MELA Sciences Prices Public Offering Of Common Stock; Termination Of At The Market (ATM) Equity Offering Program; And Execution Of Term Sheet For Debt Financing

IRVINGTON, N.Y., Feb. 12, 2013 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (Nasdaq:MELA), the medical device company focused on the design, development and commercialization of MelaFind ®, today announced the pricing of an underwritten offering of 6,100,000 shares of its common stock at an offering price of $1.30 per share.

Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $7.3 million. The offering is expected to close on Friday, February 15, 2013, and is subject to customary closing conditions.

Cowen and Company, LLC is acting as sole underwriter for this offering. MELA Sciences plans to use the net proceeds from the offering to continue the commercial launch of MelaFind ® in the U.S. and the European Union, for continued research & development activities and for general corporate purposes and working capital.

The shares of common stock described above are being offered pursuant to a prospectus supplement and accompanying prospectus and are registered under MELA Sciences' currently effective shelf registration statement. A copy of the prospectus supplement and accompanying prospectus for the offering can be obtained by eligible investors from their Cowen and Company sales representative, or from the offices of Cowen and Company, LLC c/o Broadridge Financial Services., 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department. Phone (631) 274-2806 / Fax (631) 254-7140.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any offer, solicitation or sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Termination of ATM Agreement

Upon consummation of the offering, MELA Sciences' previously announced "at-the-market" equity offering ("ATM") program will be terminated. The ATM Program was initiated in June 2012, when the Company entered into a sales agreement with Cowen and Company, LLC to sell shares of its Common Stock through this facility. As of February 12, 2013, the Company has sold approximately 6.6 million shares of Common Stock through the ATM program for gross proceeds of approximately $14.4 million.

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