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Mela Sciences raises $27.3mm through private sale of debt and preferred shares

Executive Summary

Mela Sciences Inc. (markets the MelaFind melanoma diagnostic device) raised $27.3mm through the sale of senior secured debentures and preferred shares to Sabby Management, Broadfin Capital, and Great Point Partners. The company issued $15mm of its 4% debentures due 2019 that convert into 5.8mm common at $2.565, and also sold 12.3k Series B preferred shares that convert into 4.8mm common at $2.565. (Mela's stock was averaging $2.53 at the time of the transaction.) Lastly, investors received warrants to purchase 11.2mm shares at $2.45; 5mm expire in 18 months, and 6.1mm expire in five years. HC Wainwright was the placement agent.
Deal Industry
  • Medical Devices
    • Diagnostic Imaging Equipment & Supplies
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement
    • Other

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