RADNOR, Pa., Sept. 1 -- PhotoMedex Inc. has reached an agreement to obtain the remaining 23.9 percent of Acculase Inc.'s shares in return for 300,000 common shares of PhotoMedex. Once the agreement is finalized Acculase will become a wholly owned subsidiary of PhotoMedex.
We are pleased to have reached this agreement with the minority shareholders of Acculase, and now will continue to focus on advancing the initiatives of our beta sites and the roll-out of our Phase 2 commercial launch of the XTRAC laser system for the treatment of psoriasis, utilizing the key technology and patents developed at Acculase, said Jeff O'Donnell, president and CEO of PhotoMedex.
PhotoMedex is a developer of proprietary excimer laser and fiber-optic systems for treatment of cardiovascular and vascular disease and for dermatological applications such as psoriasis. The basis of the company's business is its excimer laser technology.