BURLINGTON, Mass., May 7 /PRNewswire-FirstCall/ --
Palomar Medical Technologies Inc (Nasdaq: PMTI) announced today that it began
shipments of the Palomar EsteLux(TM) light-based hair removal systems to
China. The shipments were made to a distributor for clinical testing in order
to obtain regulatory approval in China.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO )
Chairman & CEO Louis P. (Dan) Valente commented, "Shipping our first
devices to China for clinical testing allows us to follow through with our
goals to increase worldwide distribution for our light-based systems. The
EsteLux system is a good match for the Chinese market due to its low cost and
multiple applications. It is our hope that we will continue to see a high
acceptance rate internationally as well as domestically. We would expect to
receive approval for the EsteLux system and start full distribution to China
by the end of this year."
Valente continued, "As we have expressed in our most recent announcements
and conference call, the EsteLux system is experiencing even better than
expected acceptance from our customers and we are moving forward with our
plans to increase worldwide distribution into new markets. Our success in
commercializing a light-based hair removal and vascular and pigmented lesion
removal device that is faster and half the cost of most light-based hair
removal devices is evident with the ramp up in revenues as reported in the
first quarter ended March 31, 2002. This ramp up trend is continuing in the
second quarter."
The Palomar EsteLux light-based system has the fastest coverage rate, a
long pulsewidth and photon recycling to more efficiently deliver higher power.
The system is faster, more compact and affordable than other cosmetic devices
for hair removal. It combines the latest flashlamp technology with simple,
streamlined engineering and is both effective and economical. The system
features a high pulse rate and a large spot size that makes the system
extremely effective when treating large areas such as legs and backs. Users
can treat more customers in less time, maximizing their return on investment.
The system is smaller and lighter than current systems, which is especially
desirable for mobile and/or small physician offices. The system's simple
operation and multiple hand pieces open its applications to a wider band of
worldwide users.
About Palomar Medical Technologies Inc: Palomar is the leading researcher
and developer of laser/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." Palomar systems have been installed in practices
worldwide, and hundreds of thousands of treatments have been performed. 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.
To get more information regarding Palomar and its products, please visit
Palomar's web site at http://www.palmed.com. Also, to continue to receive 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 web site.
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, 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,
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,
2001 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 Rob Weir (Investors)
Palomar Medical Technologies Inc Allen & Caron Inc
781-993-2411 212-691-8087
ir@palmed.com robw@allencaron.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 of Palomar Medical
Technologies Inc, +1-781-993- 2411, ir@palmed.com; or Rob Weir
(Investors) of Allen & Caron Inc, +1-212-691- 8087,
robw@allencaron.com
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