PhotoMedex, Inc. (NasdaqGS: PHMD) today announced that its application for registration of shares of its common stock for dual listing on the Tel-Aviv Stock Exchange (the “TASE”) has been accepted and will commence trading on the TASE on May 3, 2012 under the ticker symbol PHMD.TA. The Company’s common stock will continue to be listed on the NASDAQ Global Select Market in the United States under the ticker symbol PHMD and will remain subject to the rules and regulations of NASDAQ and the U.S. Securities and Exchange Commission.
"We congratulate and welcome PhotoMedex to the Tel-Aviv Stock Exchange,” said Ester Levanon, CEO of the TASE. “The TASE is the home of Israel’s innovative and growing companies and with PhotoMedex’s significant market value it will be part of the TASE's major indices. We are committed to the TASE being a leading and sophisticated stock exchange, especially in the technology and biotechnology areas by bringing significant companies like PhotoMedex to the local market. We encourage Israeli oriented companies traded abroad to dual list on the TASE and believe that it provides many benefits, including exposure to more investors, extended trading hours, investments by specialized ETFs and mutual funds as well as access of local institutional and private investors to global growing companies such as PhotoMedex. "
Dr. Dolev Rafaeli, chief executive officer of PhotoMedex, said, “We are very happy to join the TASE with a dual listing as PhotoMedex has a strong connection to the Israeli community with offices in Hod Hasharon. We view our listing on the TASE as a logical extension of our strong presence in Israel and our connection to its vibrant medical technology sector.”
TASE links to the U.S. markets with a direct link to DTC, a subsidiary of the Depository Trust and Clearing Corporation, which facilitates the trading of dual-listed securities.
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!™ 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 or maintain 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, and are available on the SEC’s web site at www.sec.gov.
Kim Sutton Golodetz (investors), 212-838-3777
Bruce Voss, 310-691-7100
Dennis McGrath, 215-619-3287
President & CFO
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