PMTI » Topics » Introduction

This excerpt taken from the PMTI DEF 14A filed Mar 23, 2006.

Introduction

        The Compensation Committee of the Board of Directors establishes the general compensation policies of the Company, and establishes the compensation plans and specific compensation levels for executive officers. The Company’s primary objective is to maximize stockholder value. As a result, the Compensation Committee strives to ensure that the Company’s executive compensation programs will enable the Company to attract and retain key people and motivate them to achieve or exceed certain key objectives of the Company by making individual compensation directly dependent on the Company’s achievement of certain financial goals, such as profitability and asset management and by providing rewards for exceeding those goals. The Compensation Committee believes that the total compensation of executive officers should reflect the scope of their responsibilities, the success of the Company and the past and expected future contribution of each executive to that success.

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This excerpt taken from the PMTI 10-K filed Mar 6, 2006.

Introduction

        We are a leading researcher and developer of light based systems for hair removal and other cosmetic procedures. Throughout our history, we remained on the forefront of technology:


  o   1996 we introduced the first high powered laser hair removal system o 1997 we obtained FDA clearance for the first high powered laser hair removal system
  o   1997 we were first to obtain FDA clearance for high power diode laser system
  o   1998 we were the first to obtain FDA clearance for permanent hair reduction
  o   1999 we were first to obtain FDA clearance for sub-zero cooled laser system
  o   2000 we were first to obtain FDA clearance for a super long pulse laser system
  o   2001 we introduced the cost effective and upgradeable Lux Platform
  o   2001 we introduced the Q-Yag5(TM)system for tattoo and pigmented lesion removal
  o   2003 we signed a Development and License Agreement with The Gillette Company to complete development and commercialize a patented home-use, light based hair removal device for women
  o   2004 we introduced the StarLux™ Pulsed Light and Laser system which incorporates a single power supply system capable of operating both lasers and lamps
  o   2004 we were awarded a research contract by the United States Department of the Army to develop a light based self-treatment device for Pseudofolliculitis Barbae
  o   2004 we signed a Development and License Agreement with Johnson & Johnson Consumer Companies, Inc., a Johnson & Johnson company (NYSE: JNJ), to develop, clinically test and potentially commercialize home-use, light based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne
  o   2005 we were awarded additional funding and a one year extension for our research contract with the United States Department of the Army to develop a light based self-treatment device for Pseudofolliculitis Barbae
  o    2005 we began shipping the Lux 1064(TM)handpiece for use with the StarLux System for removal of leg veins and treatment of wrinkles and other conditions  o  2005 we began shipping the Lux IR Fractional™ Infrared handpiece for use with the StarLux System for deep heating for pain relief and we intend to seek FDA clearance for skin tightening

We are continuously researching, developing and testing new and exciting innovations to further advance the hair removal market and other cosmetic applications, including fat reduction, acne treatment, leg vein removal and skin rejuvenation. With our unique focus on both the professional and consumer markets, we are positioned to capitalize on the ever expanding market for improving personal appearance.

        We were organized in 1987 to design, manufacture, market and sell lasers and other light based products and related disposable items and accessories for use in medical and cosmetic procedures. In December 1992, we filed our initial public offering. Subsequently, we pursued an acquisition program, acquiring companies in our core laser business as well as others, principally in the electronics industry, in order to spread risk and bolster operating assets. By the beginning of 1997, we had more than a dozen subsidiaries. At the same time, having obtained FDA clearance to market our EpiLaser® ruby laser hair removal system in March 1997, we were well positioned to focus on what we believed was the most promising product in our core laser business. Hence, under the direction of a new board and management team, we undertook a program in 1997, which was completed in May of 1998, of exiting from all non-core businesses and investments and focusing only on those businesses, which we believed, held the greatest promise for maximizing stockholder value. Our exclusive focus then became the use of lasers and other light based products in dermatology and cosmetic procedures.

        In December 1997 and January 1998, respectively, we were the first company to receive FDA clearance for a diode laser for hair removal and for leg vein treatment, the LightSheer™ diode laser system manufactured by Star Medical Technologies, Inc., one of our former subsidiaries. The LightSheer was the first generation of high-powered diode lasers designed for hair removal, and like our EpiLaser and other prior hair removal products, the LightSheer incorporated technology protected by patents licensed exclusively to us from General Hospital Corporation doing business as Massachusetts General Hospital.

