Palomar Medical and Gillette to Develop a Hair Removal Device for Women
Feb 19, 2003
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Palomar Medical Technologies Inc., a developer of light-based systems for hair removal and other cosmetic treatments, and personal care appliance maker The Gillette Company announced today that they signed an agreement to complete development and potentially commercialize a patented home-use, light-based hair removal device for women.
The agreement provides for up to U.S. $7 million in support of development to be paid by Gillette over approximately 30 months.
Commenting on the agreement, Palomar CEO Joseph P. Caruso said, "This agreement with Gillette marks the beginning of a new phase for Palomar. More than seven years ago, we embarked on research to develop and introduce Palomar's light-based hair removal technology to the mass market. Gillette is the world leader in innovative shaving products and systems, with a global manufacturing and distribution capability. We believe that we are positioned with the best possible partner."
Michael Buckley, director, Emerging Technology Ventures, The Gillette Company, added: "Our licensing agreement with Palomar is part of our overall effort to be well-positioned and knowledgeable on all hair removal technology. Our agreement provides for continued research and development of light-based technology and even possible product commercialization, if testing and regulatory requirements are met."
Further details of the agreement are contained in a corresponding filing with the Securities and Exchange Commission (SEC).
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