Palomar Medical Technologies licenses Massachusetts General Hospital's hair removal technology; Prepared to enter $1 billion market.BEVERLY, Mass.--(BUSINESS WIRE)--Sept. 8, 1995--Palomar Medical Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PMTI PMTI Potomac Massage Training Institute PMTI Project Management Training Institute ) announced today it has signed an exclusive, perpetual worldwide licensing agreement with the Massachusetts General Hospital Massachusetts General Hospital Health care The major teaching hospital for Harvard Medical School, widely regarded as one of the best health care centers in the world (MGH MGH Massachusetts General Hospital MGH McGraw-Hill Companies MGH Montreal General Hospital (Montreal, Canada) MGH Monumenta Germania Historica MGH May Go Home MGH Minneapolis General Hospital ) to market its patent pending technology for a laser-based hair removal system. Under this agreement Palomar obtains access to existing MGH clinical data demonstrating the safety and efficacy of their hair removal system. Palomar will submit this clinical data within 90 days for Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) review. Palomar anticipates FDA clearance and market introduction of the MGH system in the first quarter of 1996. The company has also entered into a four (4) year research agreement with MGH to continue the laboratory and clinical investigation of laser hair removal Epilation performed by laser was performed experimentally for about 20 years before it became commercially available in the mid 1990s. Intense Pulsed Light (IPL) epilators, though technically not a laser, use xenon flash lamps that emit full spectrum light. . Through this research program, Palomar will have access to the most advanced understanding of this process and have ready access to the technology necessary for continuing product improvement. The research will be conducted at MGH's Wellman Laboratories of Photomedicine under the direction of R. Rox Anderson R. Rox Anderson, is an interdisciplinary researcher in photomedicine, the combination of the physics of light with medicine. Anderson is the director of the Wellman Center for Photomedicine , M.D., a world renown authority on the use of lasers in medicine. "These agreements with MGH perfectly position Palomar to enter the $1 billion plus hair removal market. The company is ideally situated for rapid growth as its infrastructure is well in place with the following operating subsidiaries: Spectrum Medical Technologies Inc., Natick, MA, the product leader, is responsible for marketing and sales of the ruby laser ruby laser Dermatology A high-speed laser used for hair removal and permanent hair reduction over large areas of the body. See Laser. system. Star Medical Technologies Inc. of Pleasanton, CA, a leader in high energy pulsed diode lasers, will concentrate on the next generation hair removal laser which we anticipate to be a diode device, and Dynaco of Tempe, AZ is responsible for product manufacturing. With this infrastructure and our tie to MGH, we feel that Palomar is well positioned for rapid entry into the hair removal market," said Michael Smotrich, PhD, Palomar's president. Dr. R. Rox Anderson, in commenting on the research agreement with Palomar said, "The use of lasers in hair removal is exciting, new, and important for medicine. Using the world's oldest type of laser, basic principles known for over a decade and some new ideas on light delivery, Dr. Melanie Grossman and I have shown in a limited number of people that hair removal is feasible and safe. The next steps are to optimize the process and understand the influence of factors such as hair growth cycle, skin color and hair color." Palomar Technologies Inc. is engaged in the development, production, marketing and sales of minimally invasive medical devices for cardiovascular and dermatological applications and develops and manufactures electronic products. CONTACT: Palomar Medical Technologies Inc. Joseph P. Caruso, 508/921-9300 or Ronald Trahan Associates Inc. Ron Trahan, 508/651-1180 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Joseph A. Mansi/Leslie A. Schupak 212/682-6300, ext. 205/207 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion