Exhibit 99.1
PHOTOMEDEX SETTLES LITIGATION WITH EDWARDS LIFESCIENCES
MONTGOMERYVILLE, Pa., Dec. 20 /PRNewswire-FirstCall/ -- PhotoMedex, Inc.
(Nasdaq: PHMD) announced today that it has settled the outstanding litigation
it brought against Edwards Lifesciences Corporation, Edwards Lifesciences LLC
and Baxter Healthcare Corporation.
PhotoMedex brought the action in January 2004 in the Superior Court of
California for Orange County. Trial in the action was scheduled for January
2006. The action concerned an agreement between Edwards and PhotoMedex for
the development and marketing of an excimer laser for use in TMR, or
transmyocardial revascularization, as has been reported in various filings
made by PhotoMedex in the past.
Jeffrey F. O'Donnell, President and CEO of PhotoMedex, commented on the
settlement. "We are pleased to have concluded this matter with Edwards on
terms negotiated and mutually acceptable to the parties. While certain
details of the settlement are subject to confidentiality restrictions, we can
say that the settlement provides some working capital to the Company that will
be useful for our domestic marketing program for the XTRAC(R) excimer laser.
The settlement also frees up management time for continuing to build our
dermatology and surgical businesses."
About PhotoMedex
PhotoMedex is engaged in the development of proprietary excimer laser and
fiber optic systems and techniques directed toward dermatological
applications, with FDA approval to market the XTRAC(R) laser system for the
treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma. In
addition, the Company provides contract medical procedures to hospitals,
surgi-centers and doctors' offices, offering a wide range of products and
services across multiple specialty areas, including dermatology, urology,
gynecology, orthopedics, and other surgical specialties. The Company is a
leader in the development, manufacturing and marketing of medical laser
products and services. In addition as a result of the merger with ProCyte,
PhotoMedex now 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:
Some portions of the press release will contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. While
PhotoMedex is working to achieve those goals, actual results could differ
materially from those projected in the forward-looking statements as a result
of a number of factors, including difficulties in marketing its products and
services, need for capital, competition from other companies and other
factors, any of which could have an adverse effect on the business plans of
PhotoMedex, its reputation in the industry or its results. In light of
significant uncertainties inherent in forward-looking statements included
herein, the inclusion of such information in the press release should not be
regarded as a representation by PhotoMedex or its subsidiaries that the
forward-looking statements will be achieved.
Contact: Allen & Caron, Inc. PhotoMedex, Inc.
Matt Clawson (investors) Dennis McGrath, CFO
949-474-4300 215-619-3287
matt@allencaron.com info@photomedex.com
SOURCE PhotoMedex, Inc.
-0- 12/20/2005
/CONTACT: investors, Matt Clawson of Allen & Caron, Inc.,
+1-949-474-4300, matt@allencaron.com, for PhotoMedex, Inc.; or Dennis McGrath,
CFO of PhotoMedex, Inc., +1-215-619-3287, info@photomedex.com/
/Web site: http://www.photomedex.com /
(PHMD)