BURLINGTON, Mass., May 14 /PRNewswire-FirstCall/ -- Palomar Medical Technologies, Inc. (Nasdaq: PMTI), a leading researcher and developer of light-based systems for cosmetic treatments, announced today that Palomar won two patent opposition cases held at the European Patent Office on May 6 and 13, 2009. The opposition hearings concerned European Patents Nos. 1 230 900 and 0 806 913, respectively, which correspond to U.S. Patent Nos. 5,595,568 and 5,735,844. This light-based hair removal patent family has already been licensed to ten competitors and is the subject of patent infringement lawsuits against Candela and Syneron in the United States.
A panel of three patent examiners from the European Patent Office upheld the patents as both novel and inventive over prior art raised by competitors.
Patricia Davis, Palomar's General Counsel and a registered patent attorney, commented, "These findings by the European Patent Office support the strength of these European patents as well as emphasize the importance of the entire patent family. The prior art raised by the opponents in Europe includes some of the same prior art being relied upon by Candela Corporation in their re-examination request before the U.S. Patent Office and in their defense to our patent infringement lawsuit in the U.S. District Court District of Massachusetts. We are confident that the U.S. Patent Office will find U.S. Patent Nos. 5,595,568 and 5,735,844 valid and that we will be successful in our patent infringement lawsuits against both Candela and Syneron, Inc."
Ms. Davis continued, "Palomar has received over $80 million in royalties from licensees to this light-based hair removal patent family. Importantly, in the last month, we signed patent license agreements with two new licensees, to bring the current number of licensees to ten."
Chief Executive Officer Joseph P. Caruso commented, "We are very pleased with the ruling by the European Patent Office. We have always believed in the strength of this patent family, and we will continue to aggressively enforce our portfolio of patents in a number of key areas."
If Palomar prevails at trial, Candela and Syneron may be ordered to pay tens of millions in damages for past sales and ordered to stop selling infringing products. Palomar also alleges that Candela's and Syneron's activities constitute willful infringement of U.S. Patent Nos. 5,595,568 and 5,735,844. If Palomar prevails on such claims, Candela and Syneron could be forced to pay up to triple the amount of the original damages assessment and Palomar's legal fees.
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.
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, 2008 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 firstname.lastname@example.org
|SOURCE Palomar Medical Technologies, Inc.|
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