Electro Optical Sciences IPO prices; medical device maker (MELA) 5.00 :Electro-Optical Sciences prices its IPO at $5, pricing below it initial range of $8-10 although the size was increased to 4 mln shares from 3 mln. The co makes a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. Co says that cancer of the skin has a higher incidence than all other cancers combined, and the rates are rising dramatically. Its flagship product, MelaFind, 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 the co's proprietary database of melanomas and benign lesions to provide info to the physician... The co has a binding Protocol Agreement with the FDA which should expedite the FDA approval process. Mgmt expects the pivotal trial will begin in early 2006 at over 20 US clinical study sites, and anticipates premarket approval to commercialize MelaFind in 2007. As a development stage co, MELA has had virtually no revenue... This is a 4 mln share deal, led by ThinkEquity and Stanford Group.
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