NEW YORK (AP) -- PhotoMedex Inc. shares rose Monday after the company said its board of directors approved the repurchase of up to $25 million in company stock.
PhotoMedex announced the authorization on Saturday. The Montgomeryville, Pa., company said it will use cash on hand to buy back the stock over the next 12 months. PhotoMedex makes skin-care products and technologies such as lasers for treating skin diseases.
Shares of PhotoMedex rose 77 cents, or 7 percent, to $11.70 in morning trading.
The company has about 21.9 million shares on the market. PhotoMedex shares have traded between $9.38 and $19.18 in the last 12 months and closed at $10.93 Friday.