Q-MED AB to distribute Palomar products outside North America
BURLINGTON, Mass., Jan. 9 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, today announced the execution
of an international distribution agreement with the Swedish company Q-MED
AB (OMX Nordic Exchange, Stockholm Mid Cap: QMED), a leading
biotech/medical device company based in Uppsala, Sweden. Q-MED will
eventually be responsible for the marketing, advertising, promotion, sale
and distribution of Palomar's professional products for aesthetic
treatments outside North America. Q-MED AB is the producer of Restylane,
one of the most popular and widely distributed dermal fillers in the world,
with over 9 million treatments provided so far. Q-MED AB sells Restylane
globally through a network of fully owned sales companies, partners and
distributors.
The single source availability of Palomar and Q-MED products will
provide physicians with a wide variety of treatment modalities to better
meet the needs of their customers for a superior aesthetic treatment.
Palomar and Q- MED also recognize that the potential synergistic effects
which may be achieved using the current products of both companies may
provide improved treatment options to customers. In addition, Palomar and
Q-MED will collaborate on marketing campaigns, as well as arranging
clinical symposiums, consensus meetings and advisory boards.
The companies intend that Q-MED will be an exclusive distributor in a
major portion of Europe by the end of 2008 and a large portion of the rest
of the world (excluding North America) by the end of 2009. The transition
from Palomar's existing distributors to Q-MED shall be on a
country-by-country basis as the companies agree on the terms of each
transition. Palomar and Q- MED plan to work with each of Palomar's current
distributors to determine how each distributor might successfully work
together with Q-MED during and after each country is transitioned.
Joseph P. Caruso, Palomar Chief Executive Officer said, "There is great
potential in combining the effects of Palomar's light-based systems with Q-
MED's leading range of dermal fillers and injectable implants. Both
companies are focused on developing new technologies for products that
provide superior results. The combination of our individual strengths
should yield interesting and important new approaches to satisfying
consumer needs. Of the many companies Palomar considered working with to
better expand Palomar's distribution in international markets, Q-MED is the
best choice. We are excited to work with such a dynamic company and believe
Q-MED will leverage their existing international presence, large customer
base and brand name recognition to greatly expand the international sales
of Palomar's light-based aesthetic devices. In addition, the products of
both companies have the potential for synergistic treatments. This
collaboration should propel our presence in international markets ahead of
where we would be able to grow on our own and provide an improved conduit
for new products."
Bengt Agerup, Q-MED Chief Executive Officer said, "This agreement
represents a major opportunity to provide our customers with leading light-
based anti-aging and hair-removal products. Strong R&D commitment and
belief in evidence based aesthetic solutions are a shared value of both our
companies. We see this as a great opportunity to bring new treatment
modalities to our customers and help them further develop their practice
meeting the consumer demand in an ever expanding global market. Palomar
shares same company values with us and just like us provides the global
aesthetic medical professional market with R&D and evidence based products,
that very well match Restylane range of products and other present and
future products Q-MED brings to medical professionals around the world. We
are excited to be participating in what is the first time that two
companies from very different aesthetic industry segments have entered into
such a collaboration."
For more information, please see the International Distributor
Agreement filed as Exhibit 10.1 to a Current Report on Form 8-K filed
today.
About Palomar Medical Technologies Inc: Palomar is a leading researcher
and developer of light-based systems for cosmetic treatments. Palomar
pioneered the optical hair removal field, when, in 1997, it introduced the
first high-powered laser hair removal system. Since then, many of the major
advances in light-based hair removal have been based on Palomar technology.
In December 2006, Palomar became the first company to receive a 510(k)
over-the- counter (OTC) clearance from the United States Food and Drug
Administration (FDA) for a new, patented, home use, light-based hair
removal device. OTC clearance allows the product to be marketed and sold
directly to consumers without a prescription. There are now millions of
light-based cosmetic procedures performed around the world every year in
physician offices, clinics, spas and salons. Palomar is testing many new
and exciting applications to further advance the hair removal market and
other cosmetic applications. Palomar is focused on developing proprietary
light-based technology for introduction to the mass markets. Palomar has an
agreement with The Gillette Company to develop and commercialize home-use,
light-based devices for women for hair removal and an agreement with
Johnson & Johnson Consumer Companies to develop and potentially
commercialize home-use, light- based devices for reducing or reshaping body
fat including cellulite, reducing the appearance of skin aging, and
reducing or preventing acne.
