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Miles
Km80.5

   

Electro-Optical Sciences, Inc. Doing Business as MELA Sciences


2/24/2010 1:11:45 PM

IRVINGTON, NY--(Marketwire - February 24, 2010) - Electro-Optical Sciences, Inc. (the "Company") (NASDAQ: MELA), announced today that it will be doing business under the name "MELA Sciences" to better reflect the Company's focus on early melanoma detection. The Company's shares will continue to be traded on the NASDAQ capital market under the ticker symbol "MELA."

"We are excited to call ourselves MELA Sciences, which better describes our mission to change the face of melanoma," said Joseph V. Gulfo, MD, President and CEO. "We're committed to offering dermatologists a breakthrough technology to aid in detecting melanoma at its earliest, most curable stage. Through the years of extensively testing, training and developing the MelaFind® system, we have amassed and are continuing to add to a significant database of information about melanoma that we hope will contribute to the understanding of this disease and ultimately help physicians make optimal patient management decisions. When MelaFind is approved, we also plan to work with dermatologists and patient groups to develop disease awareness, patient empowerment and melanoma education programs to encourage patients to take a proactive stance against this deadly disease that currently kills one American every hour."

In concert with doing business under the new name, the Company has re-launched its website, which can now be found at www.melasciences.com.

An official change to the Company's legal name will require an amendment to its charter and requisite stockholder approval. The Company plans on holding its annual meeting of stockholders in April 2010.

About Melanoma

Melanoma is the deadliest form of skin cancer, responsible for approximately 75% of skin cancer fatalities. The melanoma rate has continued to increase with an estimated 120,000 new cases estimated in 2009. A recent National Cancer Institute report published in the July 10, 2008 online edition of the Journal of Investigative Dermatology indicates that annual incidence of melanoma among young adult Caucasian women rose 50% between 1980 and 2004. Melanoma is the most common cancer in women age 25 to 29 and the number one cancer killer of women age 30 to 35. Although no cure is currently available for advanced-stage melanoma, if caught early, melanoma is virtually 100% curable.

About MELA Sciences

MELA Sciences is a medical technology company focused on developing MelaFind®, a non-invasive and objective computer vision system intended to aid in the early detection of melanoma. MELA Sciences designed MelaFind to assist in the evaluation of pigmented skin lesions, including atypical moles, which have one or more clinical or historical characteristics of melanoma, before a final decision to biopsy has been rendered. MelaFind acquires and displays multi-spectral (from blue to near infrared) digital images of pigmented skin lesions and uses automatic image analysis and statistical pattern recognition to help identify lesions to be considered for biopsy to rule out melanoma.

The MelaFind Pre-Market Approval (PMA) application was filed with the U.S. Food and Drug Administration (FDA) in June 2009 and is currently under review at the FDA. MELA Sciences cannot predict either the timing of the FDA's decision on the PMA application or the outcome. FDA approval is required prior to marketing MelaFind in the United States.

For more information on MELA Sciences, visit www.melasciences.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.


For further information contact:

Investors and Media
Hollister Hovey
Lazar Partners Ltd.
646-871-8482

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