CANDELA, UNIVERSITY OF CALIFORNIA ENTER A MUTUALLY FAVORABLE LICENSE AMENDMENT FOR COOLING TECHNOLOGY
Candela Corporation (NASDAQ: CLZR) today announced that it had completed a negotiation with the University of California to amend the exclusive license the Company has for its Dynamic Cooling Device (DCD)(TM). Under the amended agreement, royalties paid to the University for devices including the DCD will be cut in half from 6% to 3%. The Company has agreed to incorporate only the DCD in its devices. Further, the Company will make a $3.0 million pre-payment of license fees to be amortized over the ten years remaining on the licensed patent. Both Candela and the University have agreed to join together in a collaborative spirit to further research and develop new and additional technologies.