ROCHESTER, N.Y., April 25 -- Bausch & Lomb has created a new company focused on the research and development of new refractive surgical technologies for vision correction and enhancement. The new company, called Technovision, is a joint venture formed by Bausch & Lomb with Kristian Hohla, who founded the Technolas laser business in 1985. Hohla will serve as president of the new company. Technovision will focus on the development of new ways to correct and/or enhance vision, as well as new ophthalmic diagnostic devices. Bausch & Lomb is providing an undisclosed amount of capital to fund the joint venture and will have first right to commercialize any product developed by Technovision. The company will be housed with Bausch & Lomb's Technolas laser operations and its German commercial headquarters near Munich.