FDA approves home hair-removal device developed by Palomar and Gillette

Palomar Medical Technologies Inc., a Burlington developer of light-based cosmetic treatments, has received Food and Drug Administration approval to sell a patented, light-based hair-removal device for home use.

Palomar said it is the first company to receive over-the-counter clearance from the FDA for such a product, and the clearance allows the device to be sold directly to consumers without a prescription. The company's stock rose $5.94, or 11.9 percent, in early trading on the Nasdaq Stock Market this morning.

"This is a significant milestone for Palomar," chief executive Joseph R. Caruso said in a statement.

The device was developed with Gillette, part of consumer-products giant Procter & Gamble Co., and Palomar will receive a $2.5 million milestone payment from Gillette for winning FDA approval, Palomar chief financial officer Paul Weiner said.

Plans call for Gillette to spend the next 12 months studying how the device can best be mass-produced, priced, packaged, and marketed, Weiner said.
(By Chris Reidy, Globe staff0