For more information on Palomar and its products, visit Palomar's
website at http://www.palomarmedical.com. To continue receiving the most
up-to-date information and latest news on Palomar as it happens, sign up to
receive automatic e-mail alerts by going to the Investor Relations section
of the website.
About Q-MED AB: Q-MED AB is a rapidly growing and profitable
biotechnology/medical device company. The company develops, manufactures,
markets, and sells primarily medical implants. The majority of the products
are based on the company's patented technology, NASHA(TM), for the
production of stabilized non-animal hyaluronic acid. The product portfolio
today contains: Restylane(R) for filling lines and folds, contouring and
creating volume in the face, Macrolane(TM) for body contouring,
Durolane(TM) for the treatment of osteoarthritis of the hip and knee
joints, Deflux(TM) for the treatment of vesicoureteral reflux, VUR, (a
malformation of the urinary bladder) in children, Zuidex(TM) for the
treatment of stress urinary incontinence in women, and Solesta(TM) for the
treatment of fecal incontinence. Sales are made through the company's own
subsidiaries or distributors in over 70 countries. Q-MED today has just
over 700 coworkers, with close to 500 at the company's head office and
production facility in Uppsala, Sweden. Q-MED AB is listed in the Mid Cap
segment of the OMX Nordic Exchange in Stockholm.
For more information on Q-MED and its products, visit Q-MED's website
at http://www.q-med.com. To continue receiving the most up-to-date information and
latest news on Q-MED as it happens, sign up to receive automatic e-mail
alerts by going to the Investor Relations section of the website.
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on the Company's current expectations,
plans, intentions, beliefs or predictions. These forward-looking statements
are neither promises nor guarantees, but involve risk and uncertainties
that may individually or mutually impact the matters herein, and cause
actual results, events and performance to differ materially from such
forward-looking statements. These risk factors include, but are not limited
to, results of future operations, technological difficulties in developing
or introducing new products, the results of future research, lack of
product demand and market acceptance for current and future products, the
effect of economic conditions, challenges in managing joint ventures and
research with third parties and government contracts, the impact of
competitive products and pricing, governmental regulations with respect to
medical devices, including whether FDA clearance will be obtained for
future products and additional applications, the results of litigation,
including patent infringement lawsuits, difficulties in collecting
royalties, potential infringement of third-party intellectual property
rights, factors affecting the Company's future income and resulting ability
to utilize its NOLs, and/or other factors, which are detailed from time to
time in the Company's SEC reports, including the report on Form 10-K for
the year ended December 31, 2006 and the Company's quarterly reports on
Form 10-Q. Readers are cautioned not to place undue reliance on these
forward- looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
Contacts: Kayla Castle
Investor Relations Manager
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
Q-MED AB Publ.
Bengt Agerup, CEO / Tel: +46 (0)70 974 9025
Anders Blom, Sr. Director Corporate Development & Strategy
Tel: +46 (0)70 974 9060
Boris Vujovic, Sr. Director Corporate Development & Strategy
Tel: + 44 780 325 0924
SOURCE Palomar Medical Technologies, Inc.
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Related links:
http://www.palomarmedical.com
http://www.q-med.com
http://www.prnewswire.com/comp/107555.html/
CONTACT:
Kayla Castle, Investor Relations Manager of
Palomar Medical Technologies, Inc., +1-781-993-2411,
ir@palomarmedical.com; or Bengt Agerup, CEO, +46 (0)70 974 9025,
Anders Blom, Sr. Director Corporate Development & Strategy, +46
(0)70 974 9060, or Boris Vujovic, Sr. Director Corporate
Development & Strategy, +44 780 325 0924, all of Q-MED AB
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