MELA Sciences, Inc. Announces $6.0 Million Registered Offering
IRVINGTON, N.Y., Oct. 30, 2013 (GLOBE NEWSWIRE) -- MELA Sciences, Inc.
(Nasdaq:MELA) the medical device company that has developed and is
commercializing MelaFind®, the first and only FDA approved optical diagnostic
device for melanoma detection used by dermatologists in their fight against
melanoma, today announced it has received a commitment from an institutional
investor to purchase $6.0 million of the Company's equity in a registered
The Company has entered into a securities purchase agreement with the investor
pursuant to which it has agreed to sell an aggregate of 8,571,428 shares of
common stock, consisting of4,228,181 shares of its common stock and fully
paid prefunded warrants to purchase up to an additional 4,343,247 shares of
its common stock resulting in gross proceeds at the closing of $6.0 million.
Additionally, for each share of common stock issued and issuable upon exercise
of the fully paid prefunded warrants, the investor will receive a warrant to
purchase 0.80 of a share of common stock for an aggregate of 6,857,142 shares
which, if exercised, could result in additional proceeds to the Company of
approximately $5.8 million. This warrant to purchase additional shares will be
exercisable at a price of $0.85 per share beginning 6 months following
issuance and will expire five years from the date on which the warrants are
initially exercisable. The closing of the offering is expected to take place
on or about November 4, 2013, subject to the satisfaction of customary closing
Craig-Hallum Capital Group is acting as exclusive placement agent in
connection to this offering.
Net proceeds to the Company at the closing are expected to be approximately
$5.5 million. MELA Sciences, Inc. intends to use the net proceeds from this
offering to continue the commercial launch of MelaFind® in the U.S. and the
European Union, for continued research & development activities and for
general corporate purposes, including working capital.
"We are pleased that our new investor saw the value in our revised strategy to
unlock the potential of our technology leading to a sustainable business,"
said Robert Coradini, interim CEO of MELA Sciences. "This is our first step in
working to build MelaFind as a standard of care in the fight against
The securities described above are being offered pursuant to an effective
shelf registration statement previously filed by MELA Sciences, Inc. with the
Securities and Exchange Commission (the "SEC").The offering was made by means
of a prospectus.The prospectus and a prospectus supplement related to the
offering were filed with the SEC and are available on the SEC's website
located at http://www.sec.gov and may also be obtained from Craig-Hallum
Capital Group, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402,
telephone 612-334-6342, email: firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful.
About MELA Sciences, Inc.
MELA Sciences, Inc. is a medical device company focused on the
commercialization of its flagship product, MelaFind and its further design and
development.MelaFind is a non-invasive tool that provides additional
information to dermatologists during melanoma skin examinations. The device
uses light from visible to near-infrared wavelengths to evaluate skin lesions
up to 2.5 mm beneath the skin. The device supplies information on a lesion's
level of morphologic disorganization to provide additional objective
information that may be used by dermatologists in the biopsy decision-making
process. MelaFind has been approved by the U.S. Food and Drug Administration
for use in the U.S. In addition, MelaFind has received CE Mark approval and is
approved for use in the European Union.
For more information on MELA Sciences, visit www.melasciences.com.
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," "assumes," "predicts" 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 known and unknown 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 financial, economic,
business, competitive, market, regulatory and political factors or conditions
affecting the company and the medical device industry in general, as well as
more specific risks and uncertainties facing the company such as those set
forth in its reports on Forms 10-Q and 10-K filed with the U.S. Securities and
Exchange Commission (the "SEC"). Factors that might cause such a difference
include whether MelaFind® achieves market acceptance. Given the uncertainties
affecting companies in the medical device industry such as the Company, any or
all of these forward-looking statements may prove to be incorrect. Therefore,
you should not rely on any such factors or forward-looking statements. The
Company urges you to carefully review and consider the disclosures found in
its filings with the SEC which are available at www.sec.gov and
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