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Palomar Medical Technologies

This article was originally published in The Gray Sheet

Executive Summary

Laser hair removal device firm's planned recapitalization includes a one-for-seven reverse stock split. At an April 21 meeting shareholders also approved the sale of the firm's Star Medical Technologies semiconductor laser subsidiary to Coherent for $65 mil. in cash and an ongoing 7.5% royalty. Palomar owns 82% of Star and anticipates a net gain of about $49 mil. before taxes. Closing of the deal, announced in December, is expected "shortly" ("The Gray Sheet" Dec. 14, 1998, p. 8)

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Palomar grants Laserscope a non-exclusive 7.5% royalty-bearing sublicense to patents in the field of laser hair removal, including U.S. Patent No. 5,595,568 "Permanent Hair Removal Using Optical Pulses," and No. 5,735,844 entitled "Hair Removal Using Optical Pulses." Palomar previously granted a 7.5% sublicense for the same patents to Coherent (1"The Gray Sheet" May 3, 1999, p. 20)

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