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Palomar Medical Technologies Inc. and The Gillette Company announced that they have completed the initial phase of their agreement to develop and commercialize a home-use, light-based hair removal device for women, and both parties will move into the next phase.
Palomar will now disclose additional proprietary information to assist the parties in completing the development and commercialization of the device. In conjunction with entering this next phase, the parties have amended the agreement to provide for additional development funding to further technical innovations.
The original agreement provided for U.S. $7 million in development funding from Gillette. Under the amendment, Gillette will provide $2.1 million in additional development funding over a 9-month extension of the development phase, which is now planned to be completed by Aug. 31, 2006.
"We have had a fantastic first year," commented Palomar CEO Joseph P. Caruso. "With excellent collaboration between research groups and complementary expertise on both sides, we have been able to accomplish our goals. Gillette has enhanced our approach and knowledge of the consumer market, and we are looking forward to the next phase."
Michael Buckley, director of Emerging Technology Ventures for The Gillette Company added: "We are pleased with the progress made and results observed during the first phase. The long-term potential of a light-based hair-removal product for use at home by women remains exciting."
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