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November 1, 2006
By: Ed Kensik
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Montgomery, PA-based PhotoMedex has agreed to sell $11.4 million in common stock. The medical device manufacturer that specializes in laser systems is selling 9.8 million shares of common stock at a price of $1.17 per share, along with warrants to buy about 2.4 million shares of common stock at an exercise price of $1.60 per share. The company was expected to close the private placement on or before November 2. The proceeds are expected to be used to increase the sales force for its Xtrac laser system that’s used to treat a variety of skin disorders.
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