Healthcare Industry News: psoriasis
News Release - September 12, 2008
PhotoMedex Now Distributing Omnilux Photodynamic Therapy Line by Photo Therapeutics
Omnilux(TM) Broadens Offering to U.S. Dermatologists, Adds Treatment Options for Acne, Ocular Wrinkles, Superficial Wounds, Non-Melanoma Skin CancersMONTGOMERYVILLE, Pa.--(HSMN NewsFeed)--PhotoMedex, Inc. (NASDAQ:PHMD ), a leader in the development of proprietary excimer laser systems and science based skin care products, today announced a broad extension of its therapeutic product offerings to U.S. dermatologists in anticipation of its planned acquisition of Photo Therapeutics Limited.
PhotoMedex has entered into a distribution agreement with Photo Therapeutics, a leader in Light-Emitting Diode (LED) technology and the maker of the Omnilux™ line of products utilizing narrowband LED technology. The Omnilux product line provides physicians with significant new choices for the treatment of acne, ocular wrinkles, wound therapy and other conditions. Under the Agreement, the Omnilux products will be sold by PhotoMedex’s direct sales organization to Dermatologists and Plastic Surgeons in the United States.
Omnilux products deliver pure, optimized, narrowband light via a matrix of LEDs positioned to deliver light uniformly to the treatment area and include:
- Omnilux Blue™, for the treatment of acne and actinic keratosis.
- Omnilux Plus™, for the treatment of wound healing and skin rejuvenation.
- Omnilux Revive™, which is used for skin rejuvenation, or in combination with Omnilux Blue for the treatment of acne or with Omnilux Plus for wound healing.
“Photo Therapeutics products will complement our current product lines and expand our product offering,” said Jeff O’Donnell, president and CEO of PhotoMedex. “With our established sales force, we are well positioned to immediately and aggressively market these new products.”
R. Rox Anderson, Professor at Harvard Medical School, Adjunct Professor at MIT and Director of the Wellman Center for Photomedicine at Massachusetts General Hospital, added, “PhotoMedex is poised for the future and uniquely qualified to lead the way in this rapidly developing field.”
PhotoMedex and Photo Therapeutics products are available directly from PhotoMedex. For more information, visit www.photomedex.com or www.phototherapeutics.com.
About the proposed Photo Therapeutics Acquisition
On August 4, 2008, PhotoMedex, Inc. announced the signing of a definitive purchase agreement to acquire Photo Therapeutics Limited. The proposed acquisition is expected to close in the fourth quarter of 2008.
About Photo Therapeutics
Photo Therapeutics is a developer and provider of non-laser light devices and associated skin care products for the treatment of a range of clinical and aesthetic dermatological conditions. The company operates out of three primary business segments: Professional Devices, Home Use Devices and Skin Care Consumables. The company has a large professional installed base in physician offices, spas and salons. Photo Therapeutics’ Omnilux and Lumiere product platforms have generated significant brand equity among professionals and end users given their proven efficacy, ease of use and noninvasive, pain-free regimes. The company’s systems treat a wide range of dermatological conditions including acne, photodamage, skin rejuvenation, psoriasis, post-surgery wound healing and non-melanoma skin cancer.
LED technology is based on photo biomodulation and dynamics rather than photo-thermolysis. Photo Therapeutics has recently developed the Omnilux Clear-U and Omnilux New-U, two OTC consumer products addressing the acne and skin rejuvenation markets. The company’s home-use products are designed to deliver the same clinical results as their well established professional products. To augment the effects of the Omnilux OTC product line, Photo Therapeutics provides a diverse line of photoceuticals, which generate incremental recurring revenue per end user. Photo Therapeutics’ LED technology is protected by 18 patents and 20 applications, which the company believes will restrict other parties from developing similar products.
About PhotoMedex
PhotoMedex offers a wide range of products and services across multiple specialty areas, including dermatology, urology, gynecology, orthopedics and other surgical specialties. PhotoMedex is a leader in the development, manufacturing and marketing of medical laser products and services. PhotoMedex also 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, spas and salons and through licenses with strategic partners into the consumer market, including a long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte brands include Neova(R), Ti-Silc(R), VitalCopper(R), Simple Solutions(R) and AquaSante(R).
Safe Harbor Statement
This press release contains 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 managements' 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. The forward-looking statements contained in this release include statements about future financial and operating results of Photo Therapeutics Limited and Photo Therapeutics, Inc. and PhotoMedex, Inc. (“PhotoMedex”), the proposed acquisition of Photo Therapeutics Limited and Photo Therapeutics, Inc. by PhotoMedex (the “Proposed Acquisition”).
The following risks and factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: risk that the Proposed Acquisition and the Proposed Financing will not be consummated or will not be consummated during the fourth quarter of 2008; risk that Photo Therapeutics’ business may not be integrated successfully with that of PhotoMedex; that there will be substantial costs related to the Proposed Acquisition and the Proposed Financing; risk of subsequent default and forced repayment under the convertible notes to be issued in the Proposed Financing if any breach occurs related to these convertible notes; failure to receive the stockholder approvals described above related to the Proposed Acquisition and the Proposed Financing; risks relating to technology and product development, market acceptance, government regulation and regulatory approval processes, intellectual property rights and litigation, dependence on strategic partners, ability to obtain financing, competitive products and other risks identified in PhotoMedex’s filings with Securities and Exchange Commission (the “SEC”). PhotoMedex is under no obligation to (and expressly disclaims any such obligation to) update or alter these forward-looking statements, whether as a result of new information, future events or otherwise.
In connection with seeking stockholder approval of the Proposed Financing, PhotoMedex intends to file proxy materials and other relevant documents with the SEC. PhotoMedex’s stockholders are urged to read the proxy statement (and any other relevant documents filed) with the SEC when they become available, because they will contain important information about the Proposed Financing. PhotoMedex will mail the definitive proxy statement to its stockholders, who may also obtain free copies of the final proxy statement, as well as PhotoMedex’s other filings, without charge, at the SEC’s Web site (www.sec.gov) when they become available. Copies of the filings may also be obtained without charge from the Company by directing a request to: 147 Keystone Drive, Montgomeryville, Pennsylvania, 18936, Attention: General Counsel.
The Company’s directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from stockholders in respect of the Proposed Financing. Information regarding PhotoMedex’s directors and executive officers is available in the Company’s 2007 Annual Report on Form 10-K, filed with the SEC on March 17, 2008, as amended by the Company’s annual report on Form 10-K/A as filed with the SEC on May 8, 2008. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.
Source: PhotoMedex
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