e10vq

0000950123-11-073414.txt : 20110805 0000950123-11-073414.hdr.sgml : 20110805 20110805121658 ACCESSION NUMBER: 0000950123-11-073414 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110805 DATE AS OF CHANGE: 20110805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MELA SCIENCES, INC. /NY CENTRAL INDEX KEY: 0001051514 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 133986004 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51481 FILM NUMBER: 111013111 BUSINESS ADDRESS: STREET 1: 50 SOUTH BUCKHOUT STREET STREET 2: SUITE 1 CITY: IRVINGTON STATE: NY ZIP: 10533 BUSINESS PHONE: 914-591-3783 MAIL ADDRESS: STREET 1: 50 SOUTH BUCKHOUT STREET STREET 2: SUITE 1 CITY: IRVINGTON STATE: NY ZIP: 10533 FORMER COMPANY: FORMER CONFORMED NAME: ELECTRO OPTICAL SCIENCES INC /NY DATE OF NAME CHANGE: 19971216 10-Q 1 y90892e10vq.htm FORM 10-Q e10vq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000 — 51481

MELA SCIENCES, INC.

(Exact name of Registrant as specified in its charter)


Delaware		13-3986004
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

50 South Buckhout Street, Suite 1
Irvington, New York		10533
(Address of Principal Executive offices)		(Zip Code)

Registrant’s Telephone Number, including area code:
(914) 591-3783
(Former name if changed since last report)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filer o	Accelerated filer þ	Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

As of July 29, 2011: 25,262,538 shares of the Registrant’s common stock were outstanding.

MELA Sciences, Inc.
Table of Contents


	Page
PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Condensed Balance Sheets as of June 30, 2011 (unaudited) and December 31, 2010		2

Condensed Statements of Operations (unaudited) for the three and six month periods ended June 30, 2011 and 2010		3

Condensed Statements of Cash Flows (unaudited) for the six month period ended June 30, 2011 and 2010		4

Notes to Condensed Financial Statements (unaudited)		5

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk		21

ITEM 4. Controls and Procedures		21

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings		21

ITEM 1A. Risk Factors		22

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		23

ITEM 3. Defaults Upon Senior Securities		23

ITEM 4. [Reserved]		23

ITEM 5. Other Information		23

ITEM 6. Exhibits		24

SIGNATURES		25

EXHIBIT INDEX		26
EX-10.1
EX-31.1
EX-31.2
EX-32.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT

MELA SCIENCES, INC.

CONDENSED BALANCE SHEETS


	June 30,			December 31,
	2011			2010
	(unaudited)			*
ASSETS
Current Assets:
Cash and cash equivalents	$	20,942,709		$	30,520,812
Prepaid expenses and other current assets		934,029			523,672

Total Current Assets		21,876,738			31,044,484
Property and equipment, net		1,826,578			2,073,602
Patents and trademarks, net		65,158			71,108
Deferred financing costs		62,391			62,391
Other assets		337,705			337,705

Total Assets	$	24,168,570		$	33,589,290


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	645,643		$	1,096,505
Accrued expenses (includes related parties of $34,000 as of June 30, 2011)		591,312			559,975
Other current liabilities		28,891			29,538

Total Current Liabilities		1,265,846			1,686,018


Long Term Liabilities:
Deferred rent		121,260			104,304

Total Long Term Liabilities		121,260			104,304

Total Liabilities		1,387,106			1,790,322


COMMITMENTS, CONTINGENCIES and LITIGATION (Note 6)

Stockholders’ Equity
Preferred stock — $.10 par value; authorized 10,000,000 shares; issued and outstanding: none
Common stock — $.001 par value; authorized 45,000,000 shares; issued and outstanding 25,262,538 shares at June 30, 2011 and December 31, 2010		25,263			25,263
Additional paid-in capital		131,650,548			130,916,326
Accumulated deficit		(108,894,347	)		(99,142,621	)

Total Stockholders’ Equity		22,781,464			31,798,968

Total Liabilities and Stockholders’ Equity	$	24,168,570		$	33,589,290


*		Derived from the audited balance sheet as of December 31, 2010

See accompanying notes to the financial statements

MELA SCIENCES, INC.

