MELA Sciences, Inc. Closes $6.0 Million Registered Offering
IRVINGTON, N.Y., Nov. 1, 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 the closing of its previously announced registered
The Company received gross proceeds of $6.0 million from the sale of 4,228,181
shares of its common stock, fully paid prefunded warrants ("Series B
Warrants") to purchase up to 4,343,247 shares of its common stock and
additional warrants ("Series A Warrants") to purchase up to 6,857,142 shares
of its common stock. The Series A Warrants are exercisable beginning 6 months
following issuance at a price of $0.85 per share and expire five years from
the date on which the warrants are initially exercisable. Exercise of the
Series A Warrants could result in additional proceeds to the Company of
approximately $5.8 million. The Series B Warrants are exercisable immediately
for no additional consideration.
Craig-Hallum Capital Group acted as exclusive placement agent in connection
with this registered offering.
Net proceeds to the Company at the closing were 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.
The securities described above were 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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