Palomar Expands International Presence With the Opening of Subsidiary in Spain
April 27 2011 - 6:00AM
Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading
researcher and developer of lasers and light systems for aesthetic
treatments, today announced the establishment of a subsidiary in
Spain to support Palomar's efforts in gaining international market
share. Located in Madrid, the office will be headed by Javier
Rodriguez, Managing Director.
Mr. Rodriguez served over 15 years with a global competitive
aesthetic laser company as Managing Director for Spain and
Portugal.
Mr. Rodriguez said, "Spain is one of the largest European
aesthetic procedures markets. We believe Palomar's diversified and
superior product portfolio fits perfectly in this market. We look
forward to establishing a strong customer base now and expanding
that base with additional product offerings in the
future."
Joseph P. Caruso, Palomar Chief Executive Officer said, "We are
very excited about our direct office for the Spanish and Portuguese
markets. This is a big step forward in our global market
expansion. Mr. Rodriguez is very well established in the
aesthetic laser device area and has had many successful years
building his reputation. His outstanding and deep knowledge of
the market coupled with the Palomar product portfolio is a powerful
combination."
Mr. Caruso continued, "Earlier this month we announced the
opening of our direct office in Germany. These two offices
give us the direct market support we need to meet our expansion
goals. We now have a strong direct selling team in both
Northern and Southern Europe."
About Palomar Medical Technologies, Inc.:
Palomar is a leading researcher and developer of laser- and
light-based systems for aesthetic 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.
As a pioneer of fractional technology, Palomar is an owner of
fundamental intellectual property in this area. In December 2009,
Palomar received the first United States Food and Drug
Administration (FDA) clearance for the treatment of stretch marks
using a fractional non-ablative laser. In September 2010, Palomar
received the first FDA clearance for a fractional ablative and
fractional non-ablative combination treatment.
In December 2006, Palomar became the first company to receive a
510(k) over-the-counter (OTC) clearance from the FDA for a new,
patented, home-use, light-based hair removal device. In June 2009,
Palomar became the first company to receive a 510(k) OTC clearance
from the FDA for a new, patented, home-use, laser device for the
treatment of periorbital wrinkles. OTC clearance allows these
products to be marketed and sold directly to consumers without a
prescription. Palomar introduced the PaloVia™ Skin Renewing Laser™
in December 2010.
There are now millions of laser- and light-based aesthetic
procedures performed around the world every year in physician
offices, clinics, spas, salons, and homes. Palomar is testing
many new and exciting applications to further advance the aesthetic
market and other surgical applications.
For more information on Palomar and its products, visit
Palomar's website at palomarmedical.com.
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, future royalty amounts due from third parties,
development and introduction of new products, and financial and
operating projections. These forward-looking statements are neither
promises nor guarantees, but 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 and additional applications, the results of
litigation, difficulties in collecting royalties, potential
infringement of third-party intellectual property rights, factors
affecting the Company's future income and resulting ability to
utilize its NOLs, 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, 2010 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.
CONTACT: Investor Contact:
Kerryann McAnistan
Investor Relations Assistant
Palomar Medical Technologies, Inc.
(781) 993-2411
ir@palomarmedical.com
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