PhotoMedex (PHMD) gains in heavy trading on MELA sale

PhotoMedex Inc

shares rose 3.3% to $1.90 after the company announced the sale of its XTRAC & VTRAC businesses to MELA Sciences Inc for $42.5 million in cash. The company also reported that it has paid off in full all outstanding debt. Share volume was five million, towering over an all-day average of 143,000