Palomar Seeks to License Additional Companies to Home-Use Light-Based Hair Removal Technology
03 3월 2008 - 10:30PM
PR Newswire (US)
BURLINGTON, Mass., March 3 /PRNewswire-FirstCall/ -- Palomar
Medical Technologies, Inc. (NASDAQ:PMTI), a leading researcher and
developer of light-based systems for cosmetic treatments, earlier
today announced that it has entered into a non-exclusive License
Agreement with The Procter & Gamble Company (NYSE:PG) to
exploit home-use light-based hair removal devices for women. Under
this new agreement, P&G retains a non-exclusive license in the
female market to Palomar's broad patent portfolio as well as a
non-exclusive license to the extensive technology developed by
Palomar before and during the five year term of a prior agreement
Palomar had with P&G's wholly owned subsidiary The Gillette
Company. Palomar retains non-exclusive rights to the female market
and exclusive rights to the male market. Palomar's light-based
consumer device results in the same look and feel as professional
laser hair removal. After multiple uses of the light-based consumer
device over several weeks, hair stops growing. Treating hair once
every two to three weeks after that keeps the hair from re-growing.
In addition to providing long lasting hair removal, this technology
was also proven to eliminate cuts and bruising that can occur with
traditional shaving methods. It is anticipated that the final
device could be sold to consumers for a few hundred dollars and
would include a disposable revenue stream. Commenting on this
development, Palomar Chief Executive Officer Joseph P. Caruso said,
"This recent development allows us to investigate new distribution
strategies with the benefit of having completed substantial
development over the past 5 years. One distribution strategy we
will consider is initiating discussions with other strategic
partners. This technology could revolutionize the standard of home
hair management for women, a $10 billion per year category.
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 the leader with this innovative
technology. We look forward to continuing this strategy." Caruso
continued, "When we first started working with Gillette in 2003, we
had a unique concept and had performed clinical tests to confirm
proof of principle. While working with Gillette, we were successful
in developing prototypes that were tested on hundreds of subjects,
we collected data on consumer preferences that will be important in
our final product, we developed low cost manufacturing strategies
and we advanced our technology from one product to multiple product
offerings. Our intellectual property position has also been
advanced by adding unique technology to our portfolio that will
strengthen and extend our proprietary position." The description
above is qualified in its entirety by reference to the License
Agreement, copies of which are attached to a Current Report on Form
8-K as Exhibit 10.1 and incorporated by reference. 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. In addition to the non- exclusive
License Agreement with P&G, Palomar 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. 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, future royalty
amounts due from third parties, development and introduction of new
products, and financial and operating projections. These
forward-looking statements are neither promises nor guarantees, but
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, factors affecting the
Company's future income and resulting ability to utilize its NOLs,
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, 2006 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: Paul Weiner Chief Financial Officer Palomar Medical
Technologies, Inc. 781-993-2420 DATASOURCE: Palomar Medical
Technologies, Inc. CONTACT: Paul Weiner, Chief Financial Officer of
Palomar Medical Technologies, Inc., +1-781-993-2420, Web site:
http://www.palomarmedical.com/ Company News On-Call:
http://www.prnewswire.com/comp/107555.html
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