Palomar Medical and Gillette Enter into Next Phase of Their
Agreement to Develop and Commercialize a Home-Use, Light-Based Hair Removal
Device for Women
BURLINGTON, Mass., June 28 /PRNewswire-FirstCall/ --
Palomar Medical
Technologies Inc (NASDAQ:PMTI) and The Gillette Company (NYSE:G) said today
that they have completed the initial phase of their agreement, and both parties
will move into the next phase.
Palomar will now disclose additional proprietary information to assist the
parties in completing the development and commercialization of a patented
home-use, light-based hair removal device for women. In conjunction with
entering this next phase, the parties have amended the agreement to provide for
additional development funding to further technical innovations.
The original agreement provided for $7 million in development funding from
Gillette. Under the amendment, Gillette will provide $2.1 million in additional
development funding over a 9-month extension of the development phase, which is
now planned to be completed by August 31, 2006.
Commenting on the agreement, Palomar Chief Executive Officer Joseph P. Caruso
said, "We have had a fantastic first year. With excellent collaboration between
research groups and complementary expertise on both sides, we have been able to
accomplish our goals. Gillette has enhanced our approach and knowledge of the
consumer market, and we are looking forward to the next phase."
Michael Buckley, Director of Emerging Technology Ventures for The Gillette
Company commented, "We are pleased with the progress made and results observed
during the first phase. The long-term potential of a light-based hair-removal
product for use at home by women remains exciting."
About Palomar Medical Technologies Inc: Palomar is a leading researcher and
developer of light-based systems for hair removal and other cosmetic
treatments. New and exciting indications are being tested to further advance
the hair removal market and other cosmetic applications. 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.
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.
About Gillette: Founded in 1901, The Gillette Company is the world leader in
male grooming, a category that includes blades, razors and shaving
preparations, and in selected female grooming products, such as wet shaving
products and hair epilation devices. In addition the Company holds the number
one position worldwide in alkaline batteries and in manual and power
toothbrushes.
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, 2003 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 Michele M. Szynal
Palomar Medical Technologies Inc The Gillette Company
781-993-2411 617-421-7086
DATASOURCE: Palomar Medical Technologies Inc
CONTACT: Investor Relations of Palomar Medical Technologies Inc,
+1-781-993-2411, ; or Michele M. Szynal of The Gillette
Company, +1-617-421-7086,
Web site: http://www.palomarmedical.com/
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