CONDENSED STATEMENTS OF OPERATIONS
(unaudited)


	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011			2010
Operating expenses:
Research and development	$	2,620,554		$	2,552,689		$	5,196,682		$	5,339,759
General and administrative		2,208,059			2,048,157			4,601,179			4,319,322

Operating loss		(4,828,613	)		(4,600,846	)		(9,797,861	)		(9,659,081	)
Interest income		13,934			3,009			34,465			3,961
Other income, net		5,022			4,999			11,670			12,497
Gain on sale of fixed assets		—			1,500			—			27

Net loss	$	(4,809,657	)	$	(4,591,338	)	$	(9,751,726	)	$	(9,642,596	)

Basic and diluted net loss per common share	$	(0.19	)	$	(0.20	)	$	(0.39	)	$	(0.42	)


Basic and diluted weighted average number of common shares outstanding		25,262,538			23,028,854			25,262,538			22,886,964

See accompanying notes to the financial statements

MELA SCIENCES, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2011			2010
Cash flows from operating activities:
Net loss	$	(9,751,726	)	$	(9,642,596	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		283,785			253,492
Noncash compensation		734,222			366,382
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other current assets		(410,357	)		322,685
Decrease in accounts payable and accrued expenses		(419,525	)		(124,669	)
Increase in other assets		—			(273,220	)
Increase in deferred rent		16,956			52,152
Decrease in other current liabilities		(647	)		(8,484	)

Net cash used in operating activities		(9,547,292	)		(9,054,258	)

Cash flows from investing activities:
Purchases of property and equipment		(30,811	)		(637,014	)
Proceeds from sale of fixed assets		—			1,473

Net cash used in investing activities		(30,811	)		(635,541	)

Cash flows from financing activities:
Proceeds from exercise of stock options		—			26,070
Proceeds from exercise of stock warrants		—			1,691,633
Expenses related to public offering		—			(130,086	)
Proceeds from Committed Equity Financing Facility		—			3,750,000
Expenses related to Committed Equity Financing Facility		—			(6,717	)

Net cash provided by financing activities		—			5,330,900

Net decrease in cash and cash equivalents		(9,578,103	)		(4,358,899	)
Cash and cash equivalents at beginning of period		30,520,812			29,673,420

Cash and cash equivalents at end of period	$	20,942,709		$	25,314,521


Supplemental Schedule of Non-cash Investing and Financing Activities
Deferred financing costs charged to additional paid-in capital	$	—		$	23,179

See accompanying notes to the financial statements

MELA SCIENCES, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(In thousands, except for share and per share data)

(unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

MELA Sciences, Inc., a Delaware corporation (the “Company”), is a medical device company focused on the design, development and commercialization of a non-invasive, point-of-care (in the doctor’s office) instrument to aid in the detection of early melanoma. The Company’s flagship product, MelaFind^®, features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. The data are then analyzed utilizing image processing classification algorithms, ‘trained’ on our proprietary database of melanomas and benign lesions, to provide information to assist in the management of the patient’s disease, including information useful in the decision of whether to biopsy the lesion.

The components of the MelaFind^® system include:

	•		a hand-held imaging device, which employs high precision optics and multi-spectral illumination (multiple colors of light including near infra-red);

	•		a proprietary database of pigmented skin lesions, which we believe to be the largest in the U.S.; and

	•		lesion classifiers, which are sophisticated mathematical algorithms that extract lesion feature information and classify lesions.

The MelaFind^® Pre-Market Approval (“PMA”) application was submitted in June 2009 and is under review at the U.S. Food and Drug Administration (“FDA”). A pivotal trial conducted to establish the safety and effectiveness of MelaFind^® was performed under the auspices of a Protocol Agreement. In addition, the MelaFind^® PMA has been granted expedited review by the FDA.

On November 18, 2010, the Company’s PMA application for MelaFind^® was reviewed by the FDA’s General and Plastic Surgery Devices Panel (“Panel”). The Panel voted favorably on all three questions instructed by the FDA. The FDA advisory Panel vote is non-binding on the FDA. In February 2011, the Company submitted a PMA amendment containing a revised ‘indications for use’ statement limiting MelaFind^® to use by dermatologists, based on discussions that ensued during the Panel meeting. Also, on May 12, 2011, the Company submitted a second PMA amendment containing a training program for clinicians, an outline of which was presented at the Panel meeting. The Company has requested a meeting with the FDA to review the Panel outcome as well as the Company’s PMA and PMA amendments. On May 9, 2011, the Company filed a Citizen’s Petition with the FDA requesting the Commissioner of the FDA to enforce the binding Protocol Agreement, as well as FDA laws and regulations, in completing the review of the MelaFind^{^®}PMA.

