MONTGOMERYVILLE, Pa., Feb. 23 /PRNewswire-FirstCall/ -- PhotoMedex, Inc. today announced that its corporate governance policies were rated the best among publicly traded companies in the Philadelphia area, according to an independent assessment. PhotoMedex shared the top ranking among 129 publicly traded companies with one other firm.
The region-wide ranking of corporate governance practices was sponsored by the Philadelphia Business Journal and performed by Institutional Shareholder Services, Inc. (ISS) of Rockville, MD. ISS developed a Corporate Governance Quotient (CGQ) for each company based on a quantitative method of benchmarking the companies’ corporate governance practices by measuring 63 factors in four categories: board of directors, takeover defenses, ownership and compensation practices, and audit committees.
PhotoMedex had a CGQ of 99.9, meaning their corporate governance policies are better than all but 0.1 percent of the area companies their size.
President and Chief Executive Officer Jeffrey F. O’Donnell said PhotoMedex, which became compliant in 2004 with Sarbanes-Oxley requirements, has always made sound corporate governance a focus as part of its overall strategy to build trust and transparency for its shareholders and make the Company the best it can be. That strategy will pay off as the Company rolls out its full line of dermatological products, including its XTRAC(R) laser system for treating psoriasis and other skin conditions, nationally this year.
“We have carefully constructed a corporate governance system that allows our management team, and our shareholders, to accurately assess the progress we are making as we grow as a company,” O’Donnell said. “This system is providing a foundation for us to build on, and continue to build on, as we fully launch our products around the country, it provides a way to demonstrate to shareholders and potential shareholders that we are a company to believe in.”
About PhotoMedex:
PhotoMedex is engaged in the development of proprietary excimer laser and fiber optic systems and techniques directed toward dermatological applications, with FDA approval to market the XTRAC(R) laser system for the treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma. In addition, the Company 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. In addition, as a result of the merger with ProCyte, PhotoMedex now develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. PhotoMedex sells directly to dermatologists, plastic and cosmetic surgeons, spas and salons and through licenses with strategic partners into the consumer market, including a long-term worldwide license agreement with Neutrogena(R), a Johnson & Johnson company. ProCyte brands include Neova(R), Ti-Silc(R), VitalCopper(R), Simple Solutions(R) and AquaSante(R).
Safe Harbor Statement:
Some portions of the press release will 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, 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 results. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such information in the press release should not be regarded as a representation by PhotoMedex or its subsidiaries that the forward-looking statements will be achieved.
Contact: Allen & Caron, Inc. PhotoMedex, Inc. Matt Clawson (investors) Dennis McGrath, CFO 949-474-4300 215-619-3287 matt@allencaron.cominfo@photomedex.com
PhotoMedex, Inc.
CONTACT: Investors, Matt Clawson of Allen & Caron, Inc., +1-949-474-4300,matt@allencaron.com, for PhotoMedex, Inc.; or Dennis McGrath, CFO ofPhotoMedex, Inc., +1-215-619-3287, info@photomedex.com
Web site: http://www.photomedex.com//
