Electro-Optical Sciences (MELA) Announces $11.8 Million Common Share Offering
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Electro-Optical Sciences, Inc. ("EOS") (NASDAQ: MELA) 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% from the closing price of $6.21 per share on July 30, 2008. The transaction is expected to close on or about August 5, 2008, subject to customary closing conditions.
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. [SM]
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