Upon obtaining approval from the FDA, we plan to launch MelaFind^® commercially in the United States.

Also, in the first six months of 2011, the Company continued the process, initiated in 2010, toward being able to introduce the MelaFind^® device commercially in Europe. The Company is actively planning representation, conducting market research activities and working with European regulatory agencies on achieving Conformite Europeenne (“CE”) marking of MelaFind^®.

To date the Company has not generated any revenues from MelaFind^®.

The Company anticipates that it will continue to incur net losses for the foreseeable future in the development and commercialization of the MelaFind^® device. From inception, the Company financed operations primarily through the sale of convertible preferred stock and subsequently sold common stock as part of an initial public offering in October 2005, two private placements (in November 2006 and August 2007), two registered direct offerings (in August 2008 and July 2009), and pursuant to a Committed Equity Financing Facility (“CEFF”) with Kingsbridge Capital Limited in the second half of 2009 and first quarter of 2010. In addition, the Company received net proceeds of approximately $15.2 million through the sale of common stock pursuant to a public offering which closed July 6, 2010.

The Company faces certain risks and uncertainties which are present in many emerging medical device companies regarding future profitability, ability to obtain future capital, protection of patents and intellectual property rights, competition, rapid technological change, government regulations, changing health care marketplace, recruiting and retaining key personnel, and reliance on third party manufacturing organizations.

As of June 30, 2011, the Company’s total of cash and cash equivalents was approximately $20.9 million. Management believes that this cash balance will be sufficient to fund the Company’s anticipated level of operations for at least the next twelve months. However, the Company will require additional funds to achieve significant commercialization of MelaFind^®. There can be no assurances that the Company will be able to raise additional financing in the future. Additional funds may not become available on acceptable terms, and there can be no assurance that any additional funding that the Company does obtain will be sufficient to meet the Company’s needs in the long term. In the event that the Company is unable to raise additional funds, the Company has the ability and intent to reduce certain discretionary expenditures.

The unaudited condensed financial statements included herein have been prepared from the books and records of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.

The Company’s management is responsible for the financial statements included in this document. The Company’s interim financial statements are unaudited. Interim results may not be indicative of the results that may be expected for the year. However, the Company believes all adjustments considered necessary for a fair presentation of these interim financial statements have been included and are of a normal and recurring nature.

2. USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions by management that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to stock-based compensation arrangements and accrued expenses. Actual results could differ from these estimates.

3. RECENT ACCOUNTING PRONOUNCEMENTS

None

4. NET LOSS PER COMMON SHARE

to dilutive options, warrants and other potential common shares outstanding during the period. Diluted net loss per common share is equal to the basic net loss per common share since all potentially dilutive securities are anti-dilutive for each of the periods presented. Potential common stock equivalents excluded consist of stock options and warrants which are summarized as follows:


	June 30,
	2011		2010
Common stock options		2,107,429		2,164,598
Common stock warrants		546,781		614,906

Total		2,654,210		2,779,504

5. STOCK-BASED COMPENSATION

The Company has one stock-based compensation plan, the 2005 Stock Incentive Plan (“2005 Plan”), under which the Board of Directors may currently grant incentives to employees, consultants, directors, officers and collaborating scientists in the form of incentive stock options, nonqualified stock options and restricted stock awards. The Company also has one other stock-based compensation plan pursuant to which stock options are outstanding but from which no new grants may be made.

Stock awards under the Company’s stock option plans have been granted at prices which are no less than the market value of the stock on the date of the grant. Options granted under the 2005 Plan are generally time-based or performance-based, and vesting varies accordingly. Options under this plan expire in up to a maximum of ten years from the date of grant.

The compensation expense recognized in the Statement of Operations in the second quarter of 2011 and 2010 for stock options amounted to $564 (of which $13 relates to performance milestones) and $184 (of which $6 relates to performance milestones), respectively. For the six months ended June 30, 2011 and 2010, compensation expense for stock options amounted to $734 (of which $28 relates to performance milestones) and $366 (of which $11 relates to performance milestones), respectively. Cash received from options and warrants exercised under all share-based payment arrangements for the three month periods ended June 30, 2011 and 2010 were $0 and $20, respectively, and for the six month periods ended June 30, 2011 and 2010 were $0 and $1,717 respectively.

