Key Developments For PhotoMedex, Inc.
PhotoMedex, Inc. (PHMD.O) (Consolidated Issue listed on NASDAQ Global Market)
PhotoMedex, Inc. Appoints Christina L. Allgeier As Chief Financial Officer
PhotoMedex, Inc. announced that Christina L. Allgeier has been promoted to the post of Chief Financial Officer of the Company, effective November 4, 2009.
PhotoMedex, Inc. Raises $2.7 Million In Private Placement of Common Stock
PhotoMedex, Inc. announced that it has closed a private placement of approximately 4.17 million shares of its common stock at a price of $0.65 per share. Gross proceeds from the private placement are approximately $2.7 million. The purchasers were accredited investors, some of which were institutions. No finders' fees or warrants were involved in the placement. The Company intends to use the proceeds from the private placement for general working capital purposes.
PhotoMedex, Inc. Appoints New CEO
PhotoMedex, Inc. announced that Jeffrey O`Donnell, President and Chief Executive Officer (CEO), has resigned from the Company and the Board of Directors to pursue other business interests. The Board of Directors appointed Dennis McGrath, as President and CEO, effective immediately. Mr. McGrath joined PhotoMedex in January 2000, and has served as its Chief Financial Officer since that time.
PhotoMedex, Inc. Unveils XTRAC Laser Post Procedure Kit
PhotoMedex, Inc. announced that it has unveiled the XTRAC Laser Post Procedure Kit, a new three product system that clinics can offer their patients to speed healing, comfort and protection to post treatment skin.
PhotoMedex, Inc. Completes Acquisition of Photo Therapeutics Limited
PhotoMedex, Inc. announced the closing of the acquisition of Photo Therapeutics Limited. Under the terms of the agreement the initial purchase price of $13 million was paid at closing, and up to an additional $7 million of consideration will be paid to the sellers if certain gross profit milestones are met by Photo Therapeutics between July 1, 2008 and June 30, 2009, subject to customary adjustments. The acquisition was funded through a convertible debt investment of $18 million by an investment fund managed by Perseus, L.L.C., which financed the $13 million purchase price of the acquisition, and a further $5 million in working capital at the closing of the acquisition. Under the terms of Perseus' investment, Perseus will make up to an additional $7 million convertible debt investment in PhotoMedex in the event the additional consideration is payable under the terms of the Photo Therapeutics acquisition. After the payment of approximately $2 million of transaction expenses associated with the acquisition and Perseus investment, the Company will have approximately $3 million remaining for use as working capital.
