WESTFORD, Mass., Dec. 16, 2013 /PRNewswire/ -- Cynosure, Inc. (Nasdaq: CYNO), which develops and markets laser- and light-based aesthetic treatment systems for high-volume applications, today announced that it will receive $10 million plus future royalty payments under a comprehensive settlement agreement with Tria Beauty, Inc. that ends the patent infringement litigation between Tria and Palomar Medical Technologies, which Cynosure acquired in June 2013.
"This agreement resolves the litigation involving certain Palomar patents, eliminating potential future legal expense to enforce those patents," said Michael R. Davin, Cynosure's President and CEO. "Equally important, the settlement fully values our intellectual property rights by fairly compensating Cynosure and its shareholders for sales of products based on our proprietary hair-removal technology."
The settlement includes two non-exclusive patent license agreements between Cynosure and Tria:
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 intense pulsed light. Cynosure sells its products globally under the Cynosure, Palomar and ConBio brand names through a direct sales force in the United States, Canada, Mexico, France, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea, and through international distributors in approximately 100 other countries. For corporate or product information, visit Cynosure's website at www.cynosure.com.
Any statements in this press release relating to the settlement agreement between the Company and Tria Beauty, Inc. constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including risks related to, among other things, the amount of future payments the Company expects to receive in connection with its settlement of its patent litigation, the date through which such payments may be received by the Company, the Company's ability to avoid future legal expenses as a result of the settlement, and the enforceability of the Company's intellectual property as well as other factors discussed in Cynosure's most recent Annual Report on Form 10-K and subsequently filed Quarterly Report on Form 10-Q for the third quarter of 2013, which are filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Cynosure's views as of the date of this press release. Cynosure anticipates that subsequent events and developments will cause its views to change. However, although Cynosure may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. Contact: Patricia A. Davis
Scott Solomon SVP, General Counsel & Secretary
Vice President Cynosure, Inc.
Sharon Merrill Associates(978) 256-4200
|SOURCE Cynosure, Inc.|
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