The Food & Drug Administration cleared a cosmetic laser device made by Palomar Medical Technologies Inc. (NSDQ:PMTI) for the treatment of stretch marks.
The Burlington, Mass.-based firm said the FDA’s nod toward its Lux1540 device is its first clearance of a device to treat striae, or stretch marks, using a fractional laser.
The device is already cleared for non-ablative skin resurfacing and to treat surgical scars, acne scars and melasma, or facial skin discolored from over-exposure to the sun, according to a press release.
It’s good news for Palomar, which saw its stock value plunge 40 percent during the final three months of 2009. That prompted a Baltimore-based money management firm, Brown Capital, to trim its stake in the company. Palomar swung to a loss during the third quarter, posting sales of $14.6 million for the three months ended Sept. 30, 2009, down 39.9 percent compared with $24.2 million during the same period in 2008. The bottom line moved from $596,000 in net income for the third quarter of 2008 to a net loss of $297,000 for Q3 2009.
The company is slated to report its fourth-quarter results Feb. 11.
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