Palomar Seeks to License Additional Companies to Home-Use Light-Based Hair Removal ...( BURLINGTON Mass. March 3 /- Palom...),Health

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 inve
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