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    <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the Securities and Exchange Commission on May 21, 2004</font></td></tr>
<tr><td align=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No. 333-</font></td></tr>
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      <p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>UNITED STATES</b><BR>
                                                 <b> SECURITIES AND EXCHANGE COMMISSION</b></FONT><BR>
                                                         <FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Washington, DC 20549</b></FONT></p>
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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b> FORM S-8</b><br><b>REGISTRATION STATEMENT</b><br>
<i><b>UNDER</b></i><br><i><b>THE SECURITIES ACT OF 1933</b></i></FONT></p>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Palomar Medical Technologies, Inc.</b></FONT><br>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>(Exact Name of Registrant as Specified in Its Charter)</i></font></p>
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     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>Delaware</b><br>(State or other jurisdiction of incorporation or organization) </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>04-3128178</b><br>(I.R.S. employer identification no.)</FONT></TD></TR>
<tr><td>&nbsp;</td><td>&nbsp;</td>
<td>&nbsp;</td><td>&nbsp;</td></tr>
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     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>82 Cambridge Street, Burlington, MA</b> <br>(Address of principal executive offices) </FONT></TD>
     <TD align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2">01803<br>(Zip code)</FONT></TD></TR>
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<p align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>Palomar Medical Technologies, Inc. 2004 Stock Incentive Plan<br>
Warrants to Purchase Common Stock of Palomar Medical Technologies, Inc.</b><br><i>(Full title of the plans)</i></font></p>
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<p align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Paul S. Weiner<br> Chief Financial Officer<br>
Palomar Medical Technologies, Inc.<br>82 Cambridge Street<br>Burlington, Massachusetts 01803
 <br>(Name and address of agent for service)
<br>(781) 993-2300<br>Telephone number, including area code, of agent for service)</font></p>

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<p align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  <b>CALCULATION OF REGISTRATION FEE</b></font></p>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of<BR>
securities to be<BR>
registered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount<BR>
to be<BR>
registered</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed maximum<BR>
offering price<BR>
per share</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed maximum<BR>
aggregate<BR>
offering price</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount of<BR>
registration<BR>
fee</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
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     <TD WIDTH="35%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common stock, $0.01 par value (1)</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,283,000 (2)</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="16%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 16.56 (3)</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$54,366,480</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$6,889</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common stock, $0.01 par value (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>717,000 (4)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 16.57 (5)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$11,629,740</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1,506</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common stock, $0.01 par value (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>105,000 (6)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 3.1875 (7)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334,688</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$43</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common stock, $0.01 par value (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,000 (8)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 1.96875 (7)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,282</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common stock, $0.01 par value (1)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,000 (9)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 2.8125 (7)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,250</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT">&nbsp;</td><TD ALIGN="RIGHT">&nbsp;</td><TD ALIGN=RIGHT>&nbsp;</td><TD ALIGN=RIGHT>&nbsp;</td>
     <TD ALIGN="RIGHT">&nbsp;</td><TD ALIGN=RIGHT>&nbsp;</td>

<TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8,460</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</font></td><td width=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each share includes one right to purchase shares of our series A participating cumulative preferred stock
pursuant to our rights agreement dated April 20, 1999.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</font> </td><td width=95%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2> Represents shares of common stock issuable upon exercise of stock options outstanding under the Palomar
      Medical Technologies, Inc. 2004 Stock Incentive Plan.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)</font></td><td width=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   Calculated pursuant to Rule 457(h)(1) under the Securities Act of 1933 based on the weighted average exercise
      price per share of the options outstanding under the 2004 Stock Incentive Plan.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)</font></td><td width=95%>  <FONT FACE="Times New Roman, Times, Serif" SIZE=2> Represents shares of common stock issuable upon exercise of the maximum number of stock options that may
      become available for grant pursuant to the terms of the 2004 Stock Incentive Plan.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)</font></td><td width=95%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Calculated pursuant to Rules 457(c) and (h)(1) under the Securities Act of 1933 based on the average of the
      high and low sale prices of the common stock as reported on the Nasdaq National Market on May 18, 2004.
</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6)</font></td><td width=95%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $3.1875 per share.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7) </font></td><td width=95%> <FONT FACE="Times New Roman, Times, Serif" SIZE=2> Calculated pursuant to Rules 457(h)(1) under the Securities Act of 1933 based on the exercise price per share
      of the warrants.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8)</font></td><td width=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $1.96875 per share.</font></td></tr>
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<tr valign=top><td width=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9)</font> </td><td width=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $2.8125 per share.</font>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>PART II </b></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT </b></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 3. Incorporation of
Documents by Reference </b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which we filed with the Securities and Exchange Commission, are
incorporated by reference in this registration statement: </FONT></P>
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               <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Our annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2003; </FONT></P></TD>
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               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Our quarterly report on Form 10-Q for the quarter ended March 31, 2004; and </FONT></P></TD>
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               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
               <TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The description of our common stock contained in our registration statement on
               Form 8-A filed with the Securities and Exchange Commission under Section 12 of
               the Securities Exchange Act of 1934 on June 16, 1992, including any amendment or
               report filed for the purpose of updating such description. </FONT></P></TD>
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               <BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this registration statement and
to be a part hereof from the dates of filing of those documents. </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 4. Description of
Securities </b></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 5. Interest of Named
Experts and Counsel</b> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the securities we are registering is being passed upon by our general counsel,
Patricia A. Davis. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 6. Indemnification
of Directors and Officers </b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145 of the Delaware General Corporation Law, as amended, provides that we may indemnify
any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal or investigative
(other than an action by or in the right of the corporation) by reason of the fact that he
is or was our director, officer, employee or agent or is or was serving at our request as
a director, officer, employee, agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys&#146; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by him in connection
with such action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. Article IX of our bylaws provides that we will provide this level of
indemnification to our directors, executive officers and advisory council members to the
full extent legally permissible, as well as others serving in similar positions in other
enterprises at our request. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-2- </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145 further provides that we similarly may indemnify any such person serving in any such
capacity who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a
judgment in our favor, against expenses actually and reasonably incurred in connection
with the defense or settlement of such action or suit if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Delaware Court of Chancery or such
other court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the
case, such person is fairly and reasonably entitled to indemnity for such expenses which
the Court of Chancery or such other court shall deem proper. Article IX of our bylaws
provides that we will provide this level of indemnification to our directors, executive
officers and advisory council members to the full extent legally permissible, as well as
others serving in similar positions in other enterprises at our request. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws also provide that our board of directors may authorize similar indemnification to
our other employees and agents. In addition, our board of directors may authorize the
purchase and maintenance of insurance for our directors, officers, employees, advisory
council members and agents, as well as others serving in similar positions in other
enterprises at our request, against any liability asserted against such persons as a
result of these positions, whether or not we would have the power to indemnify them for
such liability. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
102(b)(7) of the Delaware General Corporation Law gives us the power to adopt a charter
provision eliminating or limiting the personal liability of our directors to us or our
stockholders for breach of fiduciary duty as directors, provided that such provision may
not eliminate or limit the liability of directors for (i) any breach of the
director&#146;s duty of loyalty to us or our stockholders, (ii) any acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of law, (iii)
any payment of a dividend or approval of a stock purchase that is illegal under Section
174 of the Delaware Corporation Law or (iv) any transaction from which the director
derived an improper personal benefit. Our certificate of incorporation eliminates the
personal liability of our directors to us or our stockholders for monetary damages for
breach of fiduciary duty to the full extent permitted by Delaware law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 7. Exemption from
Registration Claimed </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-3- </FONT></P>
</td></tr>
</table>
 <TABLE WIDTH=600>
<TR><TD>
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<HR SIZE=5 COLOR=GRAY NOSHADE></TD></TR>
</TABLE>
<table width=600><tr><td>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 8.&nbsp; &nbsp; &nbsp; Exhibits</b></FONT></P>

