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Date Announced: 18 Jul 2012
Consumer Aesthetic Device Being Developed with Unilever Targeted for Launch in 2013.
WESTFORD, Mass., July 18, 2012 /PRNewswire/ -- Cynosure, Inc. (CYNO) today announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market a home-use over the counter device for the treatment of facial wrinkles. The device was developed in partnership with Unilever (UL), a leading global consumer goods company. The device, which is indicated for the treatment of both periorbital and perioral wrinkles, is expected to be launched commercially by Unilever in 2013.
"FDA clearance of this device marks a significant milestone in our alliance with Unilever to develop light-based devices for the consumer market," said Michael Davin, Cynosure's President and Chief Executive Officer. "Our strategic partnership with Unilever blends our expertise in developing market leading light-based technology that emphasizes patient safety and clinical results, with Unilever's unparalleled innovation, branded marketing and distribution."
According to the research firm Medical Insight, worldwide sales of home-use aesthetic devices are expected to grow at a compound annual rate of 12.3% from $740.4 million in 2011 to more than $1.3 billion in 2016. In North America, Medical Insight estimates the home-use category is expected to grow by a compound annual rate of 12.1% from $451.6 million in 2011 to approximately $800 million by 2016.
Cynosure signed a multi-year funded cooperative development agreement with Unilever in June 2009 to develop and commercialize light-based devices targeting the home use personal care market.
Source: Cynosure
E-mail: TBaker@cynosure.com
Web Site: www.cynosure.com
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