BURLINGTON, Mass., April 7, 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 Germany to support Palomar's efforts in gaining international market share. Located in Hamburg, the office will be headed by Hauke Harms, Managing Director.
Mr. Harms served 10 years with a global competitive aesthetic laser company as Managing Director for Germany, Austria and Switzerland and finally as Director of the Aesthetic Business Unit for Europe.
In addition to Mr. Harms' strong business and solid market knowledge, two senior sales managers, Mrs. Anja Siebert and Mr. Juergen Schmidt, will also join Palomar. Mrs. Siebert and Mr. Juergen worked for Mr. Harms for almost ten years and together they became the market leaders in Germany. Collectively, they have more than 50 years of experience in the aesthetic laser industry.
Mr. Harms said, "I am looking forward to penetrating the German market with my fantastic team. Considering Palomar's current and future product portfolio, I believe that we will be able to gain market share and position. We will continuously work hard to achieve market leadership in Germany."
Joseph P. Caruso, Palomar Chief Executive Officer said, "We are very excited to have Mr. Harms, Mrs. Siebert and Mr. Juergen join the Palomar Team. They are the most respected and seasoned aesthetic laser sales team in the German market. With this expertise, we plan on building a very strong presence in the area. Germany is a large market and our product portfolio fits well and addresses the most important aesthetic applications for their physicians. Over the past two years, we have opened a number of offices around the globe and this is another step in our world expansion plan."
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.
CONTACT: Investor Contact: Kerryann McAnistan Investor Relations Assistant Palomar Medical Technologies, Inc. (781) 993-2411 ir@palomarmedical.com