Palomar Medical (PMTI) Enters New License Agreement with P&G
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Palomar Medical Technologies, Inc. (Nasdaq: PMTI) entered into a non-exclusive License Agreement with The Procter & Gamble Company (NYSE: PG) to exploit home-use light-based hair removal devices for women.
This new agreement replaces the Development and License Agreement entered into by Palomar and The Gillette Company, (a wholly owned subsidiary of P&G) on February 14, 2003, as Amended and Restated on February 14, 2007, and as further amended thereafter.
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 extensive technology developed by Palomar before and during the five year term of the prior agreement. Prior to launching a commercial product, P&G will pay Palomar $1.25 million per calendar quarter. Following commercial launch P&G will pay Palomar per product sales under a confidential financial arrangement which addresses both the patents and technology which are licensed.
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