BURLINGTON, Mass., April 27, 2011 (GLOBE NEWSWIRE) -- Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading researcher and developer of lasers and light systems for aesthetic treatments, today announced the establishment of a subsidiary in Spain to support Palomar's efforts in gaining international market share. Located in Madrid, the office will be headed by Javier Rodriguez, Managing Director.
Mr. Rodriguez served over 15 years with a global competitive aesthetic laser company as Managing Director for Spain and Portugal.
Mr. Rodriguez said, "Spain is one of the largest European aesthetic procedures markets. We believe Palomar's diversified and superior product portfolio fits perfectly in this market. We look forward to establishing a strong customer base now and expanding that base with additional product offerings in the future."
Joseph P. Caruso, Palomar Chief Executive Officer said, "We are very excited about our direct office for the Spanish and Portuguese markets. This is a big step forward in our global market expansion. Mr. Rodriguez is very well established in the aesthetic laser device area and has had many successful years building his reputation. His outstanding and deep knowledge of the market coupled with the Palomar product portfolio is a powerful combination."
Mr. Caruso continued, "Earlier this month we announced the opening of our direct office in Germany. These two offices give us the direct market support we need to meet our expansion goals. We now have a strong direct selling team in both Northern and Southern Europe."
About Palomar Medical Technologies, Inc.: Palomar is a leading researcher and developer of laser- and light-based systems for aesthetic treatments.
Palomar pioneered the optical hair removal field, when, in 1997, it introduced the first high-powered laser hair removal system. Since then, many of the major advances in light-based hair removal have been based on Palomar technology.
As a pioneer of fractional technology, Palomar is an owner of fundamental intellectual property in this area. In December 2009, Palomar received the first United States Food and Drug Administration (FDA) clearance for the treatment of stretch marks using a fractional non-ablative laser. In September 2010, Palomar received the first FDA clearance for a fractional ablative and fractional non-ablative combination treatment.
In December 2006, Palomar became the first company to receive a 510(k) over-the-counter (OTC) clearance from the FDA for a new, patented, home-use, light-based hair removal device. In June 2009, Palomar became the first company to receive a 510(k) OTC clearance from the FDA for a new, patented, home-use, laser device for the treatment of periorbital wrinkles. OTC clearance allows these products to be marketed and sold directly to consumers without a prescription. Palomar introduced the PaloVia™ Skin Renewing Laser™ in December 2010.
There are now millions of laser- and light-based aesthetic procedures performed around the world every year in physician offices, clinics, spas, salons, and homes. Palomar is testing many new and exciting applications to further advance the aesthetic market and other surgical applications.
For more information on Palomar and its products, visit Palomar's website at palomarmedical.com.
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements, including, but not limited to, statements relating to new markets, future royalty amounts due from third parties, development and introduction of new products, and financial and operating projections. These forward-looking statements are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements. These risk factors include, but are not limited to, results of future operations, technological difficulties in developing or introducing new products, the results of future research, lack of product demand and market acceptance for current and future products, the effect of economic conditions, challenges in managing joint ventures and research with third parties and government contracts, the impact of competitive products and pricing, governmental regulations with respect to medical devices, including whether FDA clearance will be obtained for future products and additional applications, the results of litigation, difficulties in collecting royalties, potential infringement of third-party intellectual property rights, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended December 31, 2010 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Contact: Kerryann McAnistan Investor Relations Assistant Palomar Medical Technologies, Inc. (781) 993-2411