BURLINGTON, Mass., Feb. 19 /PRNewswire/ -- Palomar Medical Technologies
Inc (Nasdaq: PMTI) and The Gillette Company (NYSE: G) said today that they
signed an agreement to complete development and potentially commercialize a
patented home-use, light-based hair removal device for women.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO )
The agreement provides for up to $7 million in support of development to
be paid by Gillette over approximately 30 months.
Commenting on the agreement, Palomar Chief Executive Officer Joseph P.
Caruso said, "This agreement with Gillette marks the beginning of a new phase
for Palomar. More than seven years ago, we embarked on research to develop
and introduce Palomar's light-based hair removal technology to the mass
market. Gillette is the world leader in innovative shaving products and
systems, with a global manufacturing and distribution capability. We believe
that we are positioned with the best possible partner."
"We believe that Palomar Medical Technologies is the premiere company in
the area of light-based removal of hair for women," said Michael Buckley,
Director, Emerging Technology Ventures, The Gillette Company. "Our licensing
agreement with Palomar is part of our overall effort to be well-positioned and
knowledgeable on all hair removal technology. Our agreement provides for
continued research and development of light-based technology and even possible
product commercialization, if testing and regulatory requirements are met."
Further details of the agreement are contained in a corresponding filing
with the Securities and Exchange Commission.
About Palomar Medical Technologies Inc: Palomar is a leading researcher
and developer of light-based systems for hair removal and other cosmetic
treatments and is the first company to obtain clearance from the FDA for
"permanent hair reduction." New and exciting indications are being tested to
further advance the hair removal market and other cosmetic applications,
including fat reduction, acne treatment and skin rejuvenation.
Palomar pioneered the optical hair removal field, when, in 1996, it
introduced the first high-powered laser hair removal system. Since then, many
of the major advances in laser hair removal have been based on Palomar
technology. There are now millions of laser hair removal 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.palmed.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.
About Gillette: Headquartered in Boston, Mass., The Gillette Company is
the world leader in male grooming, a category that includes blades, razors and
shaving preparations. Gillette also holds the number one position worldwide in
selected female grooming products, such as wet shaving products and hair
epilation devices. In addition, the Company is the world leader in alkaline
batteries and manual and power toothbrushes.
Contacts:
Paul S. Weiner
Chief Financial Officer
Palomar Medical Technologies Inc
781-993-2411
ir@palmed.com
Michele M. Szynal
The Gillette Company
617-421-7086
michele_szynal@gillette.com
SOURCE Palomar Medical Technologies Inc
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Related links:
http://www.palmed.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO
PRN Photo Desk, 888-776-6555 or 212-782-2840
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;
or Michele M. Szynal of The Gillette Company, +1-617-421-7086,
michele_szynal@gillette.com
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