Electro-Optical bags $11.5m funding:
This article was originally published in Clinica
Executive Summary
Manufacturer of the MelaFind non invasive melanoma diagnosis tool Electro-Optical Sciences (Irvington, New York) has secured $11.5m in a private placement from institutional investors. The funding, invested by Cowen and Company and ThinkEquity Partners, comprised just over 2 million common shares priced at $5.75 per share and around 500,00 common stock warrants that are exercisable at $8.00 for 54 months beginning six months after the closing of the investment. The company will use the proceeds to further the design and development of MelaFind, which emits multiple wavelengths to capture images of suspicious pigmented skin lesions, and extract data which can be analysed to tell physicians whether or not a lesion should be biopsied.
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