BURLINGTON,
MA (January 8, 2009) … Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading
researcher and developer of light-based systems for cosmetic treatments, today announced
the termination of its international distribution agreement with the Swedish company Q-MED
AB (OMX Nordic Exchange, Stockholm Mid Cap:QMED), a leading biotech/medical device company
based in Uppsala, Sweden. The international distribution agreement was originally entered
into in January 2008 with the intention that Q-MED would eventually be responsible for the
marketing, advertising, promotion, sale and distribution of Palomar’s professional
products for aesthetic treatments outside North America.
Due
to the downturn in the world-wide economic environment, Q-MED’s efforts are being
concentrated on their own product line of dermal fillers. Both Palomar and Q-MED agreed
that Palomar will be better served by separately continuing to expand its existing
distribution channel.
Xxxxxx
X. Xxxxxx, Palomar Chief Executive Officer said, “Although we are choosing to end our
distribution agreement, this was a good learning experience and we have forged a positive
relationship with Q-MED that may be beneficial in the future. We believe that during these
challenging economic times we will be better positioned with full control of our
international distribution. We have signed up many new distributors over the past twelve
months and continue to work closely with all of our distributors to help maximize their
sales efforts. Territories outside North America should continue to provide growth
opportunities for us as we expand our efforts.”
Xxxxx
Xxxxxx, Q-MED Chief Executive Officer said, “By working closely with Palomar we
have learned more about Palomar’s top-end technological platforms and products.
Considering the present challenging market conditions, Q-Med is focusing on its leading
dermal filler product line, Restylane® as well as on the on-going launch of
Macrolane™, the first injectable body contouring product line, and the
Restylane Vital™ product line for skin rejuvenation. Hopefully we will be
able to utilize our relationship and the knowledge we have built in the future. “
About
Palomar Medical Technologies, Inc.: Palomar is a leading researcher and developer of
light-based systems for cosmetic 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. In December 2006, Palomar became the first company to receive a 510(k)
over-the-counter (OTC) clearance from the United States Food and Drug Administration (FDA)
for a new, patented, home use, light-based hair removal device. OTC clearance allows the
product to be marketed and sold directly to consumers without a prescription. There are
now millions of light-based cosmetic procedures performed around the world every year in
physician offices, clinics, spas and salons. Palomar is testing many new and exciting
applications to further advance the hair removal market and other cosmetic applications.
Palomar is focused on developing proprietary light-based technology for introduction to
the mass markets. Palomar has granted The Procter & Xxxxxx Company a non-exclusive
License Agreement to certain patents, technology and FDA documents related to the
home-use, light-based hair removal field for women. In addition, Palomar has an exclusive
development and license agreement with Xxxxxxx & Xxxxxxx Consumer Companies to develop
and potentially commercialize home-use, light-based devices for reducing or reshaping body
fat including cellulite, reducing the appearance of skin aging, and reducing or preventing
acne.
For
more information on Palomar and its products, visit Palomar’s website at
xxx.xxxxxxxxxxxxxx.xxx. To continue receiving the most up-to-date information and
latest news on Palomar as it happens, sign up to receive automatic e-mail alerts by going
to the Investor Relations section of the website.
About
Q-MED AB: Q-MED AB is a rapidly growing and profitable biotechnology/medical device
company. The company develops, manufactures, markets, and sells primarily medical
implants. The majority of the products are based on the company’s patented
technology, NASHA™, for the production of stabilized non-animal hyaluronic acid. The
product portfolio today contains: Restylane® for filling lines and folds, contouring
and creating volume in the face, Macrolane™ for body contouring, Durolane™ for
the treatment of osteoarthritis of the hip and knee joints, Deflux™ for the treatment
of vesicoureteral reflux, VUR, (a malformation of the urinary bladder) in children,
Zuidex™ for the treatment of stress urinary incontinence in women, and Solesta™
for the treatment of fecal incontinence. Sales are made through the company’s own
subsidiaries or distributors in over 70 countries. Q-MED today has just over 700
coworkers, with close to 500 at the company’s head office and production facility in
Uppsala, Sweden. Q-MED AB is listed in the Mid Cap segment of the OMX Nordic Exchange in
Stockholm.
