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In Brief: Palomar

This article was originally published in The Gray Sheet

Executive Summary

Palomar: Management buy-out of firm's Albuquerque, New Mexico Tissue Technologies skin resurfacing laser subsidiary is announced Dec. 23. Palomar will retain a 15% equity stake in the business and receive warrants to buy an additional 10% stake and a "note receivable." Palomar also will receive royalties on all Tissue Technologies True-Pulse CO2 skin resurfacing lasers sold by the business. Palomar acquired the company, which is to be renamed Tissue Medical Lasers, in May 1996 in a stock swap transaction valued in the $20-30 mil. range ("The Gray Sheet" Feb. 19, 1996, I&W-5). The divestiture, which will help Palomar focus on its core laser-based hair removal business, follows the recent sale for $10 mil. of the firm's non-medical electronics subsidiaries to a management group led by officials of its Dynaco unit ("The Gray Sheet" Dec. 22, In Brief)...

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