Partnership Combines Unilever's Consumer Goods Expertise with Cynosure's Strength as a Leading Developer of Light-Based Technology
WESTFORD, Mass., July 1 /PRNewswire-FirstCall/ -- Cynosure, Inc. (Nasdaq: CYNO), a leading developer and manufacturer of a broad array of light-based aesthetic treatment systems, today announced that it has signed a multi-year, funded cooperative agreement with Unilever Ltd. to develop and commercialize light-based devices targeting the home use personal care market. Financial terms of the agreement were not disclosed.
'One of our long-term corporate objectives has been to enter the emerging home use market, and Unilever represents an ideal partner for us,' said President and Chief Executive Officer Michael Davin. 'We view this agreement as a first step in forming a meaningful long-term strategic relationship with Unilever and an attractive business opportunity for Cynosure. Unilever is a recognized leader in skin care products, including a broad array of established consumer brands such as Dove, Pond's and Vaseline. Its world-class distribution, marketing and branding capabilities for home skin care products are second to none. With its global footprint, Unilever has the scale to successfully launch and distribute light-based products into the consumer market.'
'Together with Unilever, we intend to target multiple benefit areas within the home use segment,' Davin said. 'The initial focus of this funded development agreement will be on the skin rejuvenation component of the marketplace, which includes wrinkles, lines and texture. We hope our current light-based technology for skin rejuvenation will translate well into the over-the-counter device market.'
Genevieve Berger, Unilever's Chief Research and Development Officer, commented, 'We believe the emerging consumer market for light-based devices is a promising long-term opportunity for Unilever. We selected Cynosure as our development partner because of the company's ability to develop and bring leading-edge technology into the marketplace and its demonstrated success as an innovator in the physician based aesthetic market. Cynosure has proven that it can develop products that not only deliver outstanding clinical results but also emphasize safety, which is a critical element for the consumer marketplace. We look forward to working with the Cynosure team in the years ahead.'
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