MELA Sciences Inc. (MELA) Surges more than 30%

MELA Sciences Inc. (MELA) Surges more than 30%

Shares of MELA Sciences Inc. (NASDAQ: MELA) jumped more than 30% in today�s trading. The small cap stock reached a high of $8.06 in trading. At last check, it was up 28.97% to $7.79, with volume up from daily average of 260,000 to 2.23 million. Ney York-based MELA Sciences is a medical device company that focuses on designing, developing and commercializing a non-invasive, point-of-care instrument that is used in the early diagnosis of melanoma.

MELA Sciences today announced that the company�s pre-market approval application for its MelaFind� will reviewed by the U.S. FDA appointed General and Plastic Surgery Devices Panel. Commenting on the development, Joseph V. Gulfo, MD, MELA�s president and CEO, said the company was pleased to see the review process move forward. Gulfo said that the company had positive and constructive interactions with the FDA, which culminated in the company submitting its formal response to the FDA�s questions on the pre-market approval application, earlier this month. He said that the company is now preparing for the panel meeting on August 26. Gulfo believes that MelaFind will become a valuable tool in detecting melanoma at the earliest and most curable stage.

The company also announced the findings of its Internet-based U.S. reader study that was performed with the help of 155 physicians, which included 110 dermatologists and clinical information from 130 lesions that were enrolled in the trial. The findings show that the MelaFind�s sensitivity was 96.9% against dermatologists� average sensitivity of 72%.

The small cap stock has 52-week range of $5.51-$12.24. It has a beta of 1.21. The stock, currently, trades above its 50-day and below its 200-day moving averages. The consensus recommendation on the stock is Hold. It has 2 Outperform ratings and 1 Hold rating, at the moment.

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