Cynosure Signs Agreement with Unilever to Develop Light-Based Devices for Home Use
July 01 2009 - 8:30AM
PR Newswire (US)
Partnership Combines Unilever's Consumer Goods Expertise with
Cynosure's Strength as a Leading Developer of Light-Based
Technology WESTFORD, Mass., July 1 /PRNewswire-FirstCall/ --
Cynosure, Inc. (NASDAQ: CYNO), a leading developer and manufacturer
of a broad array of light-based aesthetic treatment systems, today
announced that it has signed a multi-year, funded cooperative
agreement with Unilever Ltd. to develop and commercialize
light-based devices targeting the home use personal care market.
Financial terms of the agreement were not disclosed. "One of our
long-term corporate objectives has been to enter the emerging home
use market, and Unilever represents an ideal partner for us," said
President and Chief Executive Officer Michael Davin. "We view this
agreement as a first step in forming a meaningful long-term
strategic relationship with Unilever and an attractive business
opportunity for Cynosure. Unilever is a recognized leader in skin
care products, including a broad array of established consumer
brands such as Dove, Pond's and Vaseline. Its world-class
distribution, marketing and branding capabilities for home skin
care products are second to none. With its global footprint,
Unilever has the scale to successfully launch and distribute
light-based products into the consumer market." "Together with
Unilever, we intend to target multiple benefit areas within the
home use segment," Davin said. "The initial focus of this funded
development agreement will be on the skin rejuvenation component of
the marketplace, which includes wrinkles, lines and texture. We
hope our current light-based technology for skin rejuvenation will
translate well into the over-the-counter device market." Genevieve
Berger, Unilever's Chief Research and Development Officer,
commented, "We believe the emerging consumer market for light-based
devices is a promising long-term opportunity for Unilever. We
selected Cynosure as our development partner because of the
company's ability to develop and bring leading-edge technology into
the marketplace and its demonstrated success as an innovator in the
physician based aesthetic market. Cynosure has proven that it can
develop products that not only deliver outstanding clinical results
but also emphasize safety, which is a critical element for the
consumer marketplace. We look forward to working with the Cynosure
team in the years ahead." About Unilever Unilever's mission is to
add vitality to life. They meet everyday needs for nutrition,
hygiene and personal care with brands that help people feel good,
look good and get more out of life. Unilever is one of the world's
leading suppliers of fast moving consumer goods with strong local
roots in more than 100 countries across the globe. Its portfolio
includes some of the world's best known and most loved brands
including thirteen euro 1 billion brands and global leadership in
many categories in which the company operates. The portfolio
features brand icons such as Knorr, Wall's, Flora, Dove, Lynx,
Persil, Marmite and Pot Noodle. Unilever has around 174,000
employees in approaching 100 countries and generated annual sales
of euro 40 billion in 2008. More information about Unilever and its
brands can be found at http://www.unilever.com/. 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 http://www.cynosure.com/. Safe Harbor Any
statements in this press release about future expectations, plans
and prospects for Cynosure, Inc., including statements about the
company's agreement with Unilever and the company's plans for the
home use market, 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 Cynosure's and Unilever's ability to develop a
home use product, Cynosure's 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, which is 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. Contact: Scott Solomon Vice
President Sharon Merrill Associates, Inc. 617.542.5300 DATASOURCE:
Cynosure, Inc. CONTACT: Scott Solomon, Vice President of Sharon
Merrill Associates, Inc., +1-617-542-5300, Web Site:
http://www.cynosure.com/
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