<br>
 </td></tr></table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
<Td colspan=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Exhibit No.</u></b></FONT></Td>
<Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Description</u></b></FONT></Td></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1</FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to
our Registration Statement on Form S-3, Registration No. 333-70391).</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
    <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Designation, Preferences and Rights of the Series A Participating
                        Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to our Quarterly
                        Report on Form 10-Q for the period ended March 31, 1999).</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4.3</FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Amendment of Certificate of Incorporation (incorporated by reference to
                        Exhibit 3.4 of our Annual Report on Form 10-K for the year ended December 31, 2003).
</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4.4</FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
    <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form
                        8-K, filed with the SEC on December 16, 1999).
</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.5  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
   <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specimen certificate for common stock (incorporated by reference to Exhibit 4.1 to our
                        Annual Report on Form 10-K/A for the year ended December 31, 1996).
</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6   </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
    <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Rights Agreement with American Stock Transfer and Trust Company dated April 20, 1999
                        (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April
                        21, 1999).
</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.7  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
   <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Form of Rights Certificate (incorporated by reference to Exhibit 4.3 to our Current Report
                        on Form 8-K filed on April 21, 1999).
</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  5.1  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
 <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Opinion of General Counsel of Palomar.
</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 23.1 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
   <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Consent of Ernst &amp; Young LLP, independent auditors.
</FONT></TD></TR>
</TABLE>

 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 23.2  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Consent of General Counsel of Palomar (included in Exhibit 5.1).
</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  24.1  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Power of Attorney (contained on signature page).

</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 99.1 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
<TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Form of Company Warrant to Purchase Common Stock (for warrants issued at an exercise price
                        of $3.1875 per share).


</FONT></TD></TR>
</TABLE>


  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=top>

<TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.2   </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Form of Company Warrant to Purchase Common Stock (for warrants issued at exercise prices
                        of $1.96875 and $ 2.8125 per share).

</FONT></TD></TR>
</TABLE>
  <br>
<table width=600><tr><td>
<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Item 9.&nbsp;&nbsp; Undertakings</b> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes: </FONT></P>
</td></tr></table>
<br>
<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To file, during any period in which offers or sales are being made, a
               post-effective amendment to this registration statement: </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=8%></TD>
               <TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any prospectus required by Section 10(a)(3) of the Securities Act; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>



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<table width=600>
<tr><td>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-4-</FONT></P>
</td></tr>
</table>
 <TABLE WIDTH=600>
<TR><TD>
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<HR SIZE=5 COLOR=GRAY NOSHADE></TD></TR>
</TABLE>

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          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=8%></TD>
               <TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in the registration statement. Notwithstanding the
               foregoing, any increase or decrease in volume of securities offered (if the
               total dollar value of securities offered would not exceed that which was
               registered) and any deviation from the low or high end of the estimated maximum
               offering range may be reflected in the form of prospectus filed with the
               Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
               and price represent no more than a 20% change in the maximum aggregate offering
               price set forth in the &#147;Calculation of Registration Fee&#148; table in the
               effective registration statement; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 2" FSL="Default" -->
          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=8%></TD>
               <TD WIDTH=92%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE width=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this
registration statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               That, for the purpose of determining any liability under the Securities Act,
               each such post-effective amendment shall be deemed to be a new registration
               statement relating to the securities offered therein, and the offering of such
               securities at that time shall be deemed to be the initial bona fide offering
               thereof; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE width=600 CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To remove from registration by means of post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
<table width=600>
<tr><td>
<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes that, for purposes of determining
          any liability under the Securities Act of 1933, each filing of the
          registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of
          the Exchange Act that is incorporated by reference in the registration statement
          shall be deemed to be a new registration statement relating to the securities
          offered therein, and the offering of such securities at the time shall be deemed
          to be the initial bona fide offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the registrant
          pursuant to the foregoing provisions, or otherwise, the registrant has been
          advised that in the opinion of the Securities and Exchange Commission such
          indemnification is against public policy as expressed in the Act and is,
          therefore, unenforceable. In the event that a claim for indemnification against
          such liabilities (other than the payment by the registrant of expenses incurred
          or paid by a director, officer or controlling person of the registrant in the
          successful defense of any action, suit or proceeding) is asserted by such
          director, officer or controlling person in connection with the securities being
          registered, the registrant will, unless in the opinion of its counsel the matter
          has been settled by</font></p>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-5- </FONT></P>
</td></tr>
</table>
 <TABLE WIDTH=600>
<TR><TD>
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<HR SIZE=5 COLOR=GRAY NOSHADE></TD></TR>
</TABLE>
<table width=600><tr><td>


