PhotoMedex, Edwards Life Sciences Defer Excimer Project

RADNOR, Pa., Jan. 12 -- PhotoMedex Inc. and Edwards Life Sciences Corp. have decided to defer implementation of their strategic alliance to develop cardiovascular applications utilizing PhotoMedex' excimer laser technology.
In 1997, PHMD chose to partner with Edwards because of the costs and ultimate uncertainty of developing and marketing laser products for treatment of cardiovascular conditions, said Jeff O'Donnell, PhotoMedex' president and CEO. While we maintained the Edwards alliance for over two years, during much of that time it has not been a major part of our strategic growth plan. Thus, this deferral will have no effect on the company's anticipated operations or revenues.
PhotoMedex develops excimer laser and fiber optic systems and techniques directed toward dermatological applications focusing on psoriasis.