Palomar and Q-MED AB Terminate International Distribution Agreement
08 1월 2009 - 4:00PM
PR Newswire (US)
BURLINGTON, Mass., Jan. 8 /PRNewswire-FirstCall/ -- Palomar Medical
Technologies, Inc. (NASDAQ:PMTI), a leading researcher and
developer of light-based systems for cosmetic treatments, today
announced the termination of its international distribution
agreement with the Swedish company Q-MED AB (OMX Nordic Exchange,
Stockholm Mid Cap:QMED), a leading biotech/medical device company
based in Uppsala, Sweden. The international distribution agreement
was originally entered into in January 2008 with the intention that
Q-MED would eventually be responsible for the marketing,
advertising, promotion, sale and distribution of Palomar's
professional products for aesthetic treatments outside North
America. Due to the downturn in the world-wide economic
environment, Q-MED's efforts are being concentrated on their own
product line of dermal fillers. Both Palomar and Q-MED agreed that
Palomar will be better served by separately continuing to expand
its existing distribution channel. Joseph P. Caruso, Palomar Chief
Executive Officer said, "Although we are choosing to end our
distribution agreement, this was a good learning experience and we
have forged a positive relationship with Q-MED that may be
beneficial in the future. We believe that during these challenging
economic times we will be better positioned with full control of
our international distribution. We have signed up many new
distributors over the past twelve months and continue to work
closely with all of our distributors to help maximize their sales
efforts. Territories outside North America should continue to
provide growth opportunities for us as we expand our efforts."
Bengt Agerup, Q-MED Chief Executive Officer said, "By working
closely with Palomar we have learned more about Palomar's top-end
technological platforms and products. Considering the present
challenging market conditions, Q-Med is focusing on its leading
dermal filler product line, Restylane(R) as well as on the on-going
launch of Macrolane(TM), the first injectable body contouring
product line, and the Restylane Vital(TM) product line for skin
rejuvenation. Hopefully we will be able to utilize our relationship
and the knowledge we have built in the future. " 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 granted The Procter
& Gamble Company a non-exclusive License Agreement to certain
patents, technology and FDA documents related to the home-use,
light-based hair removal field for women. In addition, Palomar has
an exclusive development and license 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. About Q-MED AB: Q-MED AB is a
rapidly growing and profitable biotechnology/medical device
company. The company develops, manufactures, markets, and sells
primarily medical implants. The majority of the products are based
on the company's patented technology, NASHA(TM), for the production
of stabilized non-animal hyaluronic acid. The product portfolio
today contains: Restylane(R) for filling lines and folds,
contouring and creating volume in the face, Macrolane(TM) for body
contouring, Durolane(TM) for the treatment of osteoarthritis of the
hip and knee joints, Deflux(TM) for the treatment of vesicoureteral
reflux, VUR, (a malformation of the urinary bladder) in children,
Zuidex(TM) for the treatment of stress urinary incontinence in
women, and Solesta(TM) for the treatment of fecal incontinence.
Sales are made through the company's own subsidiaries or
distributors in over 70 countries. QMED today has just over 700
coworkers, with close to 500 at the company's head office and
production facility in Uppsala, Sweden. Q-MED AB is listed in the
Mid Cap segment of the OMX Nordic Exchange in Stockholm. For more
information on Q-MED and its products, visit Q-MED's website at
http://www.q-med.com/. To continue receiving the most up-to-date
information and latest news on Q-MED as it happens, sign up to
receive automatic e-mail alerts by going to the Investor Relations
section of the website. This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
on the Company's current expectations, plans, intentions, beliefs
or predictions. 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, including patent infringement lawsuits, 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, 2007 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 Q-MED AB Publ. Bengt Agerup, Chief
Executive Officer Tel: +46 (0)70 974 9025 Anders Blom, Sr. Director
Corporate Development & Strategy Tel: +46 (0)70 974 9060
DATASOURCE: Palomar Medical Technologies, Inc. CONTACT: Kayla
Castle, Investor Relations Manager of Palomar Medical Technologies,
Inc., +1-781-993-2411, , or Bengt Agerup, Chief Executive Officer,
+46 (0)70 974 9025, or Anders Blom, Sr. Director Corporate
Development & Strategy, +46 (0)70 974 9060, both of Q-MED AB
Publ. Web Site: http://www.palomarmedical.com/
http://www.q-med.com/
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