Palomar to develop a light-based self-treatment device for a dermatological
problem currently compromising the effectiveness of a significant portion of
military personnel
BURLINGTON, Mass., Feb. 18 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies Inc (Nasdaq: PMTI) today announced that it has been awarded a
$2.5 million research contract by the Department of the Army to develop a
light-based self-treatment device for Pseudofolliculitis Barbae ("PFB"). The
project begins on February 23, 2004 and is scheduled to last for nineteen
months, through September 22, 2005. PFB, commonly known as "razor bumps", has
been called "the most significant dermatologic disease in the US Army";
affecting combat readiness, unit cohesion, and individual morale of over 50%
of African American and Hispanic military personnel. The importance of a
solution to the PFB problem is increasing along with the changing demographics
of the military; the percentage of African-Americans and Hispanics in the
services is currently twice that in the civilian population and growing.
This contract is awarded by the Department of Defense Peer Reviewed Medical
Research Program (PRMRP) of the Office of the Congressionally Directed Medical
Research Programs (CDMRP) to private and public organizations having
demonstrated capability in solving "Military Relevant" medical problems.
In commenting on the impact of the PFB award, Dr. Michael Smotrich,
Palomar's Chief Technical Officer said, "Over the past six years, Palomar has
invested in the development of technology necessary for the realization of a
compact, safe, cost effective, self-treatment light-based system having
applications in dermatology. The PFB program is an ideal extension of this
technology to address a military problem. We are honored to have been selected
to assist our armed forces through this award."
This work is supported by the U.S. Army Medical Research and Material
Command under Contract No. W81XWH-04-C-0069. The views, opinions and/or
findings contained in this report are those of Palomar and should not be
construed as an official Department of the Army position policy or decision
unless so designated by other documentation.
About Palomar Medical Technologies Inc: Palomar is a leading researcher
and developer of light-based systems for hair removal and other cosmetic
treatments. Last year, Palomar and The Gillette Company (NYSE: G) entered into
an agreement to complete development and commercialize a patented home-use,
light-based hair removal device for women. New and exciting indications are
being tested to further advance the hair removal market and other cosmetic
applications. 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. There are now millions of light-based cosmetic procedures
performed around the world every year in physician offices, clinics, spas and
salons.
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 E-mail Alerts page in the Investor
Relations' section of the website.
With the exception of the historical information contained in this
release, the matters described herein contain forward-looking statements,
including but not limited to statements relating to new markets, development
and introduction of new products, and financial projections that 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, the impact of competitive products and pricing,
governmental regulations with respect to medical devices, including whether
FDA clearance will be obtained for future products, the results of litigation,
difficulties in collecting royalties, potential infringement of third-party
intellectual property rights, 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, 2002 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:
Paul S. Weiner
Chief Financial Officer
Palomar Medical Technologies Inc
781-993-2411
ir@palmed.com
SOURCE Palomar Medical Technologies Inc
 back to top
Related links:
http://www.palomarmedical.com
Company News On-Call:
http://www.prnewswire.com/comp/107555.html
CONTACT:
Paul S. Weiner, Chief Financial Officer of
Palomar Medical Technologies Inc, +1-781-993-2411, ir@palmed.com
|
