New York, Oct. 28 - Electro-Optical Sciences, Inc. priced its $20 million initial public offering at $5.00 per share, below the already reduced price range of $5.50 to $6.50 per share.
The target level had already been cut from $8 to $10 per share, and the initial $10 to $12.
The company sold 4 million shares, and there is a greenshoe for a further 600,000.
ThinkEquity Partners LLC was bookrunner, with Stanford Group Co. as co-lead manager.
The Irvington, N.Y., maker of a non-invasive instrument to assist in the early diagnosis of melanoma will use proceeds to fund research and development activities, including upcoming clinical studies, and for other general corporate purposes.
| Issuer: | Electro-Optical Sciences, Inc.
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| Issue: | Initial public offering of common stock
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| Amount: | $20 million ($16.5 million net proceeds)
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| Shares: | 4 million
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| Greenshoe: | 600,000
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| Price: | $5.00
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| Bookrunner: | ThinkEquity Partners LLC
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| Pricing date: | Oct. 27, after close
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| Settlement date: | Nov. 2
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| Talk: | $5.50 to $6.50
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| Ticker: | MELA
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