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table:


	For the Six Months	For the Six Months
	Ended June 30, 2011	Ended June 30, 2010
Expected life	6.5 years	5-10 years
Expected volatility	70.54-76.32%	61%
Risk-free interest rate	2.47-3.34%	2.26-3.56%
Dividend yield	0%	0%

The expected life of the options is based upon the expected time to full-vesting and term of the options. The expected volatility assumptions are determined based upon the historical volatility of the Company’s daily closing stock price. The risk-free interest rate is based on the continuous rates provided by the U.S. Treasury with a term equal to the expected life of the option. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future.

At June 30, 2011, stock options to purchase 2,107,429 shares of common stock at exercise prices ranging from $1.00 to $11.11 per share are outstanding and exercisable at various dates through 2021.

During the three months and six months ended June 30, 2011, the weighted average fair value of options granted, estimated as of the grant date using the Black-Scholes option valuation model, was $2.18 and $2.20, respectively. For the three month and six month periods ended June 30, 2010, the weighted average fair value of options granted was $4.61 and $4.68, respectively. For the three month and six month periods ended June 30, 2011 no options were exercised and for the three months and six months ended June 30, 2010 the total intrinsic value of options exercised was $11 and $18, respectively.

The status of the Company’s stock option plans at June 30, 2011 is summarized in the following:


						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contractual		Aggregate
	Number of			Price per		Term in		Intrinsic
	Shares			Share		Years		Value
Outstanding at December 31, 2010		2,132,879		$	5.19		5.4
Granted		439,800			3.27		9.8
Exercised		—
Forfeited or expired		(465,250	)		6.59		—

Outstanding at June 30, 2011		2,107,429		$	4.48		6.6	$	66

Vested and exercisable at June 30, 2011		850,791		$	4.53		5.6	$	66


			Options Outstanding
			Weighted-			Options Exercisable
			Average	Weighted				Weighted-
			Remaining	Average				Average
	Number		Contractual	Exercise		Number		Exercise
Range of Exercise Prices	Outstanding		Life	Price		Exercisable		Price
$.01-$1.00		48,952	1.4 years	$	1.00		48,952	$	1.00
$1.01-$4.50		1,578,952	7.4 years	$	3.68		591,789	$	3.70
$4.51-$11.11		479,525	4.5 years	$	7.48		210,050	$	7.71

$.01-$11.11		2,107,429	6.6 years	$	4.48		850,791	$	4.53

As of June 30, 2011, of the total 2,107,429 options outstanding, 1,256,638 have not vested. Of this total unvested amount, 931,813 options will vest upon the attainment of certain milestones, and the balance will vest over the requisite service period. The weighted average vesting period for the non-milestone, non-vested awards not yet recognized is 1.9 years

As of June 30, 2011, of the $3,186 total unrecognized compensation cost related to unvested options, $2,708 is to be recognized over a period to be determined by performance-based milestones, and $478 is to be recognized over the requisite service period through 2015.

As of June 30 2011, there were 1,648,639 shares available for future grants under the Company’s 2005 Plan.

6. COMMITMENTS, CONTINGENCIES AND LITIGATION

The Company is obligated under a non-cancelable operating lease for office, lab, and assembly space expiring December 2016. The lease is subject to escalations for increases in operating expenses. The approximate aggregate minimum future payments due under this lease at June 30, 2011 are as follows:


2011 Remaining six months	$	191
2012		410
2013		439
2014		456
2015		455
2016		456

	$	2,407

Rental payments are recognized as rent expense on a straight-line basis over the term of the lease.

ASKION GmbH (“ASKION”), located in Gera Germany, which specializes in precision optics, is an integral member of the MelaFind^® development team and the Company expects to continue to work with ASKION for the foreseeable future. ASKION produced the MelaFind^® hand-held imaging devices used in our pivotal clinical trials and is currently building additional units and performing other additional developmental activities under production and R&D contracts.

The Company, primarily through ASKION, engages Carl Zeiss Jena GmbH (“Zeiss”) to build the lenses and assemblies, as well as provide certain technical consulting, for the MelaFind^® units used in the Company’s pivotal clinical trials and additional units being manufactured. This work is expected to continue for MelaFind^® units through 2012.

