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The transaction is expected to close on or about July 22, 2009, subject to the satisfaction of customary closing conditions. The offering will result in gross proceeds of $15 million to Electro-Optical Sciences (EOS), before deducting placement agents' fees and estimated offering expenses.
EOS intends to use the net proceeds from the sale of the shares to fund pursuit of its pre-market approval application for MelaFind, the continued development and, if and when approved by the FDA, the commercialization of MelaFind, and for general corporate purposes, including working capital.
Needham & Company served as the lead placement agent and Oppenheimer & Co served as the co-placement agent for the offering.
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