Monday, August 28, 2006

Prides Capital Partners Raises Stake in PhotoMedex (PHMD) to 6.9%

In a 13D filing mid-day Friday on PhotoMedex, Inc. (NASDAQ: PHMD), Prides Capital Partners disclosed a 6.93% stake (3.64 million shares).

The investment firm disclosed that during the past 60 days they acquired about 1.08 million shares at prices from $1.00-$1.20.

From the 'Purpose of Transaction' section of the filing:

"consistent with the investment purpose, the Reporting Persons have and may continue to engage in communications with one or more shareholders of the Issuer, one or more officers of the Issuer, one or more members of the board of directors of the Issuer, and/or one or more representatives of the Issuer regarding the Issuer, including but not limited to the Issuer’s operations, business plans, prospects, management, governance, financial results, and equity plans. The Reporting Persons may discuss ideas that, if effected, may result in any of the following: the acquisition by persons (including the Reporting Persons) of additional Common Stock of the Issuer, an extraordinary corporate proposal or transaction involving the Issuer, and/or changes in the board of directors or management of the Issuer."


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