WESTFORD, Mass., July 1 /PRNewswire-FirstCall/ -- Cynosure, Inc. (Nasdaq: CYNO - News), a leading developer and manufacturer of a broad array of light-based aesthetic treatment systems, today announced that it has signed a multi-year, funded cooperative agreement with Unilever Ltd. to develop and commercialize light-based devices targeting the home use personal care market. Financial terms of the agreement were not disclosed.
"One of our long-term corporate objectives has been to enter the emerging home use market, and Unilever represents an ideal partner for us," said President and Chief Executive Officer Michael Davin. "We view this agreement as a first step in forming a meaningful long-term strategic relationship with Unilever and an attractive business opportunity for Cynosure. Unilever is a recognized leader in skin care products, including a broad array of established consumer brands such as Dove, Pond's and Vaseline. Its world-class distribution, marketing and branding capabilities for home skin care products are second to none. With its global footprint, Unilever has the scale to successfully launch and distribute light-based products into the consumer market."
"Together with Unilever, we intend to target multiple benefit areas within the home use segment," Davin said. "The initial focus of this funded development agreement will be on the skin rejuvenation component of the marketplace, which includes wrinkles, lines and texture. We hope our current light-based technology for skin rejuvenation will translate well into the over-the-counter device market."
Genevieve Berger, Unilever's Chief Research and Development Officer, commented, "We believe the emerging consumer market for light-based devices is a promising long-term opportunity for Unilever. We selected Cynosure as our development partner because of the company's ability to develop and bring leading-edge technology into the marketplace and its demonstrated success as an innovator in the physician based aesthetic market. Cynosure has proven that it can develop products that not only deliver outstanding clinical results but also emphasize safety, which is a critical element for the consumer marketplace. We look forward to working with the Cynosure team in the years ahead."
Unilever's mission is to add vitality to life. They meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of life. Unilever is one of the world's leading suppliers of fast moving consumer goods with strong local roots in more than 100 countries across the globe. Its portfolio includes some of the world's best known and most loved brands including thirteen euro 1 billion brands and global leadership in many categories in which the company operates. The portfolio features brand icons such as Knorr, Wall's, Flora, Dove, Lynx, Persil, Marmite and Pot Noodle. Unilever has around 174,000 employees in approaching 100 countries and generated annual sales of euro 40 billion in 2008. More information about Unilever and its brands can be found at www.unilever.com.
About Cynosure, Inc.
Cynosure, Inc. develops and markets aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and pigmented lesions, rejuvenate the skin, liquefy and remove unwanted fat through laser lipolysis and temporarily reduce the appearance of cellulite. Cynosure's products include a broad range of laser and other light-based energy sources, including Alexandrite, pulsed dye, Nd:YAG and diode lasers, as well as intense pulsed light. Cynosure was founded in 1991. For corporate or product information, contact Cynosure at 800-886-2966, or visit www.cynosure.com.
Any statements in this press release about future expectations, plans and prospects for Cynosure, Inc., including statements about the company's agreement with Unilever and the company's plans for the home use market, as well as other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including Cynosure's and Unilever's ability to develop a home use product, Cynosure's reliance on sole source suppliers, the inability to accurately predict the timing or outcome of regulatory decisions, changes in consumer preferences, competition in the aesthetic laser industry, economic, market, technological and other factors discussed in Cynosure's most recent Annual Report on Form 10-K, which is filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Cynosure's views as of the date of this press release. Cynosure anticipates that subsequent events and developments will cause its views to change. However, while Cynosure may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Cynosure's views as of any date subsequent to the date of this press release.
Sharon Merrill Associates, Inc.