PhotoMedex (PHMD) Stock Gaining on Brands Sale

NEW YORK (TheStreet) --Shares of PhotoMedex (PHMD) are rising by 3.26% to $1.90 on heavy volume in mid-morning trading on Tuesday, after the skin health medical device maker announced it has sold its XTRAC and VTRAC psoriasis and vitiligo treatment businesses to MELA Sciences  (MELA) for $42.5 million in cash.

The company said that it has paid off all of its outstanding debt, which totaled $40.1 million as of Monday.

With the debt paid off the company says it is able to focus on its core consumer and skincare brands, including no!no!, Kyrobak and Neova.

PhotoMedex also announced today that is it saw strong sales of its no!no! hair removal product during recent home shopping events.

Consumers have purchased approximately 17,400 units. The company said it had retail sales of almost $3.5 million in a 24-hour period in the U.S.

"Our strategy to focus on the unique benefits of no!no! compared with other home hair removal treatments proved to be a success in both markets when we exceeded our internal stretch goals for both live television events," the company said in a statement. 

PHMD Chart PHMD data by YCharts

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