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Electro-Optical Sciences Announces $11.8 Million Registered Direct Offering
| Source: Electro Optical Sciences
IRVINGTON, NY--(Marketwire - July 31, 2008) - Electro-Optical Sciences, Inc. ("EOS")
(NASDAQ : MELA ), a medical device company focused on the design and
development of MelaFind®, a non-invasive, point-of-care instrument to
assist in the early diagnosis of melanoma, today announced that it has
entered into agreements with a select group of accredited investors to sell
2,088,451 shares of common stock at a purchase price of $5.68 per share in
a registered direct offering, which represents a discount of 8.50% from the
closing price of $6.21 per share on July 30, 2008. The transaction is
expected to close on or about August 5, 2008, subject to customary closing
conditions.
The offering will result in gross proceeds of approximately $11.8 million
to EOS, before deducting placement agent fees and estimated offering
expenses. EOS intends to use the net proceeds from the sale of the shares
to fund continued development of MelaFind, to fund pre-commercialization
activities for MelaFind, and for general corporate purposes, including
working capital.
All of the shares of common stock are being offered pursuant to an
effective shelf registration statement previously filed with the Securities
and Exchange Commission (the "SEC") on July 7, 2008.
Needham & Company, LLC acted as the sole 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 jurisdiction in which such offering would
be unlawful. The shares of common stock may only be offered by means of a
prospectus. Copies of the final prospectus 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
EOS is a medical device company focused on designing and developing a
non-invasive, point-of-care instrument to assist in the early diagnosis of
melanoma. MelaFind features a hand-held imaging device that emits light of
multiple wavelengths to capture images of suspicious pigmented skin lesions
and extract data. Using sophisticated algorithms, the data are then
analyzed against a proprietary database of melanomas and benign lesions in
order to provide information to the physician and produce a recommendation
of whether the lesion should be biopsied.
Melanoma is the deadliest of skin cancers, responsible for approximately
80% of all skin cancer deaths. Unless melanoma is detected early and
excised with proper margins, the patient survival rate is poor, as there is
currently no cure for advanced stage melanoma.
For more information on EOS, visit www.eosciences.com.