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PhotoMedex Inc.
PhotoMedex Inc.
08/18/2012 | Press release
PhotoMedex Board Authorizes $25 Million Share Repurchase
distributed by noodls on 08/18/2012 19:38
MONTGOMERYVILLE, Pa.--(BUSINESS WIRE)--Aug. 18, 2012-- PhotoMedex, Inc. (NASDAQ and TASE: PHMD) today announced that the Board of Directors has authorized the Company to repurchase up to $25 million of its common shares in the open market over the next twelve months, at such times and prices as determined appropriate by the Company's management in collaboration with the Board of Directors. The shares will be purchased with cash on hand.
"Based on expectations for continued future growth, the Board of Directors has decided to strategically deploy its capital by authorizing the repurchase of common shares from time to time depending on market conditions," said Lewis C. Pell, Chairman of PhotoMedex's Board of Directors.
About PhotoMedex
PhotoMedex is a global skin health company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers. The company provides proprietary products and services that address skin diseases and conditions including psoriasis, vitiligo, acne, actinic keratosis (a precursor to certain types of skin cancer) and photo damage. Its experience in the physician market provides the platform to expand its skin health solutions to spa markets, as well as traditional retail, online and infomercial outlets for home-use products. As a result of its December 2011 merger with Radiancy Inc., PhotoMedex has added a range of 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.
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