Physicians Formula terminates stock repurchase instruction
AZUSA, Calif. Beauty company Physicians Formula announced on Friday that in light of the unanticipated change in the volume limitation under Rule 10b-18 of the Securities Exchange Act of 1934, it has terminated its Rule 10b5-1 trading plan dated Sept. 12, 2008.
Physicians Formula gave notice of the termination to the broker on Thursday. The notice takes effect Friday.
As of the close of trading on Thursday, approximately $6.5 million remained authorized for repurchases under the company’s previously announced stock repurchase program for up to $10 million of the its common stock.
Under the repurchase program, the company may continue to repurchase shares of its common stock in the open market or in privately negotiated transactions, in compliance with the safe harbor provisions of Rule 10b-18 under the Exchange Act. The window for such discretionary repurchases is currently closed and will reopen two full trading days after Physicians Formula announces its third fiscal quarter results.
The repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time.
Drom adds perfume pro Hogan to its group of personal care gurus
MUNICH, Germany Drom fragrances has hired perfumer Thomas Hogan Jr. to strengthen its personal care and home fragrance team.
Hogan has more than 30 years of experience as a perfumer at companies such as Flavor and Fragrance Specialties, Robertet, Ungerer and Givaudan. He will be located in drom’s New Jersey creative center.
Munich-based drom has spread over the four major regions: Europe, Asia Pacific, The Middle East and the Americas. Drom is managed by the third generation of family members: Ferdinand Storp and Andreas Storp.
CVS to carry Photo Therapeutics LED home skin treatment device
CARLSBAD, Calif. Photo Therapeutics, a developer of therapeutic LED technology for the physician dermatology market, announced with PhotoMedex that it is launching its Omnilux LED-based technology at nearly 600 CVS Healthy Skincare locations this fall and at cvs.com.
CVS will distribute Photo Therapeutics’ hand-held LED device, dubbed Omnilux New-U, for skin rejuvenation and the reduction of fine lines and peri-orbital wrinkles beginning in October.
According to the company, the Omnilux New-U is the first and only hand-held device to receive clearance from the U.S. Food and Drug Administration for over-the-counter sales to consumers for use at home.
The New-U can be used in combination with a skincare regime or as a stand-alone treatment.
In other company news, Photo Therapeutics has announced its intent to be acquired by PhotoMedex, players in medical laser treatments for psoriasis and other skin diseases and marketers of skincare products to dermatologists. This union is expected to spur further investment in the research, development and marketing of Photo Therapeutics’ LED and light-based therapies under PhotoMedex to complement therapies in the medical, beauty and cosmetic fields. The proposed acquisition is expected to close in the fourth quarter of 2008.