A Medical Device Daily
Palomar Medical Technologies (Burlington, Massachusetts), a researcher and developer of light-based systems for cosmetic treatments, has entered into an amendment to its non-exclusive license agreement (Medical Device Daily, March 4, 2008) with Procter & Gamble (P&G; Cincinnati). The amendment provides additional funding from each company to meet the common goal of a successful product launch. The amendment does not change the scope of P&G's non-exclusive license to Palomar's patent portfolio as well as its non-exclusive license to the extensive technology developed by Palomar prior to February 28, 2008 for home-use light-based hair removal devices for women.
Under the amended license agreement, P&G and Palomar have agreed to reduce pre-commercial launch calendar quarterly payments from $1.25 million to $1 million for the calendar quarter ending Dec. 31, 2010 and thereafter to $2 million per year for an agreed period, after which the payments return to $1.25 million per calendar quarter if no product has been launched. P&G will apply the savings, together with agreed minimum overall program funding, to accelerating product readiness and commercialization while Palomar will be paid an increased percentage of sales after commercial launch.
P&G's VP of new business creation Jennifer Dauer said, “We have been actively working on development of this product and are pleased with our progress to date. This amendment better balances short and long term financial compensation to enable our mutual objective of successfully getting this technology to market.“
In other agreements/contracts, Synergetics (O'Fallon, Missouri), a medical device company that makes devices for ophthalmic and neurosurgical applications, has signed a product development and consulting agreement with Retinal Solutions (Grand Rapids, Michigan). Retinal Solutions is led by Michael Trese, MD, Antonio Capone, Jr., MD, and Kimberly Drenser, PhD, MD, recognized leaders in the surgical treatment and research of retinal disease with a focus on pediatrics.
“We will be working with Drs. Trese, Capone and Drenser on emerging procedures and development of related technologies,“ said Dave Hable, president/CEO of Synergetics. “We are pleased to join forces with Retinal Solutions to develop new instrumentation that leverages their expertise in retinal surgery. Synergetics already manufactures products designed by the surgeons and we are excited about the potential of leveraging their expertise and ideas.“
Synergetics's primary focus is on the microsurgical disciplines of ophthalmology and neurosurgery.