 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>controlling precedent, submit to a court of appropriate
          jurisdiction the question whether such indemnification by it is against public
          policy as expressed in the Act and will be governed by the final adjudication of
          such issue. </FONT></P></td></tr></table>


<br><br><br>
<table width=600><tr><td>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-6- </FONT></P>
</td></tr>
</table>
 <TABLE WIDTH=600>
<TR><TD>
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</TABLE>
<table width=600><tr><td>





<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>SIGNATURES</b></font></p>
</td></tr></table>
<br>
<table width=600><tr><td>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Burlington, Commonwealth of
Massachusetts, on May 21, 2004. </FONT></P></td></tr></table>

<BR>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Palomar Medical Technologies, Inc.</FONT></TH></TR>
<tr><td>&nbsp;</td><td>&nbsp;</td></tr>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD width=60%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:&nbsp;<u>/s/ Joseph P. Caruso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph P. Caruso</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD></TR>
</TABLE>

<table width=600><tr><td>
<br>





<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>POWER OF ATTORNEY</b></font></p>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL BY THESE PRESENTS that each individual whose signature appears below hereby
constitutes and appoints Joseph P. Caruso, Paul S. Weiner and Patricia A. Davis, and each
of them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and all
documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing which they, or any of them, may deem necessary
or advisable to be done in connection with this Registration Statement, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or any substitute
or substitutes for either or both of them, may lawfully do or cause to be done by virtue
hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been
signed by the following persons in the capacities and on the dates indicated. </FONT></P>
</td></tr></table>
 <br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Signature</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>/s/ Louis P. Valente&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Louis P. Valente</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>
<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u>/s/ Joseph P. Caruso&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">President and Chief Executive Officer </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph P. Caruso</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Principal Executive Officer)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>
<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u> /s/ Paul S. Weiner &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chief Financial Officer, Treasurer </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Paul S. Weiner</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Principal Financial Officer, Principal</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accounting Officer)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>
<br>

<table width=600><tr><td>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-7- </FONT></P>
</td></tr>
</table>
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<TR><TD>
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</TABLE>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u> /s/ Jeanne Cohane  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Jeanne Cohane</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>

<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u> /s/ Nicholas P. Economou    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Nicholas P. Economou  </FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>
<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u>/s/ James G. Martin     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">James G. Martin  </FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>
<br>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=600>
<TR VALIGN="TOP">
     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <u>/s/ A. Neil Pappalardo    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     <TD width=40% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director </FONT></TD>
     <TD width=20%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> May 21, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  A. Neil Pappalardo  </FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR></table>

