Shareholders of LCA-Vision Vote for Merger with PhotoMedex

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CINCINNATTI—Shareholders of LCA-Vision (NasdaqGS: LCAV) voted at a special meeting held on May 7, 2014 to move forward with a proposed merger of the company with a subsidiary of Photomedex Inc., a skin health company based in Pennsylvania.

As reported by VMail, the two companies reached a merger agreement in February. PhotoMedex offered to pay $5.37 per share in cash, or about $106 million, for LCA-Vision, which operates 47 company-owned LasikPlus vision centers.

The proposal was voted on Wednesday during a special meeting of stockholders here. It passed by 11.9 million shares to 2.1 million, or 85 percent to 15 percent.

On May 1, LCA-Vision Inc. reported a net loss of $151,000 for the first quarter of the fiscal year, or a loss of 1 cent a share. The laser-vision correction surgery company based in Sycamore Township said part of the reason for the loss was a $600,000 transaction cost related to a proposed merger. LCA-Vision’s loss for the quarter ended March 31 was down from a profit of $1.2 million for the same quarter last year.

There was no further comment on the stockholder vote by LCA-Vision at VMail presstime.