MELA Sciences Reports Second Quarter 2014 Financial Results And Provides A Business Update

IRVINGTON, N.Y., Aug. 13, 2014 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (Nasdaq:MELA) (the Company), developer of the MelaFind ® system, a non-invasive optical diagnostic tool that assists dermatologists in the diagnosis of melanoma at its most curable and cost-effective stage and that has received both FDA Pre-Market Approval (PMA) for the U.S. and CE Marking certification for the European Union, today announced financial results for the three and six months ended June 30, 2014. The Company also provided a business update.

Business Highlights for the Second Quarter and Subsequent Weeks:
  • An application was submitted for a Current Procedural Terminology (CPT ®) code, which is the first step in gaining Medicare Part B reimbursement from the Centers for Medicare and Medicaid Services (CMS). The Company's procedure could be eligible for payment under Part B as early as 2016. The Company will also commence efforts to obtain reimbursement from private insurance companies as the CMS review process proceeds.  
  • Additional studies demonstrating the effectiveness of MelaFind predictive probability information when used by dermatology residents and dermoscopists strongly correlate with previous study findings showing the benefit of MelaFind on dermatologists' decisions to biopsy.  
  • Significantly strengthened the balance sheet resulting from the previously announced closing of a private placement that will allow for continued efforts in obtaining reimbursement and the further commercialization of the MelaFind system.  
  • Completed a 1-for-10 reverse stock split and regained compliance with NASDAQ listing requirements.  
  • Named Michael R. Stewart to its Board of Directors, adding specific reimbursement and broad dermatology and medical device experience to the Board.

Rose Crane, MELA Sciences President and CEO, stated, "This has been a very productive quarter for MELA Sciences. We raised capital that will allow us to continue our progress and we took steps toward obtaining CMS reimbursement. As stated previously, our goal is to continue to expand the use of MelaFind toward becoming the standard of care."

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