BURLINGTON, Mass., Aug. 10 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, announced that yesterday it
filed a lawsuit in the U.S. District Court for the District of
Massachusetts against Candela Corporation (Nasdaq: CLZR) for patent
infringement. In this lawsuit, Palomar has accused Candela's light-based
hair removal systems, including the GentleLase and GentleYag, of infringing
U.S. Patent No. 5,735,844 ("the '844 Patent"). Palomar has an exclusive
license to the '844 Patent from the General Hospital Corporation in Boston,
Massachusetts. The patent claims asserted against Candela in this lawsuit
include the same claims that Palomar successfully asserted against Cutera,
Inc. (Nasdaq: CUTR) as well as additional patent claims.
Palomar is seeking an injunction against further infringement, as well
as monetary damages. If Palomar prevails at trial, Candela may be ordered
to pay tens of millions in damages for past sales and ordered to stop
selling infringing products. Palomar also alleges that Candela's activities
constitute willful infringement of the '844 Patent. If Palomar prevails on
such a claim, Candela could be forced to pay up to triple the amount of the
original damages assessment.
Patricia Davis, Senior Vice President and General Counsel of Palomar,
commented, "For over 7 years, Palomar has sent Candela letters notifying
Candela that its products need a license to the '844 Patent and offering to
grant Candela such a license. We initiated this litigation to protect our
rights only after we determined that further negotiations would not provide
positive results. The '844 Patent has been tested in two prior lawsuits and
we are confident of its strength. In Palomar's lawsuit against Cutera, the
Court's rulings, including the Markman Ruling and the Summary Judgment
ruling, confirmed the breadth and validity of the '844 Patent. We intend to
continue our strategy of vigorously enforcing our patent position against
Candela, Alma Lasers, Inc. and other infringing competitors who refuse to
take a license."
Joseph P. Caruso, President and Chief Executive Officer of Palomar,
commented, "Many companies have taken advantage of the high growth of the
light-based cosmetic industry by offering products covered by the '844
Patent and its parent U.S. Patent No. 5,595,568. Palomar intends to license
such companies or prevent continued infringement. This strategy has and
should continue to provide significant financial benefit to Palomar and its
shareholders."
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. 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 (please note that in October 2005, Procter & Gamble Company completed
its acquisition of Gillette. Under the Development and License Agreement,
Procter & Gamble, as the acquiring party, assumed all of Gillette's rights
and obligations.) 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, and was awarded a contract by the Department of the Army
to develop a light-based self- treatment device for Pseudofolliculitis
Barbae ("PFB").
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,
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 and additional
applications, 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, 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.
Contacts: Kayla Castle
Investor Relations Manager
Palomar Medical Technologies, Inc.
781-993-2411
ir@palomarmedical.com
SOURCE Palomar Medical Technologies, Inc.
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Related links:
http://www.palmed.com/
http://www.prnewswire.com/comp/107555.html/
CONTACT:
Kayla Castle, Investor Relations Manager of
Palomar Medical Technologies, Inc., +1-781-993-2411,
ir@palomarmedical.com
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