Q-Med AB and Palomar enter into international distribution agreement, Q-MED AB to distribute Palomar products outside North America
The Swedish company Q-Med AB today announced the execution of an international distribution agreement with Palomar Medical Technologies, Inc. (Nasdaq:PMTI), a leading researcher and developer of light-based systems for cosmetic treatments. Q-Med AB will eventually be responsible for the marketing, advertising, promotion, sale and distribution of Palomar's professional products for esthetic treatments outside North America. Q-Med AB is the producer of Restylane®, one of the most popular and widely distributed dermal filler in the world, with over 9 million treatments provided so far. Q-Med sells Restylane® globally through a network of wholly owned sales companies, distributors and partners.
The single source availability of Q-Med and Palomar products will provide physicians with a wide variety of treatment modalities to better meet the needs of their customers for a superior esthetic treatment. Palomar and Q-Med also recognize that the potential synergistic effects which may be achieved using the current products of both companies may provide improved treatment options to customers. In addition, Q-Med and Palomar will collaborate on marketing campaigns, as well as arranging clinical symposiums, consensus meetings and advisory boards.
The companies intend that Q-Med will be an exclusive distributor in a major portion of Europe by the end of 2008 and a large portion of the rest of the world (excluding North America) by the end of 2009. The transition from Palomar's existing distributors to Q-Med shall be on a country-by-country basis as the companies agree on the terms of each transition. Q-Med and Palomar plan to work with each of Palomar’s current distributors to determine how each distributor might successfully work together with Q-Med during and after each country is transitioned.
Bengt Ågerup, Q-Med AB CEO said, “This agreement represents a major opportunity to provide our customers with leading light-based anti-aging and hair-removal products. Strong R&D commitment and belief in evidence based esthetic solutions are a shared value of both our companies. We see this as a great opportunity to bring new treatment modalities to our customers and help them further develop their practice meeting the consumer demand in an ever expanding global market. Palomar shares same company values with us and just like us provides the global esthetic medical professional market with R&D and evidence based products, that very well match Restylane® range of products and other present and future products Q-Med brings to medical professionals around the world. We are excited to be participating in what is the first time that two companies from very different esthetic industry segments have entered into such a collaboration”
Joseph P. Caruso, Palomar CEO said, "There is great potential in combining the effects of Palomar's light-based systems with Q-Med’s leading range of dermal fillers and injectable implants. Both companies are focused on developing new technologies for products that provide superior results. The combination of our individual strengths should yield interesting and important new approaches to satisfying consumer needs. Of the many companies Palomar considered working with to better expand Palomar's distribution in international markets, Q-Med is the best choice. We are excited to work with such a dynamic company and believe Q-Med will leverage their existing international presence, large customer base and brand name recognition to greatly expand the international sales of Palomar’s light-based esthetic devices. In addition, the products of both companies have the potential for synergistic treatments. This collaboration should propel our presence in international markets ahead of where we would be able to grow on our own and provide an improved conduit for new products.”
Queries should be addressed to:
Bengt Ågerup, CEO
Tel: +46 (0)70 974 9025
Anders Blom, Senior Director Corporate Development and Strategy
Tel: +46 (0)70 974 9060
Boris Vujovic, Senior Director Corporate Development and Strategy
Tel: + 44 780 325 0924
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 an agreement with Johnson & Johnson 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 www.palomarmedical.com. 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.