For
more information on Q-MED and its products, visit Q-MED’s website at
xxx.x-xxx.xxx. To continue receiving the most up-to-date information and latest
news on Q-MED as it happens, sign up to receive automatic e-mail alerts by going to the
Investor Relations section of the website.
This
press release contains forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are based
on the Company’s current expectations, plans, intentions, beliefs or
predictions. 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, including patent infringement
lawsuits, 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, 2007 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.
# # #
Exhibit B
PRESS RELEASE Uppsala January 8,
2009
Q-Med and Palomar terminate
international distribution agreement
Q-Med AB, today announced the
termination of its international distribution agreement with Palomar Medical Technologies,
Inc. (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic
treatments. The international distribution agreement was originally entered into in
January 2008 with the intention that Q-Med would eventually be responsible for the
marketing, sale and distribution of Palomar’s professional products for esthetic
treatments outside North America.
Due
to the downturn in the world-wide economic environment, Q-Med’s efforts are being
concentrated on their own product line of dermal fillers. Both Palomar and Q-MED agreed
that Palomar will be better served by separately continuing to expand its existing
distribution channel.
Xxxxx Xxxxxx, Q-Med’s
Chief Executive Officer said, “By working closely with Palomar we have learned more
about Palomar’s top-end technological platforms and products. Considering the present
challenging market conditions, Q-Med is focusing on its leading dermal filler product
line, Restylane® as well as on the on-going launch of
Macrolane™, the first injectable body contouring product line, and the
Restylane Vital™ product line for skin rejuvenation. Hopefully we will be
able to utilize our relationship and the knowledge we have built in the future.”
Xxxxxx X. Xxxxxx, Palomar Chief
Executive Officer said, “Although we are choosing to end our distribution agreement,
this was a good learning experience and we have forged a positive relationship with Q-Med
that may be beneficial in the future. We believe that during these challenging economic
times we will be better positioned with full control of our international distribution. We
have signed up many new distributors over the past twelve months and continue to work
closely with all of our distributors to help maximize their sales efforts. Territories
outside North America should continue to provide growth opportunities for us as we expand
our efforts.”
Queries should be
addressed to:
Xxxxxx Xxxx, Senior
Director Corporate Development and StrategyTel: x00 (0) 00 000 0000
Q-Med AB is a rapidly growing
and profitable biotechnology/medical device company. The company develops, manufactures,
markets, and sells primarily medical implants. The majority of the products are based on
the company’s patented technology, NASHA™, for the production of
stabilized non-animal hyaluronic acid. The product portfolio today contains: Restylane® for
filling lines and folds, contouring and creating volume in the face, Macrolane™ for
body contouring, Durolane™ for the treatment of osteoarthritis of the hip and
knee joints, Deflux® for the treatment of vesicoureteral reflux, VUR, (a
malformation of the urinary bladder) in children, and Solesta™ for the
treatment of fecal incontinence. Sales are made through the company’s own
subsidiaries or distributors in over 70 countries. Q-Med today has just over 700
coworkers, with close to 500 at the company’s head office and production facility in
Uppsala, Sweden. Q-Med AB is listed in the Mid Cap segment of the OMX Nordic Exchange in
Stockholm.
Q-Med AB (publ), Xxxxxxxxxxxxxx 00,
XX-000 00 Xxxxxxx, Xxxxxx. Corporate identity number 556258-6882. Tel: +46(0)00-000 00
00. Fax: +46(0)00-000 00 00. E-mail: xxxx@x-xxx.xxx. Web: xxx.x-xxx.xxx.
In USA, Q-Med AB’s affiliate
is the wholly-owned subsidiary Q-Med Scandinavia, Inc.
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