Exhibit 99.1

      PHOTOMEDEX ANNOUNCES $11.4 MILLION PRIVATE PLACEMENT OF COMMON STOCK

MONTGOMERYVILLE, Pa., Nov. 1 /PRNewswire-FirstCall/ -- PhotoMedex, Inc. (Nasdaq:
PHMD) today announced that it has entered into a definitive agreement with
institutional investors for the private placement of approximately 9.8 million
shares of common stock at a price of $1.17 per share, together with warrants to
purchase approximately 2.4 million shares of common stock at an exercise price
of $1.60 per share. Gross proceeds from the private placement will be
approximately $11.4 million. The private placement is expected to close on or
before November 2, 2006 and is subject to certain closing conditions.

Cowen and Company, LLC, acted as the sole placement agent for this offering.
PhotoMedex President and CEO Jeff O'Donnell said that the Company intends to use
the proceeds from the placement for general working capital purposes. "We now
have the working capital to increase the size of our sales force and accelerate
our launch of the XTRAC(R) laser system. In addition, we plan on expanding our
surgical services business to take advantage of a national laser services
contract."

Pursuant to an agreement with the investors, the Company is required to file a
registration statement with the U.S. Securities and Exchange Commission covering
the resale of the shares of common stock to be issued to the investors as well
as the shares of common stock issuable upon exercise of the warrants, subject to
certain terms and conditions.

The securities offered in the private placement were not registered under the
Securities Act of 1933, as amended (the "Act") or any state securities laws, and
may not be offered or sold in the United States absent registration, or an
applicable exemption from registration, under the Act and applicable state
securities laws.

About PhotoMedex:

PhotoMedex is engaged in the development of proprietary excimer laser and fiber
optic systems and techniques directed toward dermatological applications, with
FDA approval to market the XTRAC(R) laser system for the treatment of psoriasis,
vitiligo, atopic dermatitis and leukoderma. In addition, the Company provides
contract medical procedures to hospitals, surgi-centers and doctors' offices,
offering a wide range of products and services across multiple specialty areas,
including dermatology, urology, gynecology, orthopedics, and other surgical
specialties. The Company is a leader in the development, manufacturing and
marketing of medical laser products and services. In addition, as a result of
the merger with ProCyte, PhotoMedex now develops and markets products based on
its patented, clinically proven Copper Peptide technology for skin health, hair
care and wound care. PhotoMedex sells directly to dermatologists, plastic and
cosmetic surgeons, spas and salons and through licenses with strategic partners
into the consumer market, including a long-term worldwide license agreement with
Neutrogena(R), a Johnson & Johnson company. ProCyte brands include Neova(R),
Ti-Silc(R), VitalCopper(R), Simple Solutions(R) and AquaSante(R).



Some portions of this release, particularly those describing PhotoMedex'
strategies contain forward-looking statements within the meaning of Section 27A
of the Securities Act of 1993, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. While PhotoMedex is working to achieve those
goals, actual results could differ materially from those projected in the
forward-looking statements as a result of a number of factors, including
difficulties in marketing its products and services, need for capital,
competition from other companies and other factors, any of which could have an
adverse effect on the business plans of PhotoMedex, its reputation in the
industry or its results. In light of significant uncertainties inherent in
forward-looking statements included herein, the inclusion of such statements
should not be regarded as a representation by PhotoMedex or its subsidiaries
that the forward-looking statements will be achieved.

    Contacts:  Allen & Caron           PhotoMedex, Inc.
    Matt Clawson (investors)           Dennis McGrath, CFO
    949-474-4300                       215-619-3287
    matt@allencaron.com                info@photomedex.com

SOURCE  PhotoMedex, Inc.
    -0-                             11/01/2006
    /CONTACT:  Investors, Matt Clawson of Allen & Caron, +1-949-474-4300,
matt@allencaron.com, for PhotoMedex, Inc.; or Dennis McGrath, CFO of
PhotoMedex, Inc., +1-215-619-3287, info@photomedex.com/
    /Web site:  http://www.photomedex.com /