3SOF

MELA was stopped out correct?

7 -7.5 seems to be the bottom imho

Electro-Optical Sciences Joins Russell Microcap Index
Tuesday , July 01, 2008 08:30ET
http://media.marketwire.com/attachments/200606/264991_EOSLogo.jpg

IRVINGTON, NY -- (MARKET WIRE) -- 07/01/08 -- Electro-Optical Sciences, Inc. ("EOS") (NASDAQ: MELA), a medical device company focused on the design and development of MelaFind®, a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma, announced today that the company has joined the Russell Mircocap Index based on a preliminary list of additions posted June 27, 2008 on www.russell.com.

Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4.4 trillion in assets currently are benchmarked to them.

About Electro-Optical Sciences

EOS is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied.

Melanoma is the deadliest of skin cancers, responsible for approximately 80% of all skin cancer deaths. Unless melanoma is detected early and excised with proper margins, the patient survival rate is poor, as there is currently no cure for advanced stage melanoma.

For more information on EOS, visit www.eosciences.com.

 Electro-Optical Sciences Declares $11.8 Million Registered Direct Offering
Friday , August 08, 2008 00:14ET

Electro-Optical Sciences, a medical device company focused on the design and development of MelaFind, a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma, announced that it has entered into agreements with a select group of accredited investors to sell 2,088,451 shares of common stock at a purchase price of $5.68 per share in a registered direct offering, which represents a discount of 8.50 percent from the closing price of $6.21 per share on July 30.

The transaction is expected to close on or about August 5, subject to customary closing conditions.

Electro-Optical Sciences said the offering will result in gross proceeds of approximately $11.8 million to 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.

All of the shares of common stock are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC") on July 7.

Needham & Company acted as the sole placement agent for the offering.

&

insider buying:
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5851013

chart:

DAn Lufkin a Director at MELA purchased 88,000 shares at $6.21 each on August 8th. This takes his holding to more than 400K shares (one of the largest holders of MELA shares reported). That is a significant investment to make at this time, he must have a high degree of confidence that whatever is happening within MELA (likely the FDA and progress of MelaFind) is very much on track.

Technically the stock reacted very nicely of long term support in the shape of the 200sma, probably helped by the release of the earlier purchase by Lufkin, but also significantly by the $11.8M investment MELA received from various investors on Aug 5th at a price of $5.68 (see La-onda's previous post). You can see on the chart the low of Aug 18th and 19th doesn't breach that investment price.

Might be worth keeping MELA on close watch as it would seem a bottom may be in place and a longer term upwards move may be shaping up into the back end of the year and 2009 as MelaFind gets closer to FDA approvals.

Disclosure: I have a small position tucked away for long term

the saga continues....

updated chart look.......1 year chart.