Exhibit 99.1
[LOGO OF PHOTOMEDEX]
Contact: Allen & Caron, Inc. PhotoMedex, Inc.
Matt Clawson (investors) Dennis McGrath, CFO
949-474-4300 215-619-3287
matt@allencaron.com info@photomedex.com
PHOTOMEDEX SIGNS EXCLUSIVE LICENSE AGREEMENT WITH
MOUNT SINAI SCHOOL OF MEDICINE
MONTGOMERYVILLE, PA - April 10, 2006 - PhotoMedex, Inc. (Nasdaq: PHMD) today
announced that the Mount Sinai School of Medicine of New York University has
granted PhotoMedex an exclusive license to use Mount Sinai's patented
methodology for utilization of ultraviolet laser light for the treatment of
vitiligo. Vitiligo is a disease of the skin which results in loss of
pigmentation and can be devastating to those afflicted. There are approximately
40 million people worldwide suffering with vitiligo. PhotoMedex's XTRAC(R) laser
system is an ideal modality to provide the treatments necessary to treat the
disease. The licensed patent is US Patent No. 6,979,327, Treatment of Vitiligo.
It was issued December 27, 2005, and the inventor is James M. Spencer, MD.
President and Chief Executive Officer Jeffrey F. O'Donnell said: "Mount Sinai
carries a tremendous amount of credibility in the healthcare industry and we are
very pleased to have obtained the exclusive rights to their seminal, patented
methodology for treatment of vitiligo. The XTRAC laser system, combined with
Mount Sinai's patented methodology, provides what we believe is the most
effective tool in combating this emotionally devastating disease that affects
millions of people worldwide. The XTRAC is already a force in the treatment of
psoriasis, and we believe that this license agreement also paves the road for
the XTRAC to become accepted as the most effective treatment for vitiligo. The
license strengthens our domestic business model as well. Only physicians using
the XTRAC laser system will be authorized to practice the method taught in Dr.
Spencer's patent, and only our sales force and other authorized representatives
may teach this method to physicians wishing to utilize ultraviolet laser light
to treat vitiligo."
Dr. Mark Lebwohl, the chair of the dermatology department at Mount Sinai School
of Medicine, said: "We are pleased to be able to partner with PhotoMedex to
provide this treatment alternative to people suffering from vitiligo. PhotoMedex
is a leader in focused UV laser light therapy for the treatment of inflammatory
skin disorders. The XTRAC laser has already been proven to be highly effective
and safe for psoriasis. We believe that vitiligo, a condition for which there
are few rapidly effective treatments, is another compelling indication for the
XTRAC. PhotoMedex will have exclusive rights to pursue the therapeutic approach
embodied in Dr.
Spencer's patent."
MOUNT SINAI SCHOOL OF MEDICINE:
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Located in Manhattan, Mount Sinai School of Medicine is internationally
recognized for ground-breaking clinical and basic-science research, and
innovative approaches to medical education. The Department of Dermatology at
Mount Sinai is of international stature and renown, drawing patients from around
the world for treatment of inflammatory skin diseases, such as psoriasis and
vitiligo. One indication of Mount Sinai's leadership in scientific investigation
is its receipt during fiscal year 2005 of $174.1 million. Mount Sinai now ranks
30th among the nation's medical schools in receipt of research support from NIH.
ABOUT PHOTOMEDEX:
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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:
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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.
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