Electro-Optical ups price range for IPO, brings in ThinkEquity as bookrunner

New York, Sept. 28 - Electro-Optical Sciences, Inc. said it has increased the price range for its planned initial public offering of common stock to $5.50 to $6.50 per share from $5.50 previously and brought in ThinkEquity Partners LLC as bookrunner.

Stanford Group Co. is co-lead manager for the sale.

Previously Ladenburg Thalmann & Co. Inc. was bookrunner with Stanford as co-lead.

The number of shares to be offered remains at 4 million, and the greenshoe is still 600,000 shares.

Following the sale, the company will have 10.51 million shares outstanding.

Based in Irvington, N.Y., Electro-Optical is developing an instrument to aid in the diagnosis of melanoma. It plans to use proceeds from the IPO to fund research and development, including clinical studies, to build a sales and marketing force and for general corporate purposes, including working capital, facilities expansion and potential acquisitions.

Electro-Optical has applied to list its stock on the Nasdaq SmallCap Market under the symbol "MELA."

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