 <br>
<br>
<table width=600><tr><td>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-8- </FONT></P>
</td></tr>
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<TR><TD>
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<table width=600>
<tr><td>
<p align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit Index</b></font></p>
</td></tr></table>
<br>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
<Td colspan=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Exhibit No.</u></b></FONT></Td>
<Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Description</u></b></FONT></Td></TR>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.1 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to
                        our Registration Statement on Form S-3, Registration No. 333-70391).</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.2 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Designation, Preferences and Rights of the Series A Participating
                        Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to our Quarterly Report on Form 10-Q for the period ended March 31, 1999).</FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.3 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Amendment of Certificate of Incorporation (incorporated by reference to
                        Exhibit 3.4 of our Annual Report on Form 10-K for the year ended December 31, 2003).</FONT></TD></TR>
</table>

 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4.4  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form
                        8-K, filed with the SEC on December 16, 1999).</FONT></TD></TR>
</table>

 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4.5  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Specimen certificate for common stock (incorporated by reference to Exhibit 4.1 to our
                        Annual Report on Form 10-K/A for the year ended December 31, 1996).</FONT></TD></TR>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4.6 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Rights Agreement with American Stock Transfer and Trust Company dated April 20, 1999
                        (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April
                        21, 1999).</FONT></TD></TR>
</table>

 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  4.7 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Form of Rights Certificate (incorporated by reference to Exhibit 4.3 to our Current Report
                        on Form 8-K filed on April 21, 1999).</FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  5.1</FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Opinion of General Counsel of Palomar.</FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  23.1 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     Consent of Ernst &amp; Young LLP, independent auditors.</FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  23.2 </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    Consent of General Counsel of Palomar (included in Exhibit 5.1).</FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>

<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   24.1  </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Power of Attorney (contained on signature page). </FONT></TD></TR>
</table>
 <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   99.1   </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  Form of Company Warrant to Purchase Common Stock (for warrants issued at an exercise price
of $3.1875 per share). </FONT></TD></TR>
</table>

