Under the terms of the agreement, Iridex will become a worldwide distributor for Peregrine labeled products and while Peregrine Surgical will become part of the Iridex supply chain for the manufacture of a few Iridex products.

Iridex president and CEO Will Moore said the company has been a long time provider of consumable ophthalmology surgical instruments such as laser EndoProbe Handpieces and GreenTip cannulas.

"Part of our growth strategy is to broaden this portfolio of consumable products to meet the growing therapeutic demands of both hospitals and ambulatory surgery centers.

"Peregrine is an ideal partner to assist IRIDEX in not only broadening our channel offering and driving costs out of our supply chain, but we anticipate our partnership will also accelerate product development cycles for new disposable products," Moore added.

Peregrine president Todd Richmond said, "The global reach of IRIDEX will represent a mutually beneficial partnering for the brand names of both companies."

Iridex would manage Peregrine Surgical’s independent distribution channel in the US and expects to introduce the products to its OUS channels soon.

Established in 1989, Iridex develops, manufactures, and markets laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market.