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Electro-Optical Sciences Announces $15 Million Registered Direct Offering
| Source: Electro-Optical Sciences, Inc.
IRVINGTON, NY--(Marketwire - July 17, 2009) - Electro-Optical Sciences, Inc. ("EOS")
(NASDAQ : MELA ), today announced that it has entered into definitive
agreements with a select group of institutional investors to sell 2,400,000
shares of common stock at a negotiated purchase price of $6.25 per share in
a registered direct offering. The transaction is expected to close on or
about July 22, 2009, subject to the satisfaction of customary closing
conditions.
The offering will result in gross proceeds of $15 million to EOS, before
deducting placement agents' fees and estimated offering expenses. EOS
intends to use the net proceeds from the sale of the shares to fund pursuit
of its pre-market approval application (PMA) for MelaFind®, the continued
development and, if and when approved by the U.S. Food and Drug
Administration (FDA), the commercialization of MelaFind®, and for general
corporate purposes, including working capital.
All of the shares of common stock are being offered pursuant to a shelf
registration statement previously filed with the Securities and Exchange
Commission (the "SEC") which was declared effective on July 7, 2008.
Needham & Company, LLC served as the lead placement agent and Oppenheimer &
Co. Inc. served as the co-placement agent for the offering.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy any securities in this offering. There shall not be any
sale of these securities in any state or jurisdiction in which such
offering, sale or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
The shares of common stock may only be offered by means of a prospectus.
Copies of the final prospectus supplement and accompanying base prospectus
can be obtained at the SEC's website at http://www.sec.gov or from EOS by
writing or calling EOS at 3 West Main Street, Suite 201, Irvington, NY
10533, (914) 591-3783.
About Electro-Optical Sciences
Electro-Optical Sciences is a medical technology company focused on
developing MelaFind®, a non-invasive and objective computer vision system
intended to aid in the early detection of melanoma. EOS designed
MelaFind® to assist in the evaluation of pigmented skin lesions,
including atypical moles, which have one or more clinical or historical
characteristics of melanoma, before a final decision to biopsy has been
rendered. MelaFind® acquires and displays multi-spectral (from blue to
near infrared) digital images of pigmented skin lesions and uses automatic
image analysis and statistical pattern recognition to help identify lesions
to be considered for biopsy to rule out melanoma.
On June 4, 2009 EOS announced the submission of its PMA application for
MelaFind® to the FDA. Although the application is subject to the FDA's
expedited review procedures, EOS cannot predict either the timing of the
FDA's decision on the PMA application nor the outcome. The FDA approval of
MelaFind® is required prior to marketing in the United States.
For more information on EOS, visit www.eosciences.com.
Safe Harbor
This press release includes "forward-looking statements" within the meaning
of the Securities Litigation Reform Act of 1995. These statements include
but are not limited to our plans, objectives, expectations and intentions
and other statements that contain words such as "expects," "contemplates,"
"anticipates," "plans," "intends," "believes" and variations of such words
or similar expressions that predict or indicate future events or trends, or
that do not relate to historical matters. These statements are based on our
current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. There can be no assurance that our beliefs or expectations will be
achieved. Actual results may differ materially from our beliefs or
expectations due to economic, business, competitive, market and regulatory
factors.