Palomar resolves patent dispute |
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Mon, 02 Apr 2007 22:18
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BURLINGTON, Mass. (AP) - Palomar Medical Technologies Inc., a developer of light-based cosmetic treatments, said Monday that Alma Lasers Inc. will pay a 9.5 percent patent royalty plus interest on products in a patent suit settlement.The settlement, which deals with Israel-based Alma's laser and lamp-based hair removal systems, includes 9.5 percent royalties on sales from 2003 as well as a 1.5 percent trade dress fee plus interest on prior sales of its Harmony and Aria systems.Alma admitted to infringing the patents and conceded their validity and enforceability while agreeing not t challenge them in the future, Palomar said. Further, the company agreed to pay Palomar's legal costs as well as an 8.5 percent royalty fee on products through Dec. 1, 2007, and a 7.5 percent royalty fee beginning Jan. 1, 2008.Alma, a privately held company, in a statement, said it was granted a non-exclusive license and will pay 7.5 percent in ongoing royalties. It called the agreement 'favorable.'Shares of Palomar fell 14 cents to $40.09 after closing up 14 cents on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Court denies Palomar in Candela lawsuit 