PhotoMedex, Inc. (Nasdaq:PHMD) announced today that it will supply private-label diode laser systems exclusively to AngioDynamics, Inc. (Nasdaq: ANGO) to sell and market for peripheral vascular treatments.
In September 2007 AngioDynamics and PhotoMedex entered into a three-year OEM agreement under which PhotoMedex manufactures for AngioDynamics, on a non-exclusive basis, a private-label, 980-nanometer diode laser system. The system is designed for use with AngioDynamics’ NeverTouch™ VenaCure® patented endovenous therapy for treatment of varicose veins. The OEM agreement provides for PhotoMedex to supply this laser on an exclusive basis to AngioDynamics, should AngioDynamics meet certain purchase requirements. With the recent receipt from AngioDynamics of a purchase order that exceeds the minimum purchase requirement for delivery of lasers over the first contract year, PhotoMedex will now provide this laser exclusively to AngioDynamics for worldwide sale in the peripheral vascular treatment field.
Jeffrey O’Donnell, PhotoMedex’ President and Chief Executive Officer, stated, “PhotoMedex has excellent laser development and manufacturing capability that has translated into an OEM agreement that now is exclusive for this 980-nanometer diode laser system for the treatment of vascular diseases and disorders, including varicose veins. Our high standards for quality and reliability were key in attracting AngioDynamics to our diode laser technology. We look forward to a long-term, mutually beneficial relationship.”
About PhotoMedex:
PhotoMedex 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.
SAFE HARBOR STATEMENT
Some paragraphs of this press release, particularly those describing PhotoMedex’ strategies, 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 and strategies, 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 expected financial return from operations. Factors such as these could have an adverse effect on PhotoMedex’ results of operations. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by PhotoMedex and its subsidiaries that they will achieve such forward-looking statements.
Contacts:
Dennis McGrath, CFO, 215-619-3287
info@photomedex.com
or
Lippert/Heilshorn
& Associates, Inc.
Kim Sutton Golodetz, Investors,
212-838-3777
Kgolodetz@lhai.com
or
Bruce
Voss, 310-691-7100
Bvoss@lhai.com
