PhotoMedex announces definitive merger agreement with Radiancy

MONTGOMERYVILLE, USA: PhotoMedex Inc., a leader in the development of proprietary excimer laser, LED light systems and skin care products for dermatological applications, announced the signing of an Agreement and Plan of Merger among PhotoMedex, Radiancy Inc., a privately held Delaware corporation and PHMD Merger Sub Inc., a wholly owned subsidiary of PhotoMedex.

Pursuant to the Agreement, Merger Sub will merge with and into Radiancy, and Radiancy will become a wholly owned subsidiary of PhotoMedex. Radiancy is a rapidly growing global direct-to-consumer and dermatological products company based in Orangeburg, N.Y. This transaction combines the strength of PhotoMedex in the professional dermatology and plastic surgery market with the global reach of Radiancy in the consumer market, and represents considerable opportunity for synergies and sales growth of each company’s product portfolio.

Founded in 1998, Radiancy is a leading developer and manufacturer of home-use and professional aesthetic and dermatological devices. Radiancy sells a range of home use-devices under its proprietary brand, no!no!, for various indications including hair removal, acne reduction, skin rejuvenation and face lifting.

Radiancy also offers a professional product line which addresses acne clearance, skin tightening, psoriasis care and hair removal sold to physician clinics and spas. Radiancy posted total revenues of approximately $96 million and adjusted net income of approximately $25 million for the 12 months ended March 31, 2011.

Radiancy’s family of products are based on its proprietary, patent-protected LHE (Light Heat Energy) and Thermicon technologies, and are sold under the no!no! brand for consumers and the Radiancy brand for professionals.

The no!no! brand is available at high-end retailers such as Neiman Marcus, Henri Bendel, Planet Beauty, Selfridges, Harrods, Falavella, Fravega, Garbarino, Boots, Myers and others; home shopping channels such as HSN and QVC, online retailers such as Amazon, Dermadoctor.com, and Drugstore.com, and via direct-to-consumer advertisement that includes infomercials, commercials, catalog and internet-based marketing campaigns.

Radiancy utilizes direct sales channels in the US, Canada, the UK, France, Argentina, Spain, Portugal, and Israel and leading distributors in Japan, Australia, New Zealand, Singapore, Russia, South Africa, various South American countries and the Middle East.