PhotoMedex Completes Sale of Common Stock for $40 Million

PhotoMedex, Inc. (NasdaqGS: PHMD) expects gross proceeds of $40 million, before deducting underwriting discounts, commissions and other offering expenses, from recent sale of shares of common stock. The company closed concurrent registered offerings of 3,023,432 shares of its common stock at $13.23 per share. PhotoMedex says it intends to use the net proceeds from the offerings for general corporate purposes, including capital expenditures, continued product development, sales and marketing initiatives, and working capital. Canaccord Genuity acted as the sole book-running manager with respect to the offering of 2,082,522 shares, and Maxim Group LLC is acting as co-manager. The remaining shares were issued directly by PhotoMedex to select institutional investors. A shelf registration statement together with an accompanying base prospectus on Form S-3 relating to the shares was filed with the U.S. Securities and Exchange Commission (SEC) and is effective. The offerings were made only by means of a prospectus supplement and accompanying prospectus. These documents are available at the SEC website or by telephone at 617-371-3900.