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PhotoMedex, Inc. (NasdaqGS and TASE: PHMD) today announced that Radiancy Inc., a PhotoMedex subsidiary, has entered into a settlement agreement resulting in the settlement and dismissal with prejudice of all pending litigation matters between Radiancy and TRIA Beauty, Inc.
Dr. Dolev Rafaeli, CEO of PhotoMedex commented, “We are pleased to put this costly and protracted litigation and its associated legal costs behind us on terms that will not materially impact our business other than to alleviate ongoing litigation costs.”
The settled actions include:
TRIA Beauty, Inc. v. Radiancy, Inc. Case No. CV-10-5030 (RS) (NJV) United States District
Court for the Northern District of California; and
Radiancy, Inc. v. TRIA Beauty, Inc. Index No. 650025/2011 Supreme Court of the State of New York.
PhotoMedex is a global skin health company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians and consumers. The company provides proprietary products and services that address skin diseases and conditions including psoriasis, vitiligo, acne, actinic keratosis (a precursor to certain types of skin cancer) and photo damage. Its experience in the physician market provides the platform to expand its skin health solutions to spa markets, as well as traditional retail, online and infomercial outlets for home-use products. As a result of its December 2011 merger with Radiancy Inc., PhotoMedex has added a range of home-use devices under the no!no!™ brand, for various indications including hair removal, acne treatment and skin rejuvenation. The company also offers a professional product line for acne clearance, skin tightening, psoriasis care and hair removal sold to physician clinics and spas.
Founded in 1998, Radiancy Inc. is a leading developer, manufacturer and seller of home-use and professional aesthetic and dermatological devices. The company sells a range of home-use devices under its proprietary brand, no!no!™, for various indications including hair removal, acne treatment and skin rejuvenation. The company also offers a professional product line which addresses acne clearance, skin tightening, psoriasis care and hair removal sold to physician clinics and spas.