BURLINGTON, Mass., Sept. 7 -- Palomar Medical Technologies Inc. said today it has signed an agreement with Johnson & Johnson Consumer Companies Inc. (JJCC), a Johnson & Johnson company, to develop "light-based devices for reducing or reshaping body fat including cellulite, for reducing signs of aging skin and for reducing or preventing acne." Under the agreement, JJCC will fund Palomar's development and clinical studies during an initial proof-of-principle phase.
Palomar CEO Joseph P. Caruso said the deal enables Palomar to continue early-stage research and development of light-based technology in a variety of fields for introduction to the consumer market. The agreement provides for continued research and development of light-based technology and possible product commercialization, if testing and regulatory requirements are met. Details are in a corresponding filing with the Securities and Exchange Commission.
In June, Palomar and The Gillette Company announced they had completed the initial phase of their joint development of a home-use, light-based hair removal device. The original agreement provided for $7 million in development funding from Gillette, which is providing $2.1 million in additional funding over a 9-month extension of the development phase, planned to be completed by August 31, 2006.
For more information, visit: www.palomarmedical.com