  <TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=top>
     <TD WIDTH=7% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 99.2   </FONT></TD>
<TD WIDTH=3% ALIGN=right></td>
  <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Form of Company Warrant to Purchase Common Stock (for warrants issued at exercise prices
                        of $1.96875 and $ 2.8125 per share).
</FONT></TD></TR>
</table>
<table width=600><tr><td>
 <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-9- </FONT></P>
</td></tr>
</table>
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[{"type": "S-8", "sequence": "1", "filename": "s8.htm", "secsgml_size_bytes": 61841}]
{"company-data": {"conformed-name": "PALOMAR MEDICAL TECHNOLOGIES INC", "cik": "0000881695", "assigned-sic": "3845", "irs-number": "043128178", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115719", "film-number": "04823450"}, "business-address": {"street1": "82 CAMBRIDGE STREET", "street2": "SUITE 1", "city": "BURLINGTON", "state": "MA", "zip": "01803", "phone": "7819932300"}, "mail-address": {"street1": "82 CAMBRIDGE STREET", "street2": "SUITE 1", "city": "BURLINGTON", "state": "MA", "zip": "01803"}}
As filed with the Securities and Exchange Commission on May 21, 2004
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Palomar Medical Technologies, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or other jurisdiction of incorporation or organization)
04-3128178
(I.R.S. employer identification no.)
82 Cambridge Street, Burlington, MA
(Address of principal executive offices)
01803
(Zip code)
Palomar Medical Technologies, Inc. 2004 Stock Incentive Plan
Warrants to Purchase Common Stock of Palomar Medical Technologies, Inc.
(Full title of the plans)
Paul S. Weiner
Chief Financial Officer
Palomar Medical Technologies, Inc.
82 Cambridge Street
Burlington, Massachusetts 01803
(Name and address of agent for service)
(781) 993-2300
Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of
securities to be
registered
Amount
to be
registered
Proposed maximum
offering price
per share
Proposed maximum
aggregate
offering price
Amount of
registration
fee
common stock, $0.01 par value (1)
3,283,000 (2)
$ 16.56 (3)
$54,366,480
$6,889
common stock, $0.01 par value (1)
717,000 (4)
$ 16.57 (5)
$11,629,740
$1,506
common stock, $0.01 par value (1)
105,000 (6)
$ 3.1875 (7)
$     334,688
$43
common stock, $0.01 par value (1)
55,000 (8)
$ 1.96875 (7)
$     108,282
$14
common stock, $0.01 par value (1)
20,000 (9)
$ 2.8125 (7)
$       56,250
$8
Total
$8,460
(1)
Each share includes one right to purchase shares of our series A participating cumulative preferred stock
pursuant to our rights agreement dated April 20, 1999.
(2)
Represents shares of common stock issuable upon exercise of stock options outstanding under the Palomar
      Medical Technologies, Inc. 2004 Stock Incentive Plan.
(3)
Calculated pursuant to Rule 457(h)(1) under the Securities Act of 1933 based on the weighted average exercise
      price per share of the options outstanding under the 2004 Stock Incentive Plan.
(4)
Represents shares of common stock issuable upon exercise of the maximum number of stock options that may
      become available for grant pursuant to the terms of the 2004 Stock Incentive Plan.
(5)
Calculated pursuant to Rules 457(c) and (h)(1) under the Securities Act of 1933 based on the average of the
      high and low sale prices of the common stock as reported on the Nasdaq National Market on May 18, 2004.
(6)
Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $3.1875 per share.
(7)
Calculated pursuant to Rules 457(h)(1) under the Securities Act of 1933 based on the exercise price per share
      of the warrants.
(8)
Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $1.96875 per share.
(9)
Represents shares of common stock issuable upon exercise of various common stock purchase warrants issued to
      certain of our directors that are exercisable at $2.8125 per share.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of
Documents by Reference
The
following documents, which we filed with the Securities and Exchange Commission, are
incorporated by reference in this registration statement:
(a)
Our annual report on Form 10-K for the fiscal year ended December 31, 2003;
(b)
Our quarterly report on Form 10-Q for the quarter ended March 31, 2004; and
(c)
The description of our common stock contained in our registration statement on
               Form 8-A filed with the Securities and Exchange Commission under Section 12 of
               the Securities Exchange Act of 1934 on June 16, 1992, including any amendment or
               report filed for the purpose of updating such description.
All
documents we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this registration statement and
to be a part hereof from the dates of filing of those documents.
Item 4. Description of
Securities
Not
Applicable.
Item 5. Interest of Named
Experts and Counsel
The
validity of the securities we are registering is being passed upon by our general counsel,
Patricia A. Davis.
Item 6. Indemnification
of Directors and Officers
Section
145 of the Delaware General Corporation Law, as amended, provides that we may indemnify
any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal or investigative
(other than an action by or in the right of the corporation) by reason of the fact that he
is or was our director, officer, employee or agent or is or was serving at our request as
a director, officer, employee, agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by him in connection
with such action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful. Article IX of our bylaws provides that we will provide this level of
indemnification to our directors, executive officers and advisory council members to the
