PLEASANTON, Calif., Jan. 10, 2012 (GLOBE NEWSWIRE) -- ZELTIQ® Aesthetics, Inc. (Nasdaq:ZLTQ), a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, announced today that it has entered into a letter of intent regarding an expanded relationship with Massachusetts General Hospital, or MGH, for the purpose of developing products and/or therapies for the aesthetic dermatology and body shaping markets which leverage the parties' extensive knowledge base in the domain of cold technology.
While no specific products or programs are disclosed at this time, both parties affirm that there are multiple technologies under consideration. A recent invention by Drs. Dieter Manstein and Richard Rox Anderson, the inventors of ZELTIQ's CoolSculpting technology, will form the basis of one of the first collaborative programs.
"ZELTIQ is excited and honored to work with MGH to expand the existing relationship," said Gordie Nye, CEO of ZELTIQ. "Drs. Manstein and Anderson are tremendously talented, creative, and dedicated researchers. Their contributions to the medical industry to-date are well-documented, and a core element of CoolSculpting's success has been how well-differentiated it is on a scientific level. We look forward to the impact of this work on our future pipeline."
While specific details are not available at this time, the general arrangement of the collaboration will involve investment by ZELTIQ in each chosen program. Each program will be managed and executed by teams consisting of members from each of the parties and progress will be overseen by a board comprised of MGH and ZELTIQ senior executives.
About ZELTIQ Aesthetics
ZELTIQ is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. Our first commercial product, CoolSculpting, is designed to selectively reduce stubborn fat bulges that may not respond to diet or exercise. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. CoolSculpting utilizes our patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis, without causing scar tissue or damage to the skin, nerves, or surrounding tissues. We developed CoolSculpting to safely, noticeably, and measurably reduce the fat layer within a treated fat bulge without requiring the patient to diet or exercise.
FORWARD-LOOKING STATEMENTS
Any statements in this press release that are not historical facts are forward-looking statements, including our ability to successfully enter into a mutual acceptable definitive collaboration agreement with MGH. Although these forward-looking statements are based on our current expectations, estimates, forecasts, and projections, these statements involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements may turn out to be inaccurate. You should not place undue reliance on these forward-looking statements. Factors that could materially affect our financial results are included in our Securities and Exchange Commission filings, including the risks identified under the section captioned "Risk Factors" in our quarterly report on Form 10-Q for the quarter ended September 30, 2011. We expressly disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.