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        On December 7, 1998, we entered into an Agreement with Coherent, Inc. (Coherent Medical Group, a former subsidiary of Coherent, was subsequently sold to ESC Medical, now known as “Lumenis, Inc.” and hereinafter referred to as “Lumenis”) to sell all of the issued and outstanding common stock of our subsidiary, Star Medical Technologies, Inc. We completed the sale of Star Medical Technologies, Inc. to Lumenis on April 27, 1999.

        On February 14, 2003, we entered into a Development and License Agreement with The Gillette Company to complete development and commercialize a home-use, light based hair removal device for women. We believe that this device will be protected by multiple patents within our patent portfolio. On June 28, 2004, we announced with Gillette that we completed the initial phase of our agreement and that both parties would move into the next phase. In conjunction with entering this next phase, the parties amended the agreement to provide for additional development funding to further technical innovations. In October 2005, Procter & Gamble Company (NYSE: PG) completed its acquisition of Gillette.

        On February 18, 2004, we were awarded a $2.5 million research contract by the United States Department of the Army to develop a light based self-treatment device for Pseudofolliculitis Barbae, or PFB, commonly known as “razor bumps”. On October 25, 2005, we announced that we were awarded additional funding of $888,000 for a total of $3,388,000 and a twelve month contract extension.

        On September 1, 2004 , we entered into a Development and License Agreement with Johnson & Johnson Consumer Companies, Inc. to develop, clinically test and potentially commercialize home-use, light based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne. We believe that these devices will be protected by multiple patents within our patent portfolio.

        We have one operating subsidiary, Palomar Medical Products, Inc. located at Palomar’s headquarters in Burlington, Massachusetts, which oversees the manufacture and sale of our lamp and laser based systems currently on the market.

This excerpt taken from the PMTI DEF 14A filed Mar 28, 2005.

Introduction

        The Compensation Committee of the Board of Directors establishes the general compensation policies of the Company, and establishes the compensation plans and specific compensation levels for executive officers. The Company’s primary objective is to maximize stockholder value. As a result, the Compensation Committee strives to ensure that the Company’s executive compensation programs will enable the Company to attract and retain key people and motivate them to achieve or exceed certain key objectives of the Company by making individual compensation directly dependent on the Company’s achievement of certain financial goals, such as profitability and asset management and by providing rewards for exceeding those goals. The Compensation Committee believes that the total compensation of executive officers should reflect the scope of their responsibilities, the success of the Company and the past and expected future contribution of each executive to that success.

This excerpt taken from the PMTI 10-K filed Mar 11, 2005.

Introduction

        Palomar Medical Technologies, Inc. (“Palomar”) is a leading researcher and developer of light based systems for hair removal and other cosmetic procedures. Throughout its history, Palomar has remained on the forefront of technology:


  1996 Palomar introduced the first high powered laser hair removal system
  1997 Palomar obtained FDA clearance for the first high powered laser hair removal system
  1997 Palomar was first to obtain FDA clearance for high power diode laser system
  1998 Palomar was the first to obtain FDA clearance for permanent hair reduction
  1999 Palomar was first to obtain FDA clearance for sub-zero cooled laser system
  2000 Palomar was first to obtain FDA clearance for a super long pulse laser system
  2001 Palomar introduced the cost effective and upgradeable Lux Platform
  2001 Palomar introduced the Q-Yag5(TM)system for tattoo and pigmented lesion removal
  2003 Palomar signed a Development and License Agreement with The Gillette Company (NYSE: G) to complete development and commercialize a patented home-use, light based hair removal device for women
  2004 Palomar signed a Development and License Agreement with The Gillette Company (NYSE: G) to complete development and commercialize a patented home-use, hair removal device for women
  2004 Palomar introduced the StarLux Pulsed Light and Laser system which incorporates a single power supply system capable of operating both lasers and lamps
  2004 Palomar was awarded a research contract by the Department of the Army to develop a light based self-treatment device for Pseudofolliculitis Barbae
  2004 Palomar signed a Development and License Agreement with Johnson & Johnson Consumer Companies, Inc ("JJCC"), a Johnson & Johnson company (NYSE: JNJ), to develop, clinically test and potentially commercialize home-use, light based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne

Palomar is continuously researching, developing and testing new and exciting innovations to further advance the hair removal market and other cosmetic applications, including fat reduction, acne treatment and skin rejuvenation. With its unique focus on both the professional and consumer markets, Palomar is positioned to capitalize on the ever expanding market for improving personal appearance.

