Electro-Optical Sciences IPO range cut to $8-$10 per share from $10-$12, pricing on hold

By Ronda Fears

Nashville, Aug. 10 - Electro-Optical Sciences Inc. cut the proposed price range of its initial public offering to $8 to $10 a share from $10 to $12. A buyside market source said the deal was expected price after the market close Thursday, but a sellside source familiar with the deal said it was "on hold."

The maker of a medical device used in the early diagnosis of melanoma still plans to sell 3 million shares.

Based in Irvington, N.Y., Electro-Optical plans to use proceeds to fund research and development, including clinical studies, to build a sales and marketing force and for general corporate purposes, including working capital, facilities expansion and potential acquisitions.

Underwriters are Ladenburg Thalmann & Co. Inc. and Stanford Group Co.

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