Hair-removal patent settlement
This article was originally published in The Gray Sheet
Executive Summary
Palomar will earn 5% royalty on Lumenis laser hair-removal device sales in exchange for patent rights to the technology, according a June 22 agreement that ends a legal stalemate between the firms in California and Massachusetts courts. Palomar had alleged that the LightSheer diode laser system and other products violate two patents exclusively licensed from General Hospital Corp. in Boston. Palomar initially developed LightSheer in 1998, then sold the technology to Coherent, acquired by ESC Medical Systems to form Lumenis. Palomar will be paid $4.09 mil. in back-royalties representing the period from July 1, 2002 to Dec. 31, 2003...