PhotoMedex raises $40M
Skin-care product maker PhotoMedex Inc., of Montgomeryville, said it raised about $40 million through an offering of common shares. Net proceeds will go to capital expenditures, product development and other uses. Company shares on the Nasdaq closed at $14.78, up 45 cents. PhotoMedex also announced it intends to also list its shares on Israel’s Tel-Aviv Stock Exchange. — Reid Kanaley
$1 million for summer jobs
GlaxoSmithKline P.L.C. and the Philadelphia Foundation will donate a combined $1 million to help fund 515 educationally enriched summer jobs for young people in the city’s WorkReady programs, Mayor Nutter announced at Friday’s British American Business Council breakfast. Prince Edward, the youngest son of Queen Elizabeth II, attended and is visiting the city to help celebrate the queen’s diamond jubilee. — David Sell
Gorsky takes over at J&J
After a decade as Johnson & Johnson chief executive Bill Weldon stepped down at the annual meeting Thursday. Alex Gorsky took over. Several shareholders grilled Gorsky on whether J&J will stick to its credo of putting patients, doctors and employees ahead of profits after product recalls and ethical lapses. He said that’s a priority. Three shareholder proposals were voted down, including one to require an independent board chairman. — AP
Elsewhere
Kodak’s loss widens
Eastman Kodak Co. said its first-quarter loss widened on hefty charges related to its reorganization in bankruptcy as well as a drop in sales. Kodak filed for bankruptcy protection in January after being hurt first by Japanese competition and then by its inability to keep pace with the shift to digital technology. Revenue fell 27 percent, partially as a result of the company’s decision to stop selling digital cameras and focus on its other businesses and lower demand for its traditional products. — AP
