Mela Sciences plans reboot with $12M financing

February 6, 2014 by Arezu Sarvestani

Optical diagnostics maker Mela Sciences plans to use its newly raised $12.4 million to "re-launch" its flagship technology with a new focus on key doctors.

Mela Sciences plans reboot wit $12M financing

New York medical devices maker Mela Sciences (NSDQ:MELA) is looking to re-invent itself around a new strategy to get its optical diagnostics into clinics, using the proceeds from a new financing round to fund the "re-launch" of its flagship MelaFind device.

Mela said it plans to use its newly raised $12.4 million to "re-launch MelaFind focusing on the key dermatologists who treat many of the patients at high risk for melanoma," as well as to fund clinical trials, expand applications for MelaFind and support general corporate activities.

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The funding was raised through a private placement of convertible preferred stock, common stock warrants and common stock to institutional investors, the net proceeds from with total about $11.5 million. In conjunction with the offering Mela directors also purchased about $150,000 in restricted common stock, according to a company statement.