ElectroOptical Sciences Inc (MELA, Financial) filed Quarterly Report for the period ended 2011-03-31.
Mela Sciences Inc has a market cap of $89.2 million; its shares were traded at around $3.53 .
In May 2009, the Company entered into a committed equity financing facility (CEFF) with Kingsbridge Capital Limited (Kingsbridge), pursuant to which Kingsbridge committed to purchase from time to time at the Companys sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Companys common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements. There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Companys common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering.
The Company did not sell any stock to Kingsbridge under the CEFF in the three months ended March 31, 2011. Under the CEFF, during the three month period ended March 31, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million.
In May 2010, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $75 million. The registration statement was declared effective by the SEC on June 1, 2010. On June 30, 2010, the Company entered into an underwriting agreement, relating to the public offering of 2,200,000 shares of the Companys common stock, at a price to the public of $7.50 per share less underwriting discounts and commissions. The common stock was offered and sold pursuant to the Companys Prospectus dated June 1, 2010 and the Companys Prospectus Supplement filed with the SEC on June 30, 2010, in connection with a takedown from the Companys effective shelf registration statement that closed on July 6, 2010. The gross proceeds to the Company from the sale of the common stock totaled $16.5 million. After deducting the underwriters discounts and commissions and other offering expenses, net proceeds were approximately $15.2 million. Approximately $58.5 million remains available under the Companys 2010 shelf registration statement as of March 31, 2011.
Research and development (R&D) expenses experienced an overall decrease of $211 or 8% in the three months ended March 31, 2011 as compared to the corresponding three month period a year earlier. This decrease was primarily in U.S. research and development costs which experienced decreases in costs of product improvement materials of $90, outside consultants of $114 and design sub-contractors of $52 offset by an increase in salaries of $65 as the Company has worked to decrease its reliance on external sub-contractors.
General and Administrative (G&A) expenses experienced an overall increase of $122 or 5% for the three months ended March 31, 2011 as compared to the corresponding three month period a year earlier. Within G&A, legal expenses increased by $314 from the 2010 level reflecting activity associated with the continued review of the MelaFind® PMA application along with work associated with legal actions brought against certain officers and directors of the Company. Also during the three month ended March 31, 2011, marketing costs related to outside consultants decreased by $181 from the same period a year earlier.
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Mela Sciences Inc has a market cap of $89.2 million; its shares were traded at around $3.53 .
Highlight of Business Operations:
On June 26, 2008, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $40 million. Management utilized this shelf registration statement in August 2008 by completing a registered direct offering of 2,088,451 shares of the Companys common stock for aggregate gross proceeds of approximately $11.9 million ($11 million approximate net proceeds to the Company), and in July 2009 by completing a registered direct offering of 2,400,000 shares of the Companys common stock for aggregate gross proceeds of $15 million ($13.75 million approximate net proceeds to the Company). Approximately $13.1 million remains available under the Companys shelf registration statement as of March 31, 2011.In May 2009, the Company entered into a committed equity financing facility (CEFF) with Kingsbridge Capital Limited (Kingsbridge), pursuant to which Kingsbridge committed to purchase from time to time at the Companys sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Companys common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements. There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Companys common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering.
The Company did not sell any stock to Kingsbridge under the CEFF in the three months ended March 31, 2011. Under the CEFF, during the three month period ended March 31, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million.
In May 2010, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $75 million. The registration statement was declared effective by the SEC on June 1, 2010. On June 30, 2010, the Company entered into an underwriting agreement, relating to the public offering of 2,200,000 shares of the Companys common stock, at a price to the public of $7.50 per share less underwriting discounts and commissions. The common stock was offered and sold pursuant to the Companys Prospectus dated June 1, 2010 and the Companys Prospectus Supplement filed with the SEC on June 30, 2010, in connection with a takedown from the Companys effective shelf registration statement that closed on July 6, 2010. The gross proceeds to the Company from the sale of the common stock totaled $16.5 million. After deducting the underwriters discounts and commissions and other offering expenses, net proceeds were approximately $15.2 million. Approximately $58.5 million remains available under the Companys 2010 shelf registration statement as of March 31, 2011.
Research and development (R&D) expenses experienced an overall decrease of $211 or 8% in the three months ended March 31, 2011 as compared to the corresponding three month period a year earlier. This decrease was primarily in U.S. research and development costs which experienced decreases in costs of product improvement materials of $90, outside consultants of $114 and design sub-contractors of $52 offset by an increase in salaries of $65 as the Company has worked to decrease its reliance on external sub-contractors.
General and Administrative (G&A) expenses experienced an overall increase of $122 or 5% for the three months ended March 31, 2011 as compared to the corresponding three month period a year earlier. Within G&A, legal expenses increased by $314 from the 2010 level reflecting activity associated with the continued review of the MelaFind® PMA application along with work associated with legal actions brought against certain officers and directors of the Company. Also during the three month ended March 31, 2011, marketing costs related to outside consultants decreased by $181 from the same period a year earlier.
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