Palomar,Gillette Making Light-Based Hair Removal Device

Palomar Medical Technologies Inc. entered the next phase of development of a light-based hair removal device for women.

The Burlington, Mass., researcher and developer of light-based systems for cosmetic treatments said the new device relates to an agreement with Gillette Co., a unit of Procter & Gamble Co. (PG), from February 2003.

Palomar said within 30 days of receiving over-the-counter marketing clearance from the Food and Drug Administration it will receive a development completion payment of $2.5 million from Gillette.

Palomar said the progress is within the targeted timeframe and has come after three years of planning and development. (Dow Jones Newswires)