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Covington Advises Perseus on Convertible Debt Investment in Photomedex


NEW YORK, NY, March 4, 2009 — PhotoMedex, Inc. announced the completion of its acquisition of Photo Therapeutics Limited. PhotoMedex financed the acquisition through a convertible debt investment in PhotoMedex by Perseus Partners VII, L.P., an investment fund managed by Perseus, L.L.C. Covington & Burling LLP advised Perseus on the transaction.

Perseus, L.L.C. is a merchant bank and private equity fund management company headquartered in Washington, D.C., with an office in New York and an affiliate office in Munich. Perseus manages seven investment funds with capital commitments totaling approximately $2 billion. PhotoMedex offers a wide range of products and services across multiple specialty areas, including dermatology, urology, gynecology, orthopedics and other surgical specialties. Photo Therapeutics is a developer and provider of non-laser light devices and associated skin care products for the treatment of a range of clinical and aesthetic dermatological conditions.

The Covington corporate team was led by partner Andrew Ment and included associate Chris Donaghy. Partner Robert Heller also advised on tax matters and of counsel Michael Cummings advised on intellectual property matters. All are resident in Covington’s New York office. Partner Ellen Flannery in Covington’s Washington office also advised on FDA regulatory matters.

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