BURLINGTON, Mass., Aug. 13 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, today announced its Board of
Directors has approved a Stock Repurchase Program under which the Company
is authorized to repurchase up to one million shares of its common stock.
This program is authorized to begin immediately. Any stock repurchases will
be made from time to time through open market purchases, in accordance with
Securities and Exchange Commission safe harbor provisions. The timing and
actual number of shares purchased will depend on a variety of factors such
as price, corporate and regulatory requirements, alternative investment
opportunities and other market conditions. Stock repurchases under this
program, if any, will be made using the Company's cash resources, and may
be commenced or suspended at any time or from time to time at management's
discretion without prior notice.
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.
In December 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 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.
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.palomarmedical.com
http://www.prnewswire.com/comp/107555.html/
CONTACT:
Kayla Castle, Investor Relations Manager,
Palomar Medical Technologies, Inc., +1-781-993-2411,
ir@palomarmedical.com
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