In April, 2011, the Company entered into a “Last Time Buy” supply agreement with Arrow Electronics, Inc. (“Arrow”), a distributor for ON Semiconductors (“ON”), pursuant to which the Company agreed to purchase complementary metal—oxide—semiconductor (“CMOS”) sensors. The CMOS sensor is a critical part of the Company’s MelaFind^® system. A downpayment of $500 was made on this purchase during the three months ended June 30, 2011. The Company believes that these CMOS sensors will be sufficient to meet the Company’s needs until an alternative is found.

The Company has an employment agreement with its President and Chief Executive Officer, Dr. Gulfo, which provides for an annual base salary, stock options and discretionary performance bonuses. The agreement, which provides for automatic one-year renewal terms, currently runs through the end of 2011.

On November 19, 2010, a purported securities class action complaint was filed in the U.S. District Court for the Southern District of New York, naming as defendants the Company and certain of its officers and directors, entitled Randall J. Pederson, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, No. 7:10-cv-08774-JFM. Two similar complaints were also filed, one on December 2, 2010 and the other on January 20, 2011, in the same District Court, entitled Amy Steigman, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, No. 7:10-cv-09024-JFM; and Martin Slove and Linda Slove, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, No. 1:11-cv-00429-JFM. These three securities class actions were consolidated into one action on February 15, 2011, entitled In re MELA Sciences, Inc. Securities Litigation, No. 10-Civ-8774-JFM (“securities class action”). The securities class action plaintiffs assert violations of the Securities Exchange Act of 1934, alleging, among other things, that defendants made misstatements and omissions regarding the Company’s product, MelaFind^®, and its prospects for FDA approval, on behalf of stockholders who purchased the Company’s common stock during the period from February 13, 2009 through November 16, 2010, and seek unspecified damages. On May 2, 2011, the securities class action plaintiffs filed their amended consolidated complaint, alleging similar claims to their prior complaints. On July 29, 2011, Defendants filed a motion to dismiss the consolidated amended complaint in its entirety. Plaintiff’s opposition to the motion to dismiss is due on September 15, 2011.

The Company believes that it has meritorious defenses and intends to vigorously defend against the securities class action; however, as with any litigation, we cannot predict with certainty the eventual outcome of this litigation. An adverse outcome could have a material adverse effect on our business and our business could be materially harmed.

From time to time, we may be a party to certain legal proceedings, incidental to the normal course of our business. These may include controversies relating to contract claims and employment related matters, some of which claims may be material, in which case, we will make separate disclosure as required.

7. STOCKHOLDERS’ EQUITY

On October 31, 2006, the Company entered into securities purchase agreements and a registration rights agreement with certain accredited investors for the private placement of 2,312,384 shares of the Company’s common stock and warrants to purchase up to 346,857 shares of the Company’s common stock for aggregate gross proceeds of approximately $13.2 million and net proceeds of approximately $12.5 million. Pursuant to the securities purchase agreements, for a purchase price of $5.70 each investor received one share of the Company’s common stock and a warrant to purchase 0.15 of a share of the Company’s common stock. The warrants are five-year warrants with an exercise price of $6.70 per share. In accordance with the terms of this warrant, on January 5, 2010 the Company required the holders to exercise their warrants within 30 days. As a result, warrants to purchase 173,963 shares of the Company’s common stock, representing all of the outstanding 2006 warrants, were exercised resulting in gross proceeds to the Company of $1.165 million.

On July 31, 2007, the Company entered into a securities purchase agreement and a registration rights agreement with certain accredited investors for the private placement of 2,000,178 shares of the Company’s common stock and warrants to purchase up to 500,041 shares of the Company’s common stock for aggregate gross proceeds of approximately $11.5 million and net proceeds of approximately $10.7 million. The private placement closed August 3, 2007. Pursuant to the securities purchase agreement, for a purchase price of $5.75 each investor received one share of the Company’s common stock and a warrant to purchase 0.25 of a share of common stock. The warrants are five-year warrants with an exercise price of $8.00 per share.

Pursuant to the terms of the registration rights agreements, the Company filed resale registration statements covering the shares in both private placements, including the shares issuable upon exercise of the warrants, with the SEC. In the event that the Company fails to maintain the effectiveness of these registration statements for the periods described in the registration rights agreements, the holders would be entitled to certain monetary damages.

