Palomar Medical Technologies Inc. and Cynosure has entered into patent cross-licensing agreement for hair removal technology covered by specified U.S. and foreign patents. Cynosure will make a one-time payment to Palomar of USD 10 million for royalties related to prior sales of hair-removal systems including Cynosure’s Apogee family of products and the PhotoLight, Acclaim 7000 and PhotoSilk Plus systems. According to the agreement, Palomar granted a non-exclusive, royalty bearing license to Cynosure to U.S. Patent Nos. 5,735,844 (the ‘844 patent) and 5,595,568 (the ‘568 patent) and foreign counterparts. Further, under the terms of agreement, Cynosure also agreed to pay a royalty to Palomar on Cynosure’s future sales of certain hair removal products until all of the specified patents expire or all of the claims under the specified patents are no longer valid.
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