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BURLINGTON, Mass. The Gillette Co. and Palomar Medical Technologies, a developer of light-based systems for cosmetic treatments, have reached an agreement to extend the launch decision of a home-use, light-based hair removal device for women and have agreed to negotiate new terms.
The date has been extended to no later than Feb. 29, 2008. Under the existing agreement entered into by Palomar and Gillette in February 2003 and as amended and restated in February 2007, Gillette had until Jan. 7, 2008 to make the launch decision. The companies have agreed to enter into negotiations for a new agreement to replace the existing one.
The goal of the new agreement is to enable the parties to continue to work together to fully capitalize on the market potential, the companies stated. It is anticipated that a new agreement would include the release of Palomar from exclusivity and the retention by Gillette of non-exclusive rights to Palomar’s technology and intellectual property. In return, Palomar anticipates that there would be a reduction in the percentage of net sales that Gillette pays to Palomar and a change from annual payments to reduced calendar quarterly payments for a certain period. If the parties do not agree, the existing agreement could be terminated.
Designed specifically for use in the home and based on more than a decade of research, the consumer light-based hair removal device marks a breakthrough in the aesthetic device industry and is the first light-based hair removal device to receive a 510(k) OTC clearance from the FDA, according the companies.