Our intellectual property strategy has proved to be a valuable asset for our shareholders and we will continue to focus on expanding our intellectual property in the future.” ![]() Since then, this industry has become one of the fastest growing segments in the medical industry with hair removal procedures being the most popular cosmetic light-based procedure performed today. Caruso, President and Chief Executive Officer of Palomar, commented, “Palomar pioneered the cosmetic light-based industry with the first high-powered laser hair removal system in 1997. Palomar intends to continue its strategy of vigorously enforcing our patent position.” Patricia Davis, Senior Vice President and General Counsel of Palomar, commented, “Licensing these patents to Candela and Syneron further substantiates the strength of these patents. It eliminates our exposure to continued legal liability in the matter, does not require any additional payments for professional hair removal systems, and supports our ongoing efforts to improve the Company’s gross and operating margins.” Syneron has a very strong balance sheet and we believe this fully paid-up license is a strategically beneficial utilization of our cash. Scafuri, Chief Executive Officer of Syneron, commented, “We are pleased to reach a mutually beneficial settlement that effectively ends the patent disputes between Syneron and Palomar. In addition, Palomar will receive a royalty-free license to certain Syneron and Candela patents. Syneron will pay Palomar on sales in the United States a 5.0 percent royalty up to an undisclosed amount of cumulative sales, then 6.5 percent up to the next undisclosed amount of cumulative sales, and 7.5 percent on all cumulative sales thereafter. 5,735,844 and 5,595,568 for consumer home-use lamp-based hair removal products. Under the second Agreement, Palomar will grant to Syneron and affiliates a non-exclusive, royalty bearing, license in the United States to U.S. In addition, Palomar will receive a royalty-free license to certain Candela patents. Under this Agreement, Candela and Syneron will pay Palomar $31 million by September 19, 2011. 5,735,844 and 5,595,568 and foreign counterparts for their professional laser- and lamp-based hair removal systems. ![]() ![]() Under the first Agreement, Palomar grants to Candela and Syneron a non-exclusive, worldwide, fully paid-up, irrevocable license to U.S. The comprehensive settlement agreement includes two Non-Exclusive Patent License Agreements by Palomar with Candela Corporation (acquired by Syneron in January 2010) and Syneron. ![]() ( NASDAQ: ELOS), the leading global aesthetic device company, today announced that they have entered into a comprehensive settlement agreement ending the patent disputes between the companies on mutually agreeable terms. ( NASDAQ: PMTI), a leading researcher and developer of light-based systems for aesthetic treatments, and Syneron Medical Ltd. BURLINGTON, MA and YOKNEAM, ISRAEL–(Marketwire – Sep 16, 2011) – Palomar Medical Technologies, Inc.
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