Palomar Gets FDA Clearance for Laser Hair Reduction

LEXINGTON, Mass., April 16 -- Palomar Medical Technologies, Inc. announced that it has received clearance from the US Food and Drug Administration to market its LightSheer diode laser system as providing permanent hair reduction.
Coherent, Inc. is the exclusive distributor of the LightSheer system, which is manufactured by Palomar's subsidiary, Star Medical Technologies, Inc. Palomar has scheduled a special shareholder meeting for April 21, 1999, to vote on a proposal to sell Star to Coherent for $65 million in cash and an ongoing 7.5% royalty to Palomar on the sale of hair removal products, including LightSheer.