information technology. To be selected as a Technology Pioneer, a company must be involved in the development of life-changing technology innovation and have the potential for long-term impact on business and society. In addition, it must demonstrate visionary leadership, show all the signs of being a long-standing market leader -- and its technology must be proven. Previous Technology Pioneers have included Business Objects, Cambridge Silicon Radio, Corel Corporation, Encore Software, Google, Mozilla Corporation and Napster.

The companies' products and services include identity management on the Internet, understanding of individuals' genetic information, robotic radiosurgery, pollution control materials, low-cost remote diagnosis solutions, virtual interface technologies, wiki-based projects and next-generation business intelligence solutions.

Twenty-three of the Technology Pioneers 2008 are US-based companies. Israel and the United Kingdom each boast three; Sweden and Switzerland, two each; Canada, France, Germany, India, the Netherlands and Russia, one each. Technology Pioneers are nominated in three main categories: Energy/Environment, Biotechnology/Health and Information Technology.

The entire list of Technology Pioneers and interviews with the CEOs of the selected companies can be found here: http://www.weforum.org/techpioneers/2008.

"This year the World Economic Forum received a record number of applications from companies around the world to become a Technology Pioneer. From a highly competitive field, we are extremely pleased to have a community that is using innovation and technology to dramatically affect the way society and business operate and doing so in a markedly collaborative manner. We are excited to welcome the Technology Pioneers class of 2008 to the larger community of the World Economic Forum and we are looking forward to the fruits that their collaboration will bring," said Peter Torreele, Managing Director of the World Economic Forum.

The selection criteria include:

1) Innovation. The company's technology must be truly innovative. A new version or repackaging of an already well-accepted technological solution does not qualify as an innovation. The innovation should be recent -- not more than two years old. The company should invest significantly in R&D.

2) Potential Impact. The company's technology must have the potential to have a substantial long-term impact on business and society in the future.

3) Growth and Sustainability. The company should have all the signs of being a long-term market leader and should have well-formulated plans for future development and growth.

4) Proof of Concept. The company must have a product on the market or have proven practical applications of the technology. Companies in "stealth" mode and companies with untested ideas or models will not qualify.

5) Leadership. The company must have visionary leadership that plays a critical role in driving the company towards reaching its goals.

6) Status. The company must not currently be a Member of the World Economic Forum. This criterion applies to the parent company -- thus wholly-owned subsidiaries of large firms are not eligible.

About NuLens Ltd.

NuLens Ltd. was established in September 2002 to research, develop and market innovative technologies in ophthalmology. The first technology the company has brought under development, the NuLens® IOL, is an accommodative intra-ocular lens (IOL) with over 10 diopters of accommodative power. The NuLens® IOL was designed to provide a viable solution which enables the complete restoration of post-cataract vision at all distances. It is also a candidate for the treatment of presbyopia, an age-related deterioration in near vision. NuLens is a privately held company with offices in Herzeliya, Israel and Alicante, Spain. Private investors include Elron Electronic Industries Ltd. (NASDAQ: ELRN) and Warburg Pincus. For more information, please visit http://www.nu-lens.com.

About the World Economic Forum

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests. (www.weforum.org)

Notes to Editors:

--  Go to http://www.weforum.org/techpioneers/2008 for the entire list of
    Technology Pioneers and interviews with the CEOs of the selected companies.
    For more specific information, please e-mail: tech.pioneers@weforum.org.
--  Download print-quality high resolution photographs of the CEOs of the
    selected companies at: http://www.pbase.com/forumweb/techpioneers2008
--  Nominate a company to be a Technology Pioneer 2009 at:
    www.weforum.org/pdf/techpioneers/nomination_form_2008.pdf. Deadline for
    submissions is May 2008.
    

Contact Information