MELA Sciences, Inc. (MELA) is “One to Watch”

MELA Sciences, Inc. is focused on innovative medical technologies for the detection of melanoma, the deadliest form of skin cancer. Approximately 130,000 people are diagnosed with melanoma each year, and one person in the U.S. dies of melanoma every hour. With no cure for the disease in late stage, early detection is vital to survival, and MELA is developing its technologies to address this significant unmet medical need.

The market is ripe for revolutionary technologies. The mortality rate of fatalities from melanoma has increased 50% since 1973. In fact, melanoma is now the fastest growing cancer, moving at a rate of 6% per year.

The company’s flagship product, MelaFind®, helps dermatologists determine whether or not to biopsy certain clinically atypical pigmented skin lesions. The FDA has approved MelaFind for use in the United States, and has received the CE Mark for use in the European Union. Within the first 12 months of being in the market, MelaFind secured 138 signed user agreements, deployed product placements in 28 states and 12 cities in Germany, and is in discussions with more than 140 additional interested dermatologist practices.

MELA is in phase 2 of its launch with an ongoing marketing campaign that contributed to first-quarter 2013 revenues of $144,000 and deferred revenue of $392,250, a slight improvement over previous quarter revenues. MELA’s technology was recently included in the Cleveland Clinic’s Top 10 Medical Innovations for 2013, and the company continues revenue-driving initiatives such as an expanded Web presence including Twitter, Facebook, and a campaign strategy with WebMD; national, regional, and local television segments; and promotional placements in health, beauty, & wellness magazines.

With enough cash to fund its operations into 2014, MELA is well capitalized with cash reserves, ending the first quarter with cash and cash equivalents of $21.6 million.

For more information, visit www.melasciences.com

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