IRVINGTON, N.Y., July 25, 2014 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (Nasdaq:MELA), developer of the MelaFind® system, an optical diagnostic device approved for use in the United States and the European Union to assist dermatologists in melanoma diagnosis, announced today that it has closed its previously announced private placement of approximately $15.0 million aggregate principal amount of senior secured convertible debentures, 12,300 shares of Series B convertible preferred stock, and warrants to purchase approximately 11.2 million shares of common stock. Using a portion of the proceeds of the financing, it has repurchased all of the outstanding shares of Series A convertible preferred stock issued in February 2014. The Company will use the remainder of the proceeds for general working capital purposes, including continued commercialization of the MelaFind system.
"These capital resources will allow us to continue our progress toward obtaining CMS reimbursement and completing the MelaFind Real-World clinical study," said Rose Crane, MELA Sciences President and CEO. "We look forward to running additional reader studies and releasing preliminary results of the real-world study, which are led by Darrell Rigel, MD, MS, Clinical Professor of Dermatology at NYU Langone Medical Center (studies performed independently and not associated in any way with NYU Langone Medical Center). The quality of the investors involved in this financing is a very strong endorsement of our MelaFind system and of our ability to achieve commercial success in the dermatology and pathology markets."
MelaFind is the first and only medical device with FDA Pre-Market Approval (PMA) for the U.S. and CE Marking certification for the European Union designed to assist dermatologists in the evaluation and diagnosis of melanoma at its most curable stage. The MelaFind(R) system utilizes innovative software driven technology and state-of-the-art 3-D optical imaging to non-invasively extract data 2.5 mm below the skin surface from patient's pigmented ambiguous moles and objectively analyzes them with proprietary algorithms. MelaFind provides important additional perspective to physicians via 3-D spectral images and 100% objective data analysis to help them better understand the structural disorganization of a patient's pigmented ambiguous moles (before cutting the skin) during the evaluation and diagnosis process for melanoma.
About MELA Sciences, Inc.www.melasciences.com
MELA Sciences is a medical technology company dedicated to designing and developing innovative software-driven technology for the clinical early detection and prevention of skin cancer. MELA Sciences conducted the largest, positive prospective study ever done on the melanoma disease, and is the first and only medical technology company to receive both FDA Pre-Market Approval (PMA) for the U.S. and CE Marking certification for the European Union for a device of this nature.
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 may contain words such as "seeks," "look forward," and "there seems" that suggest future events or trends. These statements, including our expectations regarding our ability to obtain a CPT code and appropriate reimbursement for our MelaFind system, are based on our current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from our 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 set forth in the company's SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all of these forward-looking statements may prove to be incorrect or unreliable. MELA Sciences assumes no duty to update its forward-looking statements and urges investors to carefully review its SEC disclosures available at www.sec.gov and www.melasciences.com.
Diana Garcia RedruelloMELA Sciences, Inc.
Andrew McDonaldLifeSci Advisors, LLC
Source: MELA Sciences