(By Balaseshan) Cynosure Inc. (NASDAQ:CYNO), which develops and markets aesthetic treatment systems, said it has received U.S. regulatory clearance for a home-use over the counter device to treat facial wrinkles.
The device, which received 510(k) clearance from the U.S. Food and Drug Administration (FDA), was developed in partnership with Unilever plc (NYSE:UL), a supplier of fast moving consumer goods.
The device, which is indicated for the treatment of both periorbital and perioral wrinkles, is expected to be launched commercially by Unilever in 2013.
In June 2009, Cynosure signed a multi-year funded cooperative development agreement with Unilever to develop and commercialize light-based devices targeting the home use personal care market.
Cynosure's Chief Executive Michael Davin said the company's strategic partnership with Unilever blends its 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 about $800 million by 2016.
Cynosure's products include a broad range of laser and other light-based energy sources, including Alexandrite, pulse dye, Q-switched, Nd:YAG and diode lasers, as well as intense pulsed light.
CYNO is trading up 1.61% at $21.47 on Wednesday. The stock has been trading between $8.84 and $23 for the past 52 weeks.