Electro-Optical Sciences Declares $11.8 Million Registered Direct Offering

MELA | Quote | Chart | News | PowerRating -- Electro-Optical Sciences, a medical device company focused on the design and development of MelaFind, a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma, announced that it has entered into agreements with a select group of accredited investors to sell 2,088,451 shares of common stock at a purchase price of $5.68 per share in a registered direct offering, which represents a discount of 8.50 percent from the closing price of $6.21 per share on July 30.

The transaction is expected to close on or about August 5, subject to customary closing conditions.

Electro-Optical Sciences said the offering will result in gross proceeds of approximately $11.8 million to EOS, before deducting placement agent fees and estimated offering expenses. EOS intends to use the net proceeds from the sale of the shares to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.

All of the shares of common stock are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC") on July 7.

Needham & Company acted as the sole placement agent for the offering.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

((Distributed via M2 Communications Ltd - http://www.m2.com))

http://www.10meters.com

Comments on this story may be sent to newsdesk@closeupmedia.com

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index