BURLINGTON, Mass., Oct. 25 /PRNewswire-FirstCall/ -- Palomar Medical Technologies Inc , a leading researcher and developer of light- based systems for cosmetic treatments, today announced additional funding of $888,000 and a 12 month contract extension from the Department of the Army to continue development of a light-based self-treatment device for Pseudofolliculitis Barbae (“PFB”). The initial $2.5 million research contract was awarded to Palomar in February 2004 and was scheduled to last for nineteen months. This program extension will allow Palomar to evaluate new technology beyond the current research phase of the program and incorporate those elements in the subsequent development of a self use device. This extension funds the program through October 2006.
PFB, commonly known as “razor bumps,” is a chronic, dermatological disorder that currently afflicts over 50% of African Americans and Hispanic military personnel. The condition, caused by shaving, occurs when the hair shaft embeds itself in the skin; resulting in painful pustules and possible disfigurement if left untreated. To date, the only effective treatment is the cessation of shaving. The high incidence of this condition in the military directly impacts unit cohesion and combat readiness as soldiers are unable to comply with military grooming requirements and are not able to wear “tight fitting” gas masks and other protective equipment. The changing demographics of the US military has led to an increase of administrative discharges attributed to PFB and has heightened the need for an alternate solution.
Commenting on the additional funding, Dr. Michael Smotrich, Palomar’s Chief Technical Officer, remarked, “Palomar is strongly motivated to provide the military, and eventually the civilian community, with a self-treatment device capable of controlling PFB. This product development, based on the “hair management” technology which we have contributed to over many years, will remove an obstacle facing African Americans and Hispanics both in the service and in the private sector. This program extension will help us to provide the government a complete evaluation of current technology and will ensure an optimum solution to the PFB problem.”
This contract is awarded by the Department of Defense Peer Reviewed Medical Research Program (PRMRP) of the Office of the Congressionally Directed Medical Research Programs (CDMRP) to private and public organizations having demonstrated capability in solving “Military Relevant” medical problems. This work is supported by the U.S. Army Medical Research and Material Command under Contract No. W81XWH-04-C-0069. The views, opinions, and/or findings contained in this report are those of Palomar and should not be construed as an official Department of the Army position or decision unless so designated by other documentation.
About Palomar Medical Technologies Inc: Palomar is a leading researcher and developer of light-based systems for cosmetic treatments. Palomar pioneered the optical hair removal field, when, in 1997, it introduced the first high-powered laser hair removal system. Since then, many of the major advances in light-based hair removal have been based on Palomar technology. There are now millions of light-based cosmetic procedures performed around the world every year in physician offices, clinics, spas and salons. Palomar is testing many new and exciting applications to further advance the hair removal market and other cosmetic applications. Palomar is uniquely focused on developing proprietary light-based technology for introduction to the mass markets. Palomar has an agreement with The Gillette Company to develop and potentially commercialize a patented home-use, light-based hair removal device for women, and an agreement with Johnson & Johnson Consumer Companies to develop and potentially commercialize home-use, light-based devices for reducing or reshaping body fat including cellulite, reducing the appearance of skin aging, and reducing or preventing acne. For more information on Palomar and its products, visit Palomar’s website at http://www.palomarmedical.com. To continue receiving the most up-to-date information and latest news on Palomar as it happens, sign up to receive automatic e-mail alerts by going to the E-mail Alerts page in the Investor Relations’ section of the website.
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements, including but not limited to statements relating to new markets, development and introduction of new products, and financial projections that involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements. These risk factors include, but are not limited to, results of future operations, technological difficulties in developing or introducing new products, the results of future research, lack of product demand and market acceptance for current and future products, the effect of economic conditions, challenges in managing joint ventures and research with third parties and government contracts, the impact of competitive products and pricing, governmental regulations with respect to medical devices, including whether FDA clearance will be obtained for future products, the results of litigation, difficulties in collecting royalties, potential infringement of third-party intellectual property rights, and/or other factors, which are detailed from time to time in the Company’s SEC reports, including the report on Form 10-K for the year ended December 31, 2004 and the Company’s quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts: Investor Relations Palomar Medical Technologies Inc 781-993-2411 ir@palomarmedical.com
Palomar Medical Technologies Inc
CONTACT: Investor Relations of Palomar Medical Technologies Inc,+1-781-993-2411, ir@palomarmedical.com
Web site: http://www.palomarmedical.com/
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