A Medical Device Daily
PhotoMedex (Montgomeryville, Pennsylvania) reported the effectiveness of the previously disclosed reverse split of its common stock in the ratio of 1-for-7 (Medical Device Daily, Jan. 27, 2009).
The company's common stock will begin trading at the market opening on Jan. 27 on a split-adjusted basis under the symbol PHMDD for a period of 20 business days, or until Feb 25, at which time the stock symbol will revert back to PHMD. The reverse split is intended to enable the company to increase its marketability to institutional investors and to maintain its listing on the Nasdaq Global Market, among other benefits. As a result of the stock split, the company now has 9,004,601 shares outstanding.
"The reverse split is part of a series of strategic actions we are taking to strengthen our financial position for future growth and development," said Jeffrey O'Donnell, CEO of PhotoMedex.
A new CUSIP identification number of 719358202 will be assigned to all stock certificates to differentiate them from pre-split certificates.
PhotoMedex is engaged in the development of excimer laser and fiber optic systems and techniques directed toward dermatological applications, with FDA 510(k) clearances to market the Xtrac laser system for the treatment of psoriasis, vitiligo and atopic dermatitis.
Impax Laboratories (Hayward, California) reported that all comments from the U.S. Securities and Exchange Commission's review of the company's Form 10 Registration Statement have been resolved. Additionally, the Financial Industry Regulatory Authority (FINRA) has approved the application of several market makers to resume quotations of the company's common stock (symbol IPXL.PK) on the Pink Sheets.
Larry Hsu, PhD, president/CEO of Impax, said: "We are pleased to have completed the process of re-registering our shares and that market-making activities in the stock have resumed. We expect shortly to submit an application for relisting of our shares on the Nasdaq Stock Market."
Impax is a specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of branded products.