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.
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.
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