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Print Edition StoriesFriday, October 16, 2009
Palomar continues cosmetic device commercialization, sans Johnson & Johnson
By Mass High Tech staff
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Following the termination of a collaboration deal with Johnson & Johnson Consumer Companies Inc., laser-based cosmetic treatment maker Palomar Medical Technologies Inc. has announced plans to continue commercializing its home wrinkle treatment laser device.
The collaboration deal between JJCC and Palomar ended with the former company pointing to the economy as reason for backing out, according to a press release issued by Burlington-based Palomar (Nasdaq: PMTI). The move means Palomar will be responsible for paying a commercialization fee and any additional costs associated with launching a product.
As a result of the termination of the agreement, Palomar will hold the full license and intellectual property rights of the laser-based technology.
Palomar CEO Joseph Caruso said the economy has caused a shift in the company’s immediate plans. “In the short-term, our goal is to establish our consumer products in the market using certain specialty channels and gather the valuable information needed to fully execute our long-term strategy of a full mass market launch,” Caruso said in a release.
In June, Palomar received a 510(k) over-the-counter clearance from the U.S. Food and Drug Administration for a new home-use laser device for the treatment of eye wrinkles. The device was developed jointly by Palomar and JJCC.
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