Health & Fitness
Health and Fitness
Health and Fitness
Tue, January 27, 2009 PhotoMedex Announces Effectiveness of 1-for-7 Reverse Stock Split
MONTGOMERYVILLE, Pa.--([ BUSINESS WIRE ])--PhotoMedex, Inc. (Nasdaq:PHMD) announced today the effectiveness of the reverse split of its common stock in the ratio of 1-for-7. The Company's common stock will begin trading at the market opening on January 27, 2009 on a split-adjusted basis under the symbol PHMDD for a period of 20 business days, or February 25, 2008, at which time the stock symbol will revert back to PHMD. The reverse split is intended to enable the Company to increase its marketability to institutional investors and to maintain its listing on the Nasdaq Global Market, among other benefits. As a result of the stock split, the Company now has 9,004,601 shares outstanding.
"The reverse split is part of a series of strategic actions we are taking to strengthen our financial position for future growth and development," commented Jeffrey O'Donnell, chief executive officer of PhotoMedex.
A new CUSIP identification number of 719358202 will be assigned to all stock certificates to differentiate them from pre-split certificates. Stockholders who have existing stock certificates will receive instructions from the Company's transfer agent, StockTrans, Inc., on how to exchange their stock certificates.
About PhotoMedex
PhotoMedex is engaged in the development of proprietary excimer laser and fiber optic systems and techniques directed toward dermatological applications, with FDA 510(k) clearances to market the XTRAC® laser system for the treatment of psoriasis, vitiligo, atopic dermatitis and The Company is a leader in the development, manufacturing and marketing of medical laser products and services. In addition, as a result of the merger with ProCyte, PhotoMedex now develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. PhotoMedex sells directly to dermatologists, plastic and cosmetic surgeons, and salons. ProCyte brands include Neova®, Ti-Silc®, VitalCopper®, Simple Solutions® and AquaSanté®.
This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
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