BURLINGTON, Mass., Feb. 21 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, today announced that Palomar
and The Gillette Company, part of The Procter & Gamble Company (NYSE: PG),
agreed to expand the Joint Development Program that began on February 14,
2003. The expanded program will focus on the development of an additional
home use, light-based hair removal device for women.
Palomar will complete certain development activities in consultation
with Gillette during an eleven month program, scheduled to end by January
13, 2008. Gillette will provide Palomar with development payments of
approximately $1.2 million and an additional $300,000 upon the completion
of certain deliverables. The deliverables and timing may be adjusted during
development by mutual agreement. At the conclusion of this development
program, Gillette will consult with Palomar to determine next steps for
development and commercialization.
Chief Executive Officer Joseph P. Caruso commented, "After four years
of successful development and receipt of the first over-the-counter (OTC)
clearance from the United States Food and Drug Administration (FDA) for a
home use, light-based hair removal device, we are extremely pleased with
the decision to work on an additional device. We have proven that we can
produce a safe and effective light-based home product to be sold directly
to consumers. Professional light-based hair removal treatments are among
the most popular cosmetic treatments offered today with millions of
treatments performed each year. However, years ago, we recognized that if
light-based hair removal could be brought into the home, the market
opportunity would be vastly larger and would further increase professional
system sales by increasing consumer awareness. With that in mind, we
invested significant resources in research, development and patent
protection to make this a reality and ensure that Palomar would be both the
first to the marketplace and the leader with this innovative technology.
Our relationship with Gillette provides us with the world-class
manufacturing, marketing, and distribution expertise to address this
high-potential market. We are energized by the expansion of this program
and eager to complete this additional product."
Palomar and Gillette also today executed an Amended and Restated
Development and License Agreement which amends and restates the original
Development and License Agreement entered into by Palomar and Gillette on
February 14, 2003. Prior amendments made to the original Development and
License Agreement are incorporated into the Amended and Restated
Development and License Agreement as well as several new amendments which
the parties believe will allow for more open collaboration through
commercialization.
For more information, please see the Amended and Restated Development
and License Agreement and Amendment #1 to the Amended and Restated
Development and License Agreement filed as Exhibits 99.2 and 99.3 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. On December 8, 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 uniquely focused
on developing proprietary light- based technology for introduction to the
mass markets. Palomar has an agreement with The Gillette Company to develop
and potentially commercialize a patented home-use, light-based hair removal
device for women. Palomar also has 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.
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, future
royalty amounts due from third parties, development and introduction of new
products, and financial and operating projections. 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, 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, 2005 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.
Contact: Kayla Castle
Investor Relations Manager
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
SOURCE Palomar Medical Technologies, Inc.
 back to top
Related links:
http://www.palomarmedical.com
http://www.prnewswire.com/comp/107555.html /
CONTACT:
Kayla Castle, Investor Relations Manager,
Palomar Medical Technologies, Inc., +1-781-993-2411, or
ir@palomarmedical.com
|
