A Medical Device Daily

Electro-Optical Sciences (EOS; Irvington, New York) has entered into definitive agreements with a group of institutional investors to sell 2.4 million shares of common stock at a negotiated purchase price of $6.25 per share in a registered direct offering.

The transaction is expected to close on or about July 22, subject to the satisfaction of customary closing conditions.

The offering will result in gross proceeds of $15 million to EOS, before deducting placement agents' fees and estimated offering expenses. EOS said it intends to use the net proceeds from the sale of the shares to fund pursuit of its pre-market approval application (PMA) for MelaFind, the continued development and, if and when approved by the FDA, the commercialization of MelaFind and for general corporate purposes, including working capital.

Needham & Co. served as the lead placement agent and Oppenheimer served as the co-placement agent for the offering.

Electro-Optical Sciences is focused on developing MelaFind, a non-invasive and objective computer vision system intended to aid in the early detection of melanoma. A PMA was submitted in June 2009.

In other financing news:

• MedVentive (Waltham, Massachusetts), a provider of integrated performance management solutions for health plans and providers, reported the next phase of its growth will be fueled by a new Series C $7.25 million investment. New investor, Excel Venture Management co-led the round with existing investor HLM Venture Partners and Long River Ventures also participated in this round.

• Aradigm (Hayward, California) said that Zogenix (San Diego) was granted approval of the Sumavel DosePro (sumatriptan injection) needle-free delivery system which enables subcutaneous delivery of sumatriptan without a needle for the treatment of acute migraine. Aradigm is entitled to a $4 million milestone payment upon first commercial sale, and royalty payments upon any sales of products in the U.S. and other countries, including the European Union, which may be developed and sold using the DosePro technology.

Sumavel DosePro uses the DosePro drug delivery system to subcutaneously administer sumatriptan, a medication that has been used to treat migraines effectively and safely for more than 15 years, but without many of the issues associated with needle delivery.