The Harley Street Journal

Bi-monthly newspaper for the cosmetic and plastic surgery sector

Peer Reviews

CRACKDOWN ON UNQUALIFIED BOTOX PROCEDURES

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15262264_xxlThanks to the popularity of surgically enhanced reality TV stars such as the cast of The Only Way is Essex, plastic surgery procedures have become a multimillion pound industry in the UK.

Now the British Association of Aesthetic Plastic Surgeons (BAAPS) has called for tighter regulation of the industry, saying procedures such as Botox and injectable fillers are being carried out on the High Street by practitioners with little or no training.

Currently only doctors can prescribe Botox and the General Medical Council has announced a crackdown on remote prescribing. However, it is not difficult to obtain Botox over the internet and anyone can legally inject it into a patient. For hyaluronic fillers there is even less regulation. At the moment, fillers do not have to be prescribed and can be injected by any person in a High Street beauty salon with ‘little or no’ training.

Sally Taber, director of Treatments You Can Trust, said she would like the Scottish Government to do more to persuade businesses to sign up to the scheme. And she said the goal was to raise awarenessand to encourage the public to ask more questions.

“We want to make sure the public asks the right sort of questions about what sort of training people have had and about what is being injected and how much,” she added.

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.