MONTGOMERYVILLE, Pa., Apr 27, 2012 (BUSINESS WIRE) --PhotoMedex, Inc. (NasdaqGS: PHMD) today announced that it intends to file an application for registration of shares of its common stock for dual listing on the Tel-Aviv Stock Exchange (the "TASE"), as approved by the Company's board of directors. Dual listing on the TASE is allowed under Israeli law without any additional regulatory requirements for companies whose shares are listed on certain accredited stock exchanges outside of Israel, including the NASDAQ Global Select Market.
Upon being accepted for listing, PhotoMedex will be assigned a TASE ticker symbol and will be eligible for inclusion in TASE indices.
In the event that PhotoMedex's ordinary shares are accepted for listing on the TASE, such shares will continue to be listed on the NASDAQ Global Select Market in the United States, and PhotoMedex will remain subject to the rules and regulations of NASDAQ and of the U.S. Securities and Exchange Commission.
Dr. Dolev Rafaeli, chief executive officer of PhotoMedex said, "We believe that listing the Company's shares on the TASE will provide additional exposure to the Israeli investment community, and thus will increase interest in PhotoMedex among Israel's large and sophisticated institutional investors, increase trading volume if PhotoMedex's ordinary shares are included in the various TASE indices, as well as provide trading access for European investors during regular European business hours. We look forward to completing our application and subsequent approval by the TASE."
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!(TM) 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.
Investors are cautioned that statements in this press release constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks related to the satisfaction of customary listing conditions related to the dual listing. There can be no assurance that PhotoMedex will be able to complete the dual listing requirements. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed in PhotoMedex's periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2011, available on the SEC's web site at http://www.sec.gov.
SOURCE: PhotoMedex, Inc.
Kim Sutton Golodetz (investors)
Dennis McGrath, President & CFO