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Electro-Optical Sciences Announces $13.2 Million Private Placement
| Source: Electro-Optical Sciences, Inc.
IRVINGTON, NY -- (MARKET WIRE) -- November 1, 2006 -- Electro-Optical Sciences, Inc. ("EOS")
(NASDAQ : MELA ), a medical device company focused on the design and
development of MelaFind®, a non-invasive, point-of-care instrument to
assist in the early diagnosis of melanoma, today announced that it has
secured a private placement of approximately $13.2 million comprised of
common stock issued at the closing market price on October 31, 2006 and
warrants to purchase 15% of the common stock issued, with an exercise price
at an 18% premium to the closing market price.
Pursuant to the securities purchase agreements, a total of approximately
2,312,384 shares of the company's common stock and five-year warrants to
purchase up to approximately 346,858 shares of the company's common stock
at an exercise price of $6.70 per share were offered for aggregate gross
proceeds of approximately $13.2 million.
Jefferies & Company, Inc. acted as the sole placement agent for the
transaction.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy any securities. There shall not be any sale of these
securities in any jurisdiction in which such offering would be unlawful.
About Electro-Optical Sciences
EOS is a medical device company focused on designing and developing a
non-invasive, point-of-care instrument to assist in the early diagnosis of
melanoma. MelaFind, EOS's flagship product, features a hand-held imaging
device that emits multiple wavelengths of light to capture images of
suspicious pigmented skin lesions and extract data. The data are then
analyzed against EOS's proprietary database of melanomas and benign lesions
using sophisticated algorithms in order to provide information to the
physician and produce a recommendation of whether the lesion should be
biopsied.
Melanoma is the deadliest of skin cancers, responsible for approximately
80% of all skin cancer deaths. Unless melanoma is detected early and
excised with proper margins, the patient survival rate is poor, as there is
currently no cure for advanced stage melanoma.
For more information on EOS, visit www.eosciences.com.
Safe Harbor
This press release includes "forward-looking statements" within the meaning
of the Securities Litigation Reform Act of 1995. These statements include
but are not limited to our plans, objectives, expectations and intentions
and other statements that contain words such as "expects," "contemplates,"
"anticipates," "plans," "intends," "believes" and variations of such words
or similar expressions that predict or indicate future events or trends, or
that do not relate to historical matters. These statements are based on our
current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. There can be no assurance that our beliefs or expectations will be
achieved. Actual results may differ materially from our beliefs or
expectations due to economic, business, competitive, market and regulatory
factors.