WESTFORD, Mass., Oct. 5, 2011 /PRNewswire/ -- Cynosure, Inc. (NASDAQ: CYNO), a leader in laser- and light-based treatments for minimally invasive and non-invasive aesthetic applications, today announced that it has acquired from NuvoLase, Inc. worldwide exclusive rights to distribute the PinPointe™ FootLaser™. The PinPointe FootLaser is the world's first FDA cleared light-based device for the treatment of Onychomycosis (toenail fungus), a condition that affects approximately 36 million people in the United States and an estimated 10 percent of the population worldwide.
The PinPointe FootLaser received U.S. Food and Drug Administration clearance in October 2010 for the treatment of Onychomycosis. The system also is cleared for marketing in Australia, Canada and the European Union.
"The treatment of Onychomycosis represents an emerging opportunity for light-based technology," said Cynosure President and Chief Executive Officer Michael Davin. "We are acquiring the worldwide exclusive rights to a system that we believe is considered the leading solution for treating this indication. With almost 100,000 PinPointe FootLaser treatments performed worldwide to date, our distribution agreement with NuvoLase immediately gives us a leadership position in the market."
The distribution agreement gives Cynosure rights to distribute both current and future NuvoLase products for the treatment of Onychomycosis. In North America, Cynosure plans to sell the PinPointe FootLaser through a new dedicated podiatry direct sales team supported by the Company's existing direct sales force. The American Podiatric Medical Association estimates that there are approximately 15,000 podiatrists currently practicing in the United States. In Europe, the system will initially be marketed through Cynosure's direct subsidiaries. Cynosure expects to launch the product in additional markets in the Asia Pacific region and through select international distributors in the future."We believe Cynosure's expansive distribution network will help drive the adoption of the PinPointe FootLaser system on a global basis," said NuvoLase President and Chief Executive Officer Steven P. Duddy. "The expertise Cynosure has demonstrated in developing and marketing laser- and light-based treatments for minimally invasive and non-invasive aesthetic applications will be crucial in gaining market share for this fast-growing indication." Onychomycosis is a condition marked by the growth of fungus under the nail. Fungi feed on keratin, the protein that makes up the hard surface of the toenails. The infected nail often turns darker in color, and debris may accumulate under the nail. As the infection continues, the nail either may crumble gradually and fall off or thicken.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV