Electro-Optical Sciences, Inc. Announces Pricing of Initial Public Offering

Medical Device Company Focused on Early Diagnosis of Melanoma 


IRVINGTON, N.Y., Oct. 28  /PRNewswire-FirstCall/ -- Electro-Optical Sciences, Inc. ("EOS"), a medical device company focused on the design and development of a non-invasive, point-of-care, instrument to assist in the early diagnosis of melanoma, today announced the pricing of its initial public offering of 4,000,000 shares at $5.00 per share. All of the shares are being offered by EOS.

The shares will begin trading on the NASDAQ Capital Market today under the symbol "MELA."

Net proceeds to the Company from the offering will be approximately $16.5 million and will be used to fund research and development activities, including upcoming clinical studies and other general corporate purposes. Closing of the offering is expected to occur on November 2, 2005.

ThinkEquity Partners LLC is serving as sole bookrunner and co-lead manager, with Stanford Group Company acting as co-lead manager, for the offering. A copy of the prospectus relating to these securities may be obtained, when available, from ThinkEquity Partners, 600 Montgomery Street, San Francisco, CA 94111.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 28, 2005. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Electro-Optical Sciences, Inc.

EOS is a medical device company focused on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma.  MelaFind(R), EOS's flagship product, 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 EOS's proprietary database of melanomas and benign lesions using sophisticated algorithms in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied.

Melanoma is the deadliest of skin cancers, responsible for approximately 80% of all skin cancer deaths. Unless melanoma is detected early and excised with proper margins, the patient survival rate is poor, as there is currently no cure for advanced stage melanoma.

  For more information on EOS, visit http://www.eosciences.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. 

DATASOURCE: Electro-Optical Sciences, Inc.



CONTACT:  Fern Lazar, [phone], ; or David

Carey, [phone], , both of Lazar Partners



Web site:  http://www.eosciences.com/ 

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