Palomar to continue research on a light-based self treatment device for
military personnel with PFB
BURLINGTON, Mass., Oct. 25 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies Inc (Nasdaq: PMTI), a leading researcher and developer of light-
based systems for cosmetic treatments, today announced additional funding of
$888,000 and a 12 month contract extension from the Department of the Army to
continue development of a light-based self-treatment device for
Pseudofolliculitis Barbae ("PFB"). The initial $2.5 million research contract
was awarded to Palomar in February 2004 and was scheduled to last for nineteen
months. This program extension will allow Palomar to evaluate new technology
beyond the current research phase of the program and incorporate those
elements in the subsequent development of a self use device. This extension
funds the program through October 2006.
PFB, commonly known as "razor bumps," is a chronic, dermatological
disorder that currently afflicts over 50% of African Americans and Hispanic
military personnel. The condition, caused by shaving, occurs when the hair
shaft embeds itself in the skin; resulting in painful pustules and possible
disfigurement if left untreated. To date, the only effective treatment is the
cessation of shaving. The high incidence of this condition in the military
directly impacts unit cohesion and combat readiness as soldiers are unable to
comply with military grooming requirements and are not able to wear "tight
fitting" gas masks and other protective equipment. The changing demographics
of the US military has led to an increase of administrative discharges
attributed to PFB and has heightened the need for an alternate solution.
Commenting on the additional funding, Dr. Michael Smotrich, Palomar's
Chief Technical Officer, remarked, "Palomar is strongly motivated to provide
the military, and eventually the civilian community, with a self-treatment
device capable of controlling PFB. This product development, based on the
"hair management" technology which we have contributed to over many years,
will remove an obstacle facing African Americans and Hispanics both in the
service and in the private sector. This program extension will help us to
provide the government a complete evaluation of current technology and will
ensure an optimum solution to the PFB problem."
This contract is awarded by the Department of Defense Peer Reviewed
Medical Research Program (PRMRP) of the Office of the Congressionally Directed
Medical Research Programs (CDMRP) to private and public organizations having
demonstrated capability in solving "Military Relevant" medical problems. This
work is supported by the U.S. Army Medical Research and Material Command under
Contract No. W81XWH-04-C-0069. The views, opinions, and/or findings contained
in this report are those of Palomar and should not be construed as an official
Department of the Army position or decision unless so designated by other
documentation.
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 (NYSE: G) to
develop and potentially commercialize a patented home-use, light-based hair
removal device for women, and 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 E-mail Alerts page in 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, 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,
2004 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
Palomar Medical Technologies Inc
781-993-2411
ir@palomarmedical.com
SOURCE Palomar Medical Technologies Inc
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CONTACT:
Investor Relations of Palomar Medical
Technologies Inc, +1-781-993-2411, ir@palomarmedical.com
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