Needham & Company Maintains a 'Buy' on MELA Sciences (MELA); Secures New Financing Commitment

June 18, 2012 8:01 AM EDT
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Price: $1.12 --0%

Rating Summary:
    4 Buy, 0 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company maintains a 'Buy' on MELA Sciences (NASDAQ: MELA) price target of $20.00.

Analyst, Dalton Chandler, said, "On Friday (6/15/12) MELA filed a form 424B5 with the SEC to sell up to $20M of stock at the company’s discretion and at the
prevailing market price at the time of the sale. This agreement replaces a committed equity fund agreement that expired late in May and had only 1.0M shares remaining on it. This new deal should assure that MELA will have access to additional funding as it advances the commercial rollout of MelaFind."

Chandler sees MELA hitting breakeven by Q4 of 2012 and burning through $38 million on the way.

For an analyst ratings summary and ratings history on MELA Sciences click here. For more ratings news on MELA Sciences click here.

Shares of MELA Sciences closed at $2.74 yesterday.

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