BURLINGTON, Mass. Procter & Gamble and Palomar Medical Technologies, a developer of light-based systems for cosmetic treatments, announced on Monday that they have entered a new license agreement to create an at-home light-based hair removal device for women.
The new agreement replaces an existing contract entered into by P&G and Palomar in February 2003 and amended and restated in February 2007.
Under this new agreement, P&G retains a non-exclusive license to Palomar’s broad patent portfolio as well as a non-exclusive license to the technology developed by Palomar before and during the five-year term of the prior agreement. Before launching a commercial product, P&G will pay Palomar $1.25 million per calendar quarter. Following the commercial launch, P&G will pay Palomar per product sales under a confidential financial arrangement.
During the term of the prior agreement, an at-home light-based hair removal device for women was developed by Palomar together with Gillette. It is the first light-based aesthetic device to receive a 510k OTC clearance from the FDA.
“We strongly believe that we have developed game-changing technology, and we look forward to seeing P&G’s products on the market. Over the past five years, Palomar and Gillette have worked together to advance the technology and we have made tremendous progress in moving closer to penetrating the mass consumer market. Our biggest single achievement together has been penetrating the regulatory barrier to gain FDA approval of the first laser device for the home market,” stated Palomar chief executive officer Joseph Caruso.