Electro-Optical Sciences IPO delayed, with pricing now 'to be determined'

By Ronda Fears

Nashville, Oct. 21 - Electro-Optical Sciences Inc.'s initial public offering, which had been slated to price after Thursday's close, has been put on hold, according to a syndicate source. Now, the source said, timing is "to be determined," joining a recent batch of biotech and medtech IPOs that have met resistance.

Irvington, N.Y.-based Electro-Optical Sciences had planned to sell 4 million shares, but the issue has had trouble for some time. The latest price range put the shares at $5.50 to $6.50, following at least two revisions - from $8 to $10 per share, which was reduced from the initial filing at $10 to $12.

The syndicate also has gone through changes, with Goldman Sachs & Co. exiting as bookrunner. The company selected ThinkEquity Partners LLC as the bookrunner, with Stanford Group Co. as co-lead manager.

The medical device company focuses on instruments used in the early diagnosis of melanoma. It had planned to use proceeds to fund research and development, including clinical studies, building a sales and marketing force, and for general corporate purposes, including working capital, facilities expansion and potential acquisitions.

After the IPO, the company would have 10.51 million shares outstanding.

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