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.
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.