PhotoMedex Sells XTRAC® Business to MELA Sciences for $42.5 Million, Pays off All Outstanding Debt
23 Junio 2015 - 7:00AM
Business Wire
PhotoMedex, Inc. (NasdaqGS and TASE:PHMD) announces the
sale of its worldwide XTRAC® and VTRAC® psoriasis and vitiligo
treatment businesses to MELA Sciences, Inc. (Nasdaq:MELA) for $42.5
million in cash. In addition, the company announces it has paid off
in full all outstanding debt, which totaled $40.1 million as of
June 22, 2015.
“PhotoMedex is now able to focus solely on our core consumer and
skincare businesses, including the no!no!™, Kyrobak® and Neova®
brands, without the burden of debt payments and the restrictions of
forbearance agreements. These highly-regarded and established
brands are sold worldwide via direct-to-consumer, retail and
distribution channels, and through more than 2,400 U.S. dermatology
and plastic surgery offices,” said Dr. Dolev Rafaeli, chief
executive officer of PhotoMedex.
“PhotoMedex is a global company with our North America consumer
marketing efforts served by Radiancy Inc. from our offices in New
York, Europe served by PhotoTherapeutics LTD from our offices in
the U.K. and the global distribution markets, which include our
recently announced no!no! re-launch in Japan by Radiancy LTD,
served by our offices in Israel,” he added. “In addition, our
15-person Neova sales team is focused on providing product
launches, training and customer service to physicians in the U.S.
market.”
About PhotoMedex
PhotoMedex is a global skin health company providing aesthetic
solutions to dermatologists, professional aestheticians and
consumers. The company provides proprietary products and services
that address skin diseases and conditions including acne and photo
damage. Its long-held experience in the physician market provides
the platform to expand its skin health solutions to spa markets, as
well as traditional retail, online and direct to consumer outlets
for home-use products. PhotoMedex sells home-use devices under the
no!no!™ brand for various indications including hair removal, acne
treatment and skin rejuvenation. The company also offers a
professional product line for acne clearance, skin tightening,
psoriasis care and hair removal sold to physician clinics and
spas.
SAFE HARBOR STATEMENT
Some portions of the press release, particularly those
describing PhotoMedex' strategies, operating expense reductions and
business plans contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks, uncertainties and other factors.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements,
including any statements of the plans, strategies and objectives of
management for future operations; any statements regarding product
development, product extensions, product integration or product
marketing; any statements regarding continued compliance with
government regulations, changing legislation or regulatory
environments; any statements of expectation or belief and any
statements of assumptions underlying any of the foregoing. In
addition, there are risks and uncertainties related to our ability
to ensure continued regulatory compliance, performance and/or
market growth. These risks, uncertainties and other factors,
and the general risks associated with the businesses of the Company
described in the reports and other documents filed with the SEC,
could cause actual results to differ materially from those referred
to, implied or expressed in the forward-looking statements.
The Company cautions readers not to rely on these
forward-looking statements. All forward-looking statements
are based on information currently available to the Company and are
qualified in their entirety by this cautionary statement.
The Company anticipates that subsequent events and developments
will cause its views to change. The information contained in
this press release speaks as of the date hereof and the Company has
or undertakes no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150623005365/en/
PhotoMedex, Inc.Dennis McGrath, 215-619-3287Chief Financial
Officerinfo@photomedex.comorLHAKim Sutton Golodetz,
212-838-3777orKgolodetz@lhai.comBruce Voss,
310-691-7100Bvoss@lhai.com@LHA_IR_PR
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