The Harley Street Journal

Bi-monthly newspaper for the cosmetic and plastic surgery sector

Features

SURGEONS REITERATE CALL FOR FURTHER TESTING OF DEFECTIVE IMPLANTS

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Image-2In response to an opinion article published in the Journal of the Royal Society of Medicine calling for a more thorough investigation of the health impact of PIP implants, the British Association of Aesthetic Plastic Surgeons has reiterated its own previous statement that there continue to remain ‘unanswered questions’ about the controversial devices.

According to consultant plastic surgeon and BAAPS President Rajiv Grover: “Whilst the article in question is entirely an opinion piece and not presenting any new data, at the BAAPS we do agree – as we have said before – that there remain unanswered questions regarding the possible effects of these chemical compounds. We reiterate our call for analysis to be conducted on collected samples taken ‘in vivo’ rather than off-the-shelf, as it would also be advantageous to examine what impact body temperature and conditions have on them. It was only change occurring in implants inside the body, which triggered recall of soya bean (Trilucent) implants years ago.

“Women who had or still have PIPs and the surgeons removing them know that more research is needed to explain what they are seeing and experiencing. At the BAAPS we have remained constant in our view – these defective devices have no place within the human body. The whole sector, and in particular the patients affected, deserve thorough answers.

FIRST GOVERNMENT RECOMMENDATION FROM COSMETIC SURGERY REVIEW TO BE IMPLEMENTED: INSURANCE FOR PATIENTS

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Image-2In the wake of the findings from the Government enquiry into cosmetic surgery published in the last week, the British Association of Aesthetic Plastic Surgeons is first to announce the implementation of one of the report’s major recommendations: for patients to be protected through insurance. The only aesthetic surgical society to conduct a yearly audit of the procedures performed by its members, the BAAPS was able to work with the world’s leading specialist insurance market, Lloyd’s of London, to create a policy that will safeguard all patients of surgeons who are part of the Association.

The ‘Aesthetic Surgery Commitment’ or ‘ASC’ policy (www.asurgerycommitment.com) is ground breaking in that not only does it cover corrective treatment of all the most common complications of surgery (such as infection or bleeding) but also – a world first – capsular contracture, an abnormal reaction of the body to breast implants.

According to consultant plastic surgeon and BAAPS President Rajiv Grover:

“In line with Sir Bruce Keogh’s recommendations for more safeguards in the aesthetic surgery sector, we are pleased to launch a truly innovative insurance package that will further protect our patients. No procedure is risk-free and ASC covers all common complications, so people undergoing surgery with BAAPS members can enjoy peace of mind that they will be looked after, in the unlikely event of any problems.”

CYNOSURE COMPLETES ACQUISITION OF PALOMAR MEDICAL TECHNOLOGIES

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Image-1Cynosure, Inc. (NASDAQ: CYNO), a leader in laserand light-based treatments for minimally invasive and non-invasive aesthetic applications, today announced the completion of its acquisition of Palomar Medical Technologies, Inc. Cynosure purchased Palomar in a cash and stock transaction valued at approximately $287 million. In the transaction, Cynosure issued approximately six million shares and paid approximately $146 million in cash contributed by both Cynosure and Palomar.

“Combining with Palomar brings together two world class research and development organizations creating what we believe is one of the world’s premier aesthetic laser and light-based companies,” said Michael Davin, Cynosure’s Chairman and Chief Executive Officer.

“We believe the acquisition complements our product portfolio and customer base, provides new product and service revenues, strengthens our global distribution network, opens new cross-selling opportunities and enhances our intellectual property position. We appreciate the overwhelming support of our stockholders in recognizing the value of this transaction to our long-term growth strategy. We welcome Palomar’s employees to the Cynosure team and look forward to the continued success of our unified organization.”

The closing of the transaction follows approvals by Cynosure stockholders and Palomar stockholders at separate stockholders’ meetings today. At the Cynosure stockholders’ meeting, Cynosure stockholders approved the issuance of shares of Cynosure Class A common stock in the merger. At the Palomar stockholders’ meeting, Palomar stockholders adopted the merger agreement between the companies. Under the terms of the agreement, each outstanding share of Palomar common stock converted into the right to receive $6.825 in cash and 0.2819 shares of Cynosure Class A common stock.
As previously announced, the acquisition is expected to be accretive to Cynosure in calendar 2014 with the implementation of $8 million to $10 million in projected synergies. Following the closing, Michael Davin will serve as Chairman and Chief Executive Officer; Joseph Caruso has joined Cynosure’s Board of Directors as Vice Chairman and will serve as President; and Timothy Baker will serve as Executive Vice President, Chief Operating Officer and Chief Financial Officer.

About Cynosure, Inc.
Cynosure develops and markets aesthetic treatment systems that enable plastic surgeons, dermatologists and other medical professionals to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and benign pigmented lesions, remove multi-coloured tattoos, rejuvenate the skin, liquefy and remove unwanted fat through laser lipolysis, reduce cellulite, treat toe fungus and ablate sweat glands. Cynosure’s product portfolio is composed of a broad range of energy sources including Alexandrite, diode, Nd: YAG, picosecond, pulse dye, Q-switched lasers and intense pulsed light. Cynosure sells its products globally under the Cynosure, Palomar and ConBio brand names through a direct sales force in the United States, Canada, Mexico, France, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea, and
through international distributors in approximately 100 other countries.

For corporate or product information, visit Cynosure’s website at www.cynosure.com.