BURLINGTON, Mass., Feb. 21 -- Palomar Medical Technologies Inc. and The Gillette Co. signed an agreement this week to complete development and potentially commercialize a patented home-use, light-based hair removal device for women.
The agreement provides for up to $7 million in support of development to be paid by Gillette over approximately 30 months.
Palomar CEO Joseph P. Caruso said the company introduced the first high-powered laser hair removal system in 1996, and since then, many of the major advances in laser hair removal have been based on its technology. Its systems are now used in doctors' offices, clinics, spas and salons.
Palomar said laser hair removal constitutes a $2.2 billion market worldwide, but most treatments are expensive.
A Gillette spokesperson told the Associated Press that traditional shaving will be the home hair removal method of choice for the foreseeable future, but the company wants to stay ahead of the curve.
For more information, visit: www.palmed.com