BOSTON, Nov. 15, 2006 — Starting in June, Palomar Medical Technologies, Inc. (Nasdaq: PMTI) has granted non-exclusive patent licenses to Cynosure, Inc., Laserscope (terminating a prior patent license), and Cutera, Inc. to use optical radiation (such as lasers) for hair removal by health care and other commercial service providers. The licensed patents are in-licensed by Palomar from Massachusetts General Hospital (MGH).
The three new licensees paid Palomar a total of over $30 million for past product sales. Going forward, those licensees will pay a 7.5% royalty on future sales of certain products when used to remove hair. Palomar pays to MGH a portion of those amounts received.