By Margarita Nahapetyan
Palomar Medical Technologies Inc., a leading researcher and developer of light-based systems for cosmetic treatments, announced earlier this week that it has received U.S. Food and Drug Administration approval to market a new eye wrinkle treatment laser device for home use.
Not only this is a great news for consumers but also for Palomar Medical Technologies as the approval of at-home wrinkle laser by FDA, sent the price of PMTI's stock up more than 30 per cent. The consumer skin care market is already a multi-billion dollar market, and without any doubt will become even larger after the introduction of this new anti-aging device.
The company said that the product - which is being developed with Johnson & Johnson's (JNJ) Johnson and Johnson Consumer Companies Inc. unit - becomes the first of its kind to receive over-the-counter clearance from the FDA to sell the device directly to the consumers without a prescription. Created particularly for the home use and based on many years of studies and clinical testing, this new laser product appears to be a major breakthrough in the aesthetic device industry.
Monica Neufang, a spokeswoman for Johnson & Johnson in Skillman, New Jersey, refused to even demonstrate an image of the new laser device, motivating it by the strong competition in the aesthetic industry. "By sharing any other information, we would be telegraphing our intentions," Neufang said.
It is not known yet when exactly the device is planned to be launched, but Johnson & Johnson will be in charge, and under their agreement, Palomar will be receiving a percentage of the worldwide sales of the product and its cosmetic disposables. The company said that the fact that FDA has approved their laser-based device, will allow them to significantly reduce its price.
A laser is a device that emits light (electromagnetic radiation, such as X-ray, visible light, and UV) through a process known as stimulated emission. The new light-based anti-wrinkle device is created to reduce the appearance of wrinkles around the eye area, thus giving a person's face a more youthful look. The experts said that the removal of fine lines and wrinkles by professionals with the help of laser devices, has been well established and proven to be safe and effective for many years. But now, with the invention of the new product, consumers will have the opportunity to use similar technology in the privacy of their own home and for much cheaper price.
The spokesman for the PMTI said that the company's other products include systems, such as the EsteLux, StarLux, and MediLux. Among other procedures, the systems, which are paired with a number of handpieces, are also used for skin rejuvenation and treatments of acne, hair removal, and treatment of varicose leg veins. In addition, Palomar's Q-YAG 5 laser is designed to remove tattoos and pigmented spots. The company markets its products through a direct sales force and distributors all across the world.
Palomar Medical Technologies Inc., which was founded in 1991 in Westford, first appeared in the field of the optical hair removal with its introduction of the first high-powered laser hair removal system in 1997. Concentrating its efforts on wrinkle reduction and hair removal, Palomar's products and technology gradually became more and more popular and were used by numerous physician offices, spas, clinics and salons. And now, as this technology becomes available for home use, Palomar has once again proved itself as a leader.