full extent legally permissible, as well as others serving in similar positions in other
enterprises at our request.
-2-
Section
145 further provides that we similarly may indemnify any such person serving in any such
capacity who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a
judgment in our favor, against expenses actually and reasonably incurred in connection
with the defense or settlement of such action or suit if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim,
issue or matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Delaware Court of Chancery or such
other court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the
case, such person is fairly and reasonably entitled to indemnity for such expenses which
the Court of Chancery or such other court shall deem proper. Article IX of our bylaws
provides that we will provide this level of indemnification to our directors, executive
officers and advisory council members to the full extent legally permissible, as well as
others serving in similar positions in other enterprises at our request.
Our
bylaws also provide that our board of directors may authorize similar indemnification to
our other employees and agents. In addition, our board of directors may authorize the
purchase and maintenance of insurance for our directors, officers, employees, advisory
council members and agents, as well as others serving in similar positions in other
enterprises at our request, against any liability asserted against such persons as a
result of these positions, whether or not we would have the power to indemnify them for
such liability.
Section
102(b)(7) of the Delaware General Corporation Law gives us the power to adopt a charter
provision eliminating or limiting the personal liability of our directors to us or our
stockholders for breach of fiduciary duty as directors, provided that such provision may
not eliminate or limit the liability of directors for (i) any breach of the
director's duty of loyalty to us or our stockholders, (ii) any acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of law, (iii)
any payment of a dividend or approval of a stock purchase that is illegal under Section
174 of the Delaware Corporation Law or (iv) any transaction from which the director
derived an improper personal benefit. Our certificate of incorporation eliminates the
personal liability of our directors to us or our stockholders for monetary damages for
breach of fiduciary duty to the full extent permitted by Delaware law.
Item 7. Exemption from
Registration Claimed
Not
Applicable.
-3-
Item 8.      Exhibits
Exhibit No.
Description
4.1
Second Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to
our Registration Statement on Form S-3, Registration No. 333-70391).
4.2
Certificate of Designation, Preferences and Rights of the Series A Participating
                        Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to our Quarterly
                        Report on Form 10-Q for the period ended March 31, 1999).
4.3
Certificate of Amendment of Certificate of Incorporation (incorporated by reference to
                        Exhibit 3.4 of our Annual Report on Form 10-K for the year ended December 31, 2003).
4.4
Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form
                        8-K, filed with the SEC on December 16, 1999).
4.5
Specimen certificate for common stock (incorporated by reference to Exhibit 4.1 to our
                        Annual Report on Form 10-K/A for the year ended December 31, 1996).
4.6
Rights Agreement with American Stock Transfer and Trust Company dated April 20, 1999
                        (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April
                        21, 1999).
4.7
Form of Rights Certificate (incorporated by reference to Exhibit 4.3 to our Current Report
                        on Form 8-K filed on April 21, 1999).
5.1
Opinion of General Counsel of Palomar.
23.1
Consent of Ernst & Young LLP, independent auditors.
23.2
Consent of General Counsel of Palomar (included in Exhibit 5.1).
24.1
Power of Attorney (contained on signature page).
99.1
Form of Company Warrant to Purchase Common Stock (for warrants issued at an exercise price
                        of $3.1875 per share).
99.2
Form of Company Warrant to Purchase Common Stock (for warrants issued at exercise prices
                        of $1.96875 and $ 2.8125 per share).
Item 9.   Undertakings
(a)       
          The undersigned registrant hereby undertakes:
(1)       
               To file, during any period in which offers or sales are being made, a
               post-effective amendment to this registration statement:
(i)       
               To include any prospectus required by Section 10(a)(3) of the Securities Act;
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(ii)       
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in the registration statement. Notwithstanding the
               foregoing, any increase or decrease in volume of securities offered (if the
               total dollar value of securities offered would not exceed that which was
               registered) and any deviation from the low or high end of the estimated maximum
               offering range may be reflected in the form of prospectus filed with the
               Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
               and price represent no more than a 20% change in the maximum aggregate offering
               price set forth in the "Calculation of Registration Fee" table in the
               effective registration statement; and
(iii)       
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement;
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this
registration statement.
(2)       
               That, for the purpose of determining any liability under the Securities Act,
