Researcher and developer of light-based systems for cosmetic treatment Palomar Medical Technologies, Inc. has entered into a non-exclusive license agreement with Procter & Gamble (P&G) regarding home-use light-based hair removal devices for women. This new agreement replaces the development and license agreement entered into by Palomar and The Gillette Company, a wholly-owned subsidiary of P&G, on Feb. 14, 2003, as amended and restated on Feb. 14, 2007.

Under this new agreement, P&G retains a non-exclusive license to Palomar's patent portfolio as well as a non-exclusive license to the technology developed by Palomar before and during the five-year term of the prior agreement. Prior to launching a commercial product, P&G will pay Palomar $1.25 million per calendar quarter. Following a commercial launch, P&G will pay Palomar per product sales under a confidential financial arrangement, which addresses both the licensed patents and technology.