Palomar, Gillette Extend Agreement

2007-02-21 | 03:43

Palomar Medical Technologies Inc., a developer of light-based cosmetic treatments, said it extended its agreement to work with Gillette Co. to develop a hair removal system for women to use at home. Palomar and Gillette, which is part of the Procter & Gamble Co., began working on the project in 2003. The latest agreement extends it until January 2008. Under the deal, Gillette will pay Palomar development payments of about $1.2 million, and an additional $300,000 once certain deliverables are completed, Palomar said.