               each such post-effective amendment shall be deemed to be a new registration
               statement relating to the securities offered therein, and the offering of such
               securities at that time shall be deemed to be the initial bona fide offering
               thereof; and
(3)       
               To remove from registration by means of post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.
(b)       
          The undersigned registrant hereby undertakes that, for purposes of determining
          any liability under the Securities Act of 1933, each filing of the
          registrant's annual report pursuant to Section 13(a) or Section 15(d) of
          the Exchange Act that is incorporated by reference in the registration statement
          shall be deemed to be a new registration statement relating to the securities
          offered therein, and the offering of such securities at the time shall be deemed
          to be the initial bona fide offering thereof.
(c)       
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the registrant
          pursuant to the foregoing provisions, or otherwise, the registrant has been
          advised that in the opinion of the Securities and Exchange Commission such
          indemnification is against public policy as expressed in the Act and is,
          therefore, unenforceable. In the event that a claim for indemnification against
          such liabilities (other than the payment by the registrant of expenses incurred
          or paid by a director, officer or controlling person of the registrant in the
          successful defense of any action, suit or proceeding) is asserted by such
          director, officer or controlling person in connection with the securities being
          registered, the registrant will, unless in the opinion of its counsel the matter
          has been settled by
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controlling precedent, submit to a court of appropriate
          jurisdiction the question whether such indemnification by it is against public
          policy as expressed in the Act and will be governed by the final adjudication of
          such issue.
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SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Burlington, Commonwealth of
Massachusetts, on May 21, 2004.
Palomar Medical Technologies, Inc.
By:
/s/ Joseph P. Caruso
Joseph P. Caruso
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW
ALL BY THESE PRESENTS that each individual whose signature appears below hereby
constitutes and appoints Joseph P. Caruso, Paul S. Weiner and Patricia A. Davis, and each
of them, his or her true and lawful attorneys-in-fact and agents with full power of
substitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and all
documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing which they, or any of them, may deem necessary
or advisable to be done in connection with this Registration Statement, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or any substitute
or substitutes for either or both of them, may lawfully do or cause to be done by virtue
hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been
signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Louis P. Valente
Chairman of the Board
May 21, 2004
Louis P. Valente
/s/ Joseph P. Caruso
President and Chief Executive Officer
May 21, 2004
Joseph P. Caruso
(Principal Executive Officer)
/s/ Paul S. Weiner
Chief Financial Officer, Treasurer
May 21, 2004
Paul S. Weiner
(Principal Financial Officer, Principal
Accounting Officer)
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/s/ Jeanne Cohane
Director
May 21, 2004
Jeanne Cohane
/s/ Nicholas P. Economou
Director
May 21, 2004
Nicholas P. Economou
/s/ James G. Martin
Director
May 21, 2004
James G. Martin
/s/ A. Neil Pappalardo
Director
May 21, 2004
A. Neil Pappalardo
-8-
Exhibit Index
Exhibit No.
Description
4.1
Second Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to
                        our Registration Statement on Form S-3, Registration No. 333-70391).
4.2
Certificate of Designation, Preferences and Rights of the Series A Participating
                        Cumulative Preferred Stock (incorporated by reference to Exhibit 4.2 to our Quarterly Report on Form 10-Q for the period ended March 31, 1999).
4.3
Certificate of Amendment of Certificate of Incorporation (incorporated by reference to
                        Exhibit 3.4 of our Annual Report on Form 10-K for the year ended December 31, 2003).
4.4
Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form
                        8-K, filed with the SEC on December 16, 1999).
4.5
Specimen certificate for common stock (incorporated by reference to Exhibit 4.1 to our
                        Annual Report on Form 10-K/A for the year ended December 31, 1996).
4.6
Rights Agreement with American Stock Transfer and Trust Company dated April 20, 1999
                        (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April
                        21, 1999).
4.7
Form of Rights Certificate (incorporated by reference to Exhibit 4.3 to our Current Report
                        on Form 8-K filed on April 21, 1999).
5.1
Opinion of General Counsel of Palomar.
23.1
Consent of Ernst & Young LLP, independent auditors.
23.2
Consent of General Counsel of Palomar (included in Exhibit 5.1).
24.1
Power of Attorney (contained on signature page).
99.1
Form of Company Warrant to Purchase Common Stock (for warrants issued at an exercise price
of $3.1875 per share).
99.2
Form of Company Warrant to Purchase Common Stock (for warrants issued at exercise prices
                        of $1.96875 and $ 2.8125 per share).
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