IRVINGTON, NY -- (MARKET WIRE) -- 07/31/08 -- Electro-Optical Sciences, Inc. ("EOS")(NASDAQ: MELA), a medical device company focused on the design anddevelopment of MelaFind®, a non-invasive, point-of-care instrument toassist in the early diagnosis of melanoma, today announced that it hasentered into agreements with a select group of accredited investors to sell2,088,451 shares of common stock at a purchase price of $5.68 per share ina registered direct offering, which represents a discount of 8.50% from theclosing price of $6.21 per share on July 30, 2008. The transaction isexpected to close on or about August 5, 2008, subject to customary closingconditions.The offering will result in gross proceeds of approximately $11.8 millionto EOS, before deducting placement agent fees and estimated offeringexpenses. EOS intends to use the net proceeds from the sale of the sharesto fund continued development of MelaFind, to fund pre-commercializationactivities for MelaFind, and for general corporate purposes, includingworking capital.
All of the shares of common stock are being offered pursuant to aneffective shelf registration statement previously filed with the Securitiesand Exchange Commission (the "SEC") on July 7, 2008.
Needham & Company, LLC acted as the sole placement agent for the offering.
This press release does not constitute an offer to sell or the solicitationof an offer to buy any securities in this offering. There shall not be anysale of these securities in any jurisdiction in which such offering wouldbe unlawful. The shares of common stock may only be offered by means of aprospectus. Copies of the final prospectus and accompanying baseprospectus can be obtained at the SEC's website at http://www.sec.gov orfrom EOS by writing or calling EOS at 3 West Main Street, Suite 201,Irvington, NY 10533, (914) 591-3783.
About Electro-Optical Sciences
EOS is a medical device company focused on designing and developing anon-invasive, point-of-care instrument to assist in the early diagnosis ofmelanoma. MelaFind features a hand-held imaging device that emits light ofmultiple wavelengths to capture images of suspicious pigmented skin lesionsand extract data. Using sophisticated algorithms, the data are thenanalyzed against a proprietary database of melanomas and benign lesions inorder to provide information to the physician and produce a recommendationof whether the lesion should be biopsied.
Melanoma is the deadliest of skin cancers, responsible for approximately80% of all skin cancer deaths. Unless melanoma is detected early andexcised with proper margins, the patient survival rate is poor, as there iscurrently no cure for advanced stage melanoma.
For more information on EOS, visit www.eosciences.com.
For further information contact:
David Carey
Lazar Partners Ltd.
212-867-1768
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