IRVINGTON, N.Y., July 3, 2014 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (Nasdaq:MELA), developer of the MelaFind® system, an optical diagnostic device approved for use in the U.S. and the European Union to assist dermatologists in melanoma diagnosis, today announced that its board of directors has approved a one-for-ten reverse stock split of the Company's common stock to become effective at 5 p.m., Eastern Time, July 9, 2014. The Company will file an amendment to its Certificate of Incorporation on that date as authorized by the stockholders at the Company's annual meeting held on May 15, 2014. The Company's common stock is expected to commence trading on a post-reverse stock split basis on July 10, 2014. The common stock will continue to trade under the symbol "MELA."
The reverse stock split is intended to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As a result of the reverse stock split, every 10 shares of the Company's common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, the Company will round fractions of shares up to the nearest whole share.
The Company expects to have approximately 5.2 million post-split shares outstanding as a result of the reverse stock split. The number of authorized shares of the Company's common stock also will be reduced to 50,000,000 shares as a result of the amendment to the Certificate of Incorporation.
The number of shares of the Company's Series A Convertible Preferred Stock outstanding will not be affected by the reverse stock split. However, the number of shares of common stock into which each outstanding share of Series A Convertible Preferred Stock is convertible will be adjusted proportionately as a result of the reverse stock split. All outstanding options and warrants to purchase shares of the Company's common stock will be adjusted proportionately and the maximum number of shares available for grant under the Company's 2005 Stock Incentive Plan will be adjusted proportionately as a result of the reverse stock split. The maximum number of shares available for grant under the Company's 2013 Stock Incentive Plan will remain the same.
About MELA Sciences, Inc. www.melasciences.com
MELA Sciences is a medical technology company dedicated to designing and developing innovative software driven technology for physician clinical use for the 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 their flagship product MelaFind®.
About MelaFind www.melafind.com
MelaFind® is the first and only FDA Pre-Market Approval (PMA) for the U.S. and CE Marking certification for the European Union medical device designed to assist dermatologists in the evaluation and diagnosis of melanoma at its most curable stage. The MelaFind® 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 ambiguous pigmented 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 ambiguous pigmented moles (before cutting the skin) during the evaluation and diagnosis process for melanoma.
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 the Company's plans, objectives, expectations and intentions that suggest future events and are often made through the use of words or phrases such as "will," "anticipates," "scheduled," "expected," and "we believe" or similar words and phrases. These statements, including the effective date and the trading date of the reverse stock split and the expected effect of the reverse stock split on the trading price of the Company's common stock, are based on the Company's current expectations and are subject to changes in circumstances and uncertainties. Actual results may differ materially from the Company's 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. 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 McDonald, Ph.D
LifeSci Advisors, LLC
Source: MELA Sciences