WESTFORD, Mass., Feb. 3, 2011 /PRNewswire/ -- Cynosure, Inc.
(NASDAQ: CYNO) today announced that it has acquired substantially
all of the assets of Eleme Medical, and will immediately begin to
market the company's non-invasive SmoothShapes® XV system for the
temporary reduction in the appearance of cellulite.
Under the terms of the purchase, Cynosure paid $2.47 million in cash for the Eleme Medical
assets, which include licensing rights to intellectual property
related to the SmoothShapes technology. Cynosure expects the
acquisition to be accretive to earnings in 2011. The
SmoothShapes technology has generated an average of approximately
$5 million in annual revenue over the
past two years.
"The acquisition of these assets reflects our overall strategy
to offer our customers a broad platform of advanced products
targeting high-volume aesthetic indications," said Michael Davin, Cynosure's president and chief
executive officer. "SmoothShapes XV offers an effective solution
for consumers who are seeking a non-invasive, temporary approach to
body shaping. The system complements our recently announced
Cellulaze™ Cellulite Laser Workstation, which is a minimally
invasive surgical solution for long-term cellulite reduction."
"Our goal with the SmoothShapes brand was to develop the best in
class non-invasive, proprietary laser for treating cellulite and
subcutaneous fat," said Nancy Briefs, former president and chief
executive officer of Eleme Medical. "We are pleased that Cynosure,
the clear market leader in body shaping, has acquired the brand and
will continue development and growth of the non-invasive aesthetic
treatment category with the SmoothShapes XV."
The SmoothShapes XV system treats cellulite through a
proprietary process known as Photomology®, which combines laser and
light energy with mechanical manipulation (vacuum and massage) to
produce tighter, smoother-looking skin. The system is FDA
cleared for marketing in the United
States and CE marked for sale in the European Union.
The device is also marketed for circumferential reduction
outside the United States.
Introduced in April 2010, the
SmoothShapes XV features 50 percent more laser power than the
first-generation product for a quicker, more reproducible
procedure. The system uses multiple wavelengths to increase
heat deposition in the fat cell three times faster than the
original SmoothShapes device, which was introduced in 2008, while
maintaining higher temperatures at the treatment site.
SmoothShapes XV also enhances the clinical consistency among
treatment providers, offering a single treatment setting, audible
treatment guidance and an interactive training screen to answer
questions and provide basic clinical training.
Cynosure is featuring the SmoothShapes XV technology at
the American Academy of Dermatology (AAD) 69th Annual Meeting
February 4-8 in New Orleans. In conjunction with its
participation at AAD, Cynosure will be introducing a new "Petite"
Laser Handpiece energy delivery system that is designed to enhance
the performance of the SmoothShapes XV. The new handpiece is
50 percent lighter than the first generation unit, but delivers a
50 percent increase in power density. The smaller handpiece
allows greater flexibility to treat smaller cosmetic areas such as
the arms, neck and calves.
"Since its introduction, SmoothShapes has become an established
and highly regarded brand in the non-invasive body shaping market,"
Davin said. "The platform has shown consistent revenue growth and
has a worldwide installed base of over 400 systems. This
product will fit directly into our overall product strategy as well
as our worldwide distribution network. We plan to sell
SmoothShapes XV through existing channels as well as our direct
sales force in the United States,
through our subsidiaries in Europe
and Asia, and through third-party
distributors in other overseas markets."
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.
Forward-looking Statements
Any statements in this press release about future expectations,
plans and prospects for Cynosure, Inc., including those related to
the market potential of the SmoothShapes XV, 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 the
global economy and lending environment and their effects on the
aesthetic laser industry, its 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 and Quarterly Report on Form 10-Q, which are 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.
Contacts:
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Tim Baker
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Chief Financial
Officer
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Cynosure, Inc.
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(800) 886-2966
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TBaker@cynosure.com
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Scott Solomon
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Vice President
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Sharon Merrill Associates,
Inc.
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(617) 542-5300
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CYNO@investorrelations.com
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SOURCE Cynosure, Inc.