WESTFORD, Mass., Dec. 2, 2013 /PRNewswire/ -- Cynosure, Inc. (NASDAQ: CYNO) today announced that it has sold the former Palomar Medical Technologies headquarters, a 130,000-square-foot, three-story building at 15 Network Drive in Burlington, MA, to Network Drive Owner, LLC. After paying transactions costs, Cynosure expects proceeds of the sale to be approximately $25.1 million. In connection with the transaction, Cynosure entered into a lease agreement with the buyer to occupy the building on a rent-free basis until June 30, 2014.
"Our sale of the Burlington building achieves a major milestone in the integration of Palomar and our transition of all personnel to Cynosure's headquarters in Westford," said Cynosure President and CEO Michael Davin. "Our Westford campus is being expanded to accommodate the Burlington workforce, and we anticipate that will be completed by the end of the second quarter 2014. From a financial perspective, the transaction further enhances our liquidity and capital resources."
Cynosure acquired Palomar for approximately $287 million in June 2013.
About Cynosure, Inc.
Cynosure develops and markets aesthetic treatment systems that enable plastic surgeons, dermatologists and other medical practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and benign pigmented lesions, remove multi-colored tattoos, revitalize the skin, liquefy and remove unwanted fat through laser lipolysis, reduce cellulite, treat toe fungus and ablate sweat glands. Cynosure's product portfolio is composed of a broad range of energy sources including Alexandrite, diode, Nd: YAG, picosecond, pulse dye, and Q-switched lasers and inten
|SOURCE Cynosure, Inc.|
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