Electro-Optical Sciences IPO price cut to $5.50 per share from $8-$10

By Ted A. Knutson

Washington, Aug. 12 - Electro-Optical Sciences Inc. cut the proposed price of its initial public offering to $5.50 a share from $8 to $10, according to an S-1/A filing with the Securities and Exchange Commission.

At the same time, the maker of a medical device used in the early diagnosis of melanoma increased the number of shares to 4 million from 3 million shares and upped the greenshoe to 600,000 shares from 450,000 shares.

Based in Irvington, N.Y., Electro-Optical plans to use proceeds to fund research and development, including clinical studies, to build a sales and marketing force and for general corporate purposes, including working capital, facilities expansion and potential acquisitions.

Underwriters are Ladenburg Thalmann & Co. Inc. and Stanford Group Co.

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