By Devika Patel
Knoxville, Tenn., July 31 - Electro-Optical Sciences, Inc. will sell $11.86 million of its shares in a direct offering, which priced on June 16, according to an 8-K and a prospectus supplement filed Thursday with the Securities and Exchange Commission.
The shares will be sold via a shelf registration that was declared effective July 7.
The company will sell 2,088,451 common shares at $5.68 each on a best-efforts basis.
Needham & Co., LLC is the agent.
Settlement is expected Aug. 5.
Proceeds will be used to fund the continued development of MelaFind, to fund the company's pre-commercialization activities for MelaFind and for general corporate purposes, including working capital.
Based in Irvington, N.Y., Electro-Optical develops medical devices used to detect melanoma.
| Issuer: | Electro-Optical Sciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $11,862,401.68
|
| Shares: | 2,088,451
|
| Price: | $5.68
|
| Warrants: | No
|
| Agent: | Needham & Co., LLC
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 5
|
| Stock symbol: | Nasdaq: MELA
|
| Stock price: | $6.12 at close July 31
|
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