The transaction is expected to close on or about August 5, 2008, subject to customary closing conditions.
The offering will result in gross proceeds of approximately $11.8 million to Electro-Optical Sciences (EOS), before deducting placement agent fees and estimated offering expenses.
EOS intends to use the net proceeds from the sale of the shares to fund continued development of MelaFind, to fund pre-commercialization activities for MelaFind, and for general corporate purposes, including working capital.