September 22, 2014 12:59 AM ET

Healthcare Equipment and Supplies

Company Overview of Radiancy, Inc

Company Overview

Radiancy, Inc. develops, manufactures, and sells home-use and professional aesthetic and dermatological devices. It offers light-based light and heat energy systems. The company’s solutions are used for applications in the area of skin rejuvenation and tightening, acne clearance, hair removal, psoriasis care, acne treatment, intelligent phototherapy, collagen renewal, vascular and pigmented lesion treatment, wrinkle reduction, collagen renewal, soften fine lines, homogenize skin tone, pore size decrease, and skin texture improvement, as well as for the enhancement of the absorption of creams and lotions. It serves physician clinics, salons, spas, and hairdressers. The company was founded in ...

40 Ramland Road South

Suite 200

Orangeburg, NY 10962

United States

Founded in 1998





Key Executives for Radiancy, Inc

Financial Manager of Radiancy
Vice President of Sales
Compensation as of Fiscal Year 2014.

Radiancy, Inc Key Developments

PhotoMedex, Inc. Enters into Forbearance Agreement with the Lenders

On August 25, 2014, PhotoMedex, Inc. and its subsidiaries Radiancy, Inc.; LCA-Vision, Inc.; PhotoMedex Technology, Inc.; and Lumiere, Inc. entered into a Forbearance Agreement with the lenders that are parties to the Credit Agreement dated May 12, 2014, and with JP Morgan Chase, as Administrative Agent for the Lenders. Under the Credit Agreement, the Company obtained $85 million in senior secured credit facilities, which included a $10 million revolving credit facility and a $75 million four-year term loan. The Credit Agreement contained financial covenants, including a maximum leverage covenant and a minimum fixed charge covenant, which the Company is required to maintain; the targets for those covenants are determined quarterly based on a rolling average of the past four quarters of financial data. As of June 30, 2014, the Company failed to meet both financial covenants and consequently is in default of the Facilities. On August 4, 2014, the Company received a notice of default and a reservation of rights from Chase and engaged a third-party independent advisor to assist the Company in negotiating a longer term solution to the defaults. Pursuant to the terms of the Forbearance Agreement, the Lenders have agreed to forbear from exercising their rights and remedies with respect to the Specified Events of Default from August 25, 2014 until October 31, 2014, during which period the Company and its third-party independent advisor will review the Company's ongoing business and the advisor will advise on the financial restructuring of the Company's business. Concurrent with the signing of the Forbearance Agreement on August 25, 2014, the Company agreed to make the first payment on the term loan, equaling $3.75 million plus applicable interest, originally due September 1, 2014, and to pay $1 million toward the term loan in inverse order of maturity. The Company also agreed to make additional prepayments on the term loan of $937,500 each on September 1 and October 1, 2014 which will be applied in direct order of maturity, and a payment toward the revolving credit facilities on October 24, 2014 equal to 75% of cash-on-hand in excess of $20 million, as measured on October 22, 2014.

Radiancy, Inc Announces New Independent Clinical Study of no!no! Hair, Using Proprietary Thermicon Technology

PhotoMedex Inc. announced that a new independent clinical study demonstrated a substantial reduction in hair regrowth following use of no!no! Hair using proprietary Thermicon technology. PhotoMedex's consumer products subsidiary Radiancy Inc. manufactures and sells the no!no! product line worldwide. The study was conducted by the Consumer Product Testing Company. The study included 44 subjects with Fitzpatrick skin types II-VI and with blonde, black and brown hair. The subjects were treated on their arms and legs for 12 weeks. Quantitative hair counts were made by an independent evaluator reviewing a total of 160 treatment sites on the subjects over the course of three visits by each subject. The statistically significant results (p<0.001) of this clinical trial conclusively demonstrated a substantial reduction in hair regrowth in the treated areas.

Radiancy, Inc Enters into Credit Agreement with JP Morgan Chase Bank, N.A. for $15 Million Line of Credit

On December 27, 2013, Radiancy Inc. entered into a Credit Agreement with JP Morgan Chase Bank, N.A. providing for a $15 million line of credit by the Bank to Radiancy. The company and another subsidiary, PhotoMedex Technology Inc., are also parties to the Agreement. The corporate group maintains other banking relationships with the Bank and/or its affiliates. Under the line of credit, Radiancy may borrow, repay and/or re-borrow funds up to the maximum limit until the maturity date of December 26, 2014, and may repay those funds, in whole or in part, at any time. The unpaid principal balance will be repayable at the maturity date. Funds borrowed bear interest at a rate per annum set by either the CB Floating or LIBO Rates; the interest payment date is the last day of either the month or the interest period, depending upon the applicable interest rate. Radiancy's obligations under the Agreement are guaranteed by the Company and PhotoMedex Technology Inc. The Agreement contains the customary representations, warranties and covenants.

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