Palomar, Gillette extend pact

Palomar Medical Technologies Inc. said today that it extended its agreement to work with Gillette Co.

Palomar, which develops light-based cosmetic treatments, will work with Gillette to develop a hair removal system for women to use at home.

Palomar and Gillette, which is part of Procter & Gamble Co., began working on the project in 2003. The latest agreement extends it until January 2008.

Under the deal, Gillette will pay Palomar development payments of about $1.2 million, and an additional $300,000 once certain deliverables are completed, Palomar said. (AP)