Melanoma Diagnostic Provider, MELA Sciences Receives 180-Day Extension to
Meet NASDAQ Minimum Bid Price
IRVINGTON, N.Y. -- February 24, 2014
MELA Sciences, Inc. (NASDAQ:MELA), (the Company) developer of MelaFind^®, an
FDA approved optical diagnostic device that assists dermatologists in melanoma
diagnosis, has filed a Form 8-K providing full details of a 180-day grace
period it has received from NASDAQ to fulfill the minimum $1.00 bid price
requirement. The extension gives the Company until August 18, 2014 to regain
The Form 8-K can be found in its entirety on the Company’s website at
melasciences.com/investors/secfilings or the U.S. Securities and Exchange
Commission’s website at www.sec.gov. Following is the text as provided in the
Item 8.01 — Other Events
A. On August 22, 2013, The NASDAQ Stock Market (“Nasdaq”) notified MELA
Sciences, Inc. (the “Company”) that for the previous 30 consecutive business
days, the Company was not in compliance with Rule 5550(a)(2) of the Nasdaq
Listing Rules. Rule 5550(a)(2) requires the Company’s common stock to maintain
a minimum bid price of $1.00 per share. Therefore, under Nasdaq’s continued
listing requirements, a deficiency existed. The notification had no immediate
effect on the listing of the Company’s common stock.
Nasdaq Listing Rule 5810(c)(3)(A) provided the Company with an automatic grace
period of 180 days, which ended on February 18, 2014, in order to regain
compliance with the minimum bid price requirement. On February 19, 2014,
Nasdaq notified the Company that while the Company had not regained compliance
with the minimum bid price requirement, it was eligible for an additional 180
day grace period, until August 18, 2014, to regain compliance with the minimum
bid price requirement.
Nasdaq has informed the Company that in the event the Company is unable to
regain compliance with the minimum bid price requirement by August 18, 2014,
Nasdaq will provide written notification to the Company that its securities
will be delisted. At that time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel. The Company will monitor the closing
bid price of its common stock and will consider various possible options if it
does not appear that it will regain compliance by August 18, 2014.
About MELA Sciences, Inc. www.melasciences.com
MELA Sciences is a medical device company developing dermatology diagnostics
utilizing state-of-the-art optical imaging. The flagship product is
MelaFind^®, an FDA, PMA and CE Mark approved, non-invasive diagnostic tool to
aid dermatologists in melanoma evaluation and diagnosis. MelaFind^® uses a
variety of visible to near-infrared light waves to evaluate skin lesions from
the surface to 2.5 mm beneath the skin. It provides images and data on the
relative disorganization of a lesion's cell structure that provides
substantial additional perspective to aid melanoma diagnosis. MELA is also
exploring new potential uses for its core imaging technology and algorithms.
Twitter: MELASciencesIR or MelaFind
MELA Sciences, Inc.
Diana Garcia Redruello, 212-518-4226
Toni Trigiani, David Collins, 212-924-9800
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