PhotoMedex Receives $6.15 Million Private Placement

RADNOR, Pa., March 27 – PhotoMedex Inc. has entered into definitive purchase agreements for the sale of 1.23 million shares of newly issued common stock to selected institutional and other accredited investors for $6.15 million. The purchase price was $5.00 per share. The transaction is expected to close on March 27, 2001.
The shares have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the US absent registration, or an applicable exemption from registration. Pacific Growth Equities Inc. served as the placement agent for this transaction. The company intends to use the net proceeds from this private placement for working capital and general corporate purposes.