A Medical Device Daily

Palomar Medical Technologies (Burlington, Massachusetts), a developer of light-based systems for cosmetic treatments, said it has entered into a non-exclusive license agreement with Procter & Gamble (P&G; Cincinnati) to exploit home-use light-based hair removal devices for women.

The new deal replaces a previous agreement entered into by Palomar and the Gillette Company, (a wholly owned subsidiary of P&G) on Feb. 14, 2003.

Under the new agreement, P&G retains a non-exclusive license to Palomar’s broad patent portfolio as well as a non-exclusive license to the extensive technology developed by Palomar before and during the five year term of the prior agreement.

Prior to launching a commercial product, P&G will pay Palomar $1.25 million per calendar quarter. Following commercial launch, P&G will pay Palomar per product sales under a confidential financial arrangement which addresses both the patents and technology which are licensed.

During the term of the prior agreement, a home-use, light-based hair removal device for women was developed by Palomar together with Gillette. It is the first light-based aesthetic device to receive a 510(k) over-the-counter clearance from the FDA. Designed specifically for use in the home and based on over a decade of research, this consumer device represents a major breakthrough in the aesthetic device industry.

Commenting on this development, Palomar CEO Joseph Caruso said, “We strongly believe that we have developed game changing technology, and we look forward to seeing P&G’s products on the market.”