Melanoma Diagnostic Provider, MELA Sciences Receives 180-Day Extension to Meet NASDAQ Minimum Bid Price
IRVINGTON, N.Y.--(BUSINESS WIRE)--MELA Sciences, Inc. (NASDAQ:MELA), (the Company) developer of MelaFind®, an FDA approved optical diagnostic device that assists dermatologists in melanoma diagnosis, has filed a Form 8-K providing full details of a 180-day grace period it has received from NASDAQ to fulfill the minimum $1.00 bid price requirement. The extension gives the Company until August 18, 2014 to regain compliance.
The Form 8-K can be found in its entirety on the Company’s website at melasciences.com/investors/secfilings or the U.S. Securities and Exchange Commission’s website at www.sec.gov. Following is the text as provided in the filing.
Item 8.01 — Other Events
A. On August 22, 2013, The NASDAQ Stock Market (“Nasdaq”) notified MELA Sciences, Inc. (the “Company”) that for the previous 30 consecutive business days, the Company was not in compliance with Rule 5550(a)(2) of the Nasdaq Listing Rules. Rule 5550(a)(2) requires the Company’s common stock to maintain a minimum bid price of $1.00 per share. Therefore, under Nasdaq’s continued listing requirements, a deficiency existed. The notification had no immediate effect on the listing of the Company’s common stock.
Nasdaq Listing Rule 5810(c)(3)(A) provided the Company with an automatic grace period of 180 days, which ended on February 18, 2014, in order to regain compliance with the minimum bid price requirement. On February 19, 2014, Nasdaq notified the Company that while the Company had not regained compliance with the minimum bid price requirement, it was eligible for an additional 180 day grace period, until August 18, 2014, to regain compliance with the minimum bid price requirement.
Nasdaq has informed the Company that in the event the Company is unable to regain compliance with the minimum bid price requirement by August 18, 2014, Nasdaq will provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel. The Company will monitor the closing bid price of its common stock and will consider various possible options if it does not appear that it will regain compliance by August 18, 2014.
About MELA Sciences, Inc. www.melasciences.com
MELA Sciences is a medical device company developing dermatology diagnostics utilizing state-of-the-art optical imaging. The flagship product is MelaFind®, an FDA, PMA and CE Mark approved, non-invasive diagnostic tool to aid dermatologists in melanoma evaluation and diagnosis. MelaFind® uses a variety of visible to near-infrared light waves to evaluate skin lesions from the surface to 2.5 mm beneath the skin. It provides images and data on the relative disorganization of a lesion's cell structure that provides substantial additional perspective to aid melanoma diagnosis. MELA is also exploring new potential uses for its core imaging technology and algorithms.