Candela and MGH Grant License; Comprehensive Settlement Reached
Candela and MGH Grant License; Comprehensive Settlement Reached
BILLERICA, Mass. and WAYLAND, Mass., Feb. 5, 2019 /PRNewswire/ -- Syneron Medical Ltd. and Candela Corporation (collectively, “Syneron-Candela”), a global aesthetic device company and the exclusive licensee of certain patents of General Hospital Corporation, d/b/a Massachusetts General Hospital (“MGH”), and Lutronic, Corp. and Lutronic Aesthetics, Inc. (collectively, “Lutronic”), an aesthetic and medical laser company, announced today that they have entered into a mutually agreeable comprehensive settlement agreement ending the patent disputes between the companies. Terms of the settlement agreement are not disclosed.
The mutually agreed upon settlement, limited to Lutronic, protects Candela’s investment in Profound® and its patented long pulse and temperature-controlled technology today and in the future. The settlement, through a sublicense from Syneron-Candela, allows Lutronic to market its product in the short pulse category, protecting Candela’s investment in the development of products in the long pulse category with a thermocouple. Candela’s Profound system is the only FDA-cleared, real-time temperature-controlled device that delivers long pulses of Radio Frequency energy to create all three skin fundamentals – collagen, elastin and hyaluronic acid.
Geoffrey Crouse, Chief Executive Officer of Syneron-Candela, commented, “Syneron-Candela is focused on science, results and trust. We invest heavily in Research and Development and will continue to enforce our intellectual property rights to prohibit manufacturers from developing and marketing products in violation of these rights. We are pleased to have reached a settlement with Lutronic on mutually-agreeable terms.”
Haelyung Hwang, Chief Executive Officer of Lutronic, commented, “We are pleased to reach a mutually beneficial settlement and cross-license agreement that strategically ends the patent disputes between Lutronic and Syneron-Candela. The settlement allows us to focus our full attention and resources on executing our growth strategy to transform the aesthetic market where we will continue to develop and protect state-of-the art technology to meet the needs of our customers.”
About Lutronic
Founded in 1997 and listed in the Korean Securities Dealers Automated Quotations (KOSDAQ) since 2006, Lutronic Corp. is South Korea’s pioneering aesthetic laser medical device company. Excellence in quality and customer trust have made Lutronic highly regarded as one of the global Top 10 aesthetic medical device manufacturers. With over five hundred patents and regulatory approvals around the world, Lutronic Corp. and its wholly-owned subsidiaries in the United States and other countries, have established the Lutronic brand as a leader in aesthetic, spinal surgery, and ophthalmic innovations. Lutronic remains on the cutting edge of technologies, exploring new and exciting applications to continue advancing various medical markets.
For more information on Lutronic and its products, visit www.lutronic.com.
About Syneron Medical Ltd. and Candela Corporation (“Syneron Candela”)
Candela is a leading global aesthetic device company with an extensive product portfolio and expansive global commercial footprint. The Company’s technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including hair removal, wrinkle reduction, tattoo removal, women’s health treatments, facial resurfacing, traumatic and surgical scar treatments, body contouring, improving the skin’s appearance through the treatment of benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. Candela has a wide portfolio of trusted, leading products, including Vbeam®, the Gentle Family®, CO2RE®, CO2RE Intima®, Profound®, elōs Plus®, PicoWay®, UltraShape®, VelaShape®, IPL and other laser-based platforms. Acquired by Apax Partners in July 2017, the Company markets, services and supports its products in 86 countries. It has offices in the United States, Australia, Canada, China, France, Germany, Hong Kong, Israel, Italy, Japan, Korea, Portugal, Spain and the United Kingdom and many international distributors.
For more information on Syneron-Candela and its products, visit www.syneron-candela.com.
Lutronic Contact:
Lutronic Media Relations
P: +1-888-588-7644 | E: media@lutronic.com
Syneron Candela Contact:
EvolveMKD
P: 646-517-4220 | E: candela@evolvemkd.com
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SOURCE Syneron-Candela
