FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

ECONOMOU NICHOLAS P 		2. Issuer Name and Ticker or Trading Symbol

PALOMAR MEDICAL TECHNOLOGIES INC [ PMTI ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

82 CAMBRIDGE STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/29/2008
(Street)

BURLINGTON, MA 01803
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy)   (1) $13.31   2/29/2008     A     10000       2/29/2008   (2) 2/27/2018   Common Stock   10000   $0   10000   D    
Non-Qualified Stock Option (right to buy)   (1) $16.53   2/29/2008     J  (3)       10000      (4)   (5) Common Stock   10000   $0   0   D    

Explanation of Responses:
( 1)  2004 Incentive Stock Plan
( 2)  The stock option is fully exercisable on the grant date.
( 3)  Options did not vest and therefore were cancelled due to The Gillette Company terminating the Gillette Agreement prior to making the "Launch Decision", as that term is defined in the Development and License Agreement between Palomar and The Gillette Company effective as of February 14, 2003, including any amendments.
( 4)  The stock option becomes exercisable on the date a "Launch Decision" is made, as that term is defined in the Development and License Agreement between Palomar and The Gillette Company effective as of February 14, 2003, including any amendments.
( 5)  The stock option shall expire if the Gillette Agreement is terminated prior to a Launch Decision being made but in any event, no later than 5/11/14.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
ECONOMOU NICHOLAS P
82 CAMBRIDGE STREET
BURLINGTON, MA 01803 		X



Signatures
By: Paul S. Weiner For: Nicholas P. Economou 3/4/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Palomar Medical Technologies, Inc. (MM) (NASDAQ:PMTI)
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Palomar Medical Technologies, Inc. (MM) (NASDAQ:PMTI)
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