BURLINGTON, Mass., Sept. 29 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of
light-based systems for cosmetic treatments, today announced that it will
move forward to the next phase with The Gillette Company, part of The
Procter & Gamble Company (NYSE: PG), under the Development and License
Agreement executed by Palomar and Gillette in February 2003. With this
decision, the development of a new, patented, home use, light-based hair
removal device for women moves into the next phase.
Commenting on the achievement, Palomar Chief Executive Officer Joseph
P. Caruso said, "After three years of successful development, we are
extremely pleased to receive this decision from Gillette. This is a
significant milestone in our agreement with Gillette and is in line with
our targeted timeframe. 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 fortunate to have developed this technology
in close cooperation with Gillette."
Within thirty days of Palomar receiving a 510(k) over-the-counter (OTC)
clearance from the United States Food and Drug Administration (FDA),
Gillette will make a development completion payment to Palomar of $2.5
million. OTC clearance allows products to be marketed and sold directly to
consumers without a prescription in the United States.
For more information, please see the Development and License Agreement
filed as Exhibit 10-1 to a Current Report on Form 8-K filed February 19,
2003.
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. 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.palomarmedical.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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