        Palomar was organized in 1987 to design, manufacture, market and sell lasers and other light based products and related disposable items and accessories for use in medical and cosmetic procedures. In December 1992, Palomar filed its initial public offering. Subsequently, Palomar pursued an acquisition program, acquiring companies in its core laser business as well as others, principally in the electronics industry, in order to spread risk and bolster operating assets. By the beginning of 1997, Palomar had more than a dozen subsidiaries. At the same time, having obtained FDA clearance to market its EpiLaser® ruby laser hair removal system in March 1997, Palomar was well positioned to focus on what it believed was the most promising product in its core laser business. Hence, under the direction of a new board and management team, Palomar undertook a program in 1997, which was completed in May of 1998, of exiting from all non-core businesses and investments and focusing only on those businesses, which it believed, held the greatest promise for maximizing stockholder value. Palomar’s exclusive focus then became the use of lasers and other light based products in dermatology and cosmetic procedures.

        In December 1997 and January 1998, respectively, Palomar was the first company to receive FDA clearance for a diode laser for hair removal and for leg vein treatment, the LightSheer™ diode laser system manufactured by Star Medical Technologies, Inc. (“Star”), a former subsidiary of Palomar. The LightSheer was the first generation of high-powered diode lasers designed for hair removal, and like Palomar’s EpiLaser and other prior hair removal products, the LightSheer incorporated technology protected by patents licensed exclusively to Palomar from The Massachusetts General Hospital Corporation (“Massachusetts General Hospital”).

        On December 7, 1998, Palomar entered into an Agreement with Coherent, Inc. (Coherent Medical Group, a former subsidiary of Coherent, was subsequently sold to ESC Medical, now known as “Lumenis, Inc.” and hereinafter referred to as “Lumenis”) to sell all of the issued and outstanding common stock of Palomar’s subsidiary, Star. Palomar completed the sale of Star to Lumenis on April 27, 1999.

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        On February 14, 2003, Palomar entered into a Development and License Agreement with The Gillette Company to complete development and commercialize a home-use, light based hair removal device for women. Palomar believes that this device will be protected by multiple patents within its patent portfolio. (See Note 12, “Development and License Agreement with Gillette” and exhibit 10.14, “The Development and License Agreement with The Gillette Company effective February 14, 2003 with redacted exhibits.”) On June 28, 2004 Palomar and Gillette announced that they completed the initial phase of their agreement and that both parties would move into the next phase. In conjunction with entering this next phase, the parties amended the agreement to provide for additional development funding to further technical innovations.

        On February 18, 2004, Palomar announced that it was awarded a $2.5 million research contract by the Department of the Army to develop a light based self-treatment device for Pseudofolliculitis Barbae, or PFB, commonly known as “razor bumps.” Though the project was scheduled to last for nineteen months, Palomar now believes it will need several more months to complete the work.

        On September 1, 2004 Palomar entered into a Development and License Agreement with Johnson & Johnson Consumer Companies, Inc (“JJCC”), a Johnson & Johnson company, to develop, clinically test and potentially commercialize home-use, light based devices for (i) reducing or reshaping body fat including cellulite; (ii) reducing appearance of skin aging; and (iii) reducing or preventing acne. Palomar believes that these devices will be protected by multiple patents within its patent portfolio. (See Note 13, “Joint Development and License agreement with Johnson & Johnson Consumer Companies (“JJCC”), a Johnson & Johnson company” and exhibit 10.24, “Joint Development and License Agreement By and Between Palomar Medical Technologies and Johnson and Johnson Companies, Inc. dated September 1, 2004”).

        Palomar has one operating subsidiary, Palomar Medical Products, Inc. located at Palomar’s headquarters in Burlington, Massachusetts, which oversees the manufacture and sale of Palomar’s lamp and laser based systems currently on the market.

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