BURLINGTON, Mass., June 28 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies Inc (Nasdaq: PMTI) and The Gillette Company (NYSE: G) said today
that they have completed the initial phase of their agreement, and both
parties will move into the next phase.
Palomar will now disclose additional proprietary information to assist the
parties in completing the development and commercialization of a patented
home-use, light-based hair removal device for women. In conjunction with
entering this next phase, the parties have amended the agreement to provide
for additional development funding to further technical innovations.
The original agreement provided for $7 million in development funding from
Gillette. Under the amendment, Gillette will provide $2.1 million in
additional development funding over a 9-month extension of the development
phase, which is now planned to be completed by August 31, 2006.
Commenting on the agreement, Palomar Chief Executive Officer Joseph P.
Caruso said, "We have had a fantastic first year. With excellent collaboration
between research groups and complementary expertise on both sides, we have
been able to accomplish our goals. Gillette has enhanced our approach and
knowledge of the consumer market, and we are looking forward to the next
phase."
Michael Buckley, Director of Emerging Technology Ventures for The Gillette
Company commented, "We are pleased with the progress made and results observed
during the first phase. The long-term potential of a light-based hair-removal
product for use at home by women remains exciting."
About Palomar Medical Technologies Inc: Palomar is a leading researcher
and developer of light-based systems for hair removal and other cosmetic
treatments. 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.
About Gillette: Founded in 1901, The Gillette Company is the world leader
in male grooming, a category that includes blades, razors and shaving
preparations, and in selected female grooming products, such as wet shaving
products and hair epilation devices. In addition the Company holds the number
one position worldwide in alkaline batteries and in manual and power
toothbrushes.
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 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, 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,
2003 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:
Investor Relations Michele M. Szynal
Palomar Medical Technologies Inc The Gillette Company
781-993-2411 617-421-7086
ir@palomarmedical.com Michele_Szynal@Gillette.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:
Investor Relations of Palomar Medical
Technologies Inc, +1-781-993-2411, ir@palomarmedical.com; or
Michele M. Szynal of The Gillette Company, +1-617-421-7086,
Michele_Szynal@Gillette.com
|