However, the Company is not obligated to make payments in excess of 10% of the aggregate purchase price of the common shares. The Company has concluded that it is unlikely that the Company would be required to remit any payments to its investors for failing to maintain its effectiveness. The Company’s resale registration statements on Form S-3 were declared effective by the SEC on February 12, 2007 and September 11, 2007, respectively.

In June 2008, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $40 million. Management utilized this shelf registration statement in August 2008 by completing a registered direct offering of 2,088,451 shares of the Company’s common stock for aggregate gross proceeds of $11.9 million ($11 million approximate net proceeds to the Company). In addition, in July 2009, management completed a registered direct offering of 2,400,000 shares of the Company’s common stock for aggregate gross proceeds of $15 million ($13.75 million approximate net proceeds to the Company). Approximately $13.1 million remained available under the Company’s 2008 shelf registration statement as of June 30, 2011; however, the shelf registration statement subsequently expired on July 7, 2011.

In May 2009, the Company entered into a committed equity financing facility (“CEFF”) with Kingsbridge Capital Limited, pursuant to which Kingsbridge committed to purchase from time to time at the Company’s sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Company’s common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements.

There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering.

The Company did not sell any stock to Kingsbridge Capital Limited under the CEFF in the six months ended June 30, 2011. Under the CEFF, during the six month period ending June 30, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million.

As of June 30, 2011, 1,095,315 shares of common stock remain available for sale under the CEFF, exclusive of the 200,000 outstanding warrants held by Kingsbridge. Legal, accounting, and other costs associated with this agreement approximating $62 have been deferred and will be charged to equity as a reduction of future proceeds from the CEFF or operations should management decide to abandon the CEFF.

In May 2010, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $75 million. The registration statement was declared effective by the SEC on June 1, 2010. On June 30, 2010, the Company entered into an underwriting agreement, relating to the public offering of 2,200,000 shares of the Company’s common stock, at a price to the public of $7.50 per share less underwriting discounts and commissions. The common stock was offered and sold pursuant to the Company’s Prospectus dated June 1, 2010 and the Company’s Prospectus Supplement filed with the SEC on June 30, 2010, in connection with a takedown from the Company’s effective shelf registration statement that closed on July 6, 2010. The gross proceeds to the Company from the sale of the common stock totaled $16.5 million. After deducting the underwriters’ discounts and commissions and other offering expenses, net proceeds were approximately $15.2 million. Approximately $58.5 million remains available under the Company’s 2010 shelf registration statement as of June 30, 2011.

As of June 30, 2011, the Company had 45,000,000 shares of $0.001 par value common stock authorized and 25,262,538 shares issued and outstanding; and 10,000,000 shares of $0.10 par value preferred stock authorized with no preferred shares issued and outstanding.

8. WARRANTS

The status of the Company’s warrants at June 30, 2011 is summarized as follows:


	2007		2009		Total
Outstanding at December 31, 2010		346,781		200,000		546,781

Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—

Outstanding at June 30, 2011		346,781		200,000		546,781

As previously discussed in connection with the Company’s private placement in August 2007 the Company issued warrants to purchase up to 500,041 shares of the Company’s common stock. At June 30, 2011, 346,781 of the 2007 warrants were outstanding. The 2007 outstanding warrants are exercisable for five years at a price of $8.00 per share.

In addition, in connection with the May 7, 2009 CEFF with Kingsbridge Capital, the Company issued a 5 year warrant to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share. This 200,000 share warrant is outstanding at June 30, 2011.

No warrants were exercised during the three and six month periods ended June 30, 2011 and the three month period ended June 30, 2010. During the six months ended June 30, 2010, warrants for the purchase of 263,549 shares of the Company’s common stock were exercised for total proceeds of approximately $1.7 million.

9. RELATED PARTY CONSULTING AGREEMENTS

The Company has in place the following consulting agreements with related parties:

Consulting Agreement with Breaux Castleman

In June 2003, the Company entered into a consulting agreement with Breaux Castleman, the Chairman of the Company’s Board of Directors, for consulting services related to the FDA approval of MelaFind^®, and the Company’s business and financial strategy. Under this agreement, Mr. Castleman receives compensation for each month of services rendered. The Company incurred and paid, pursuant to this consulting agreement, $6 in each of the three month periods ended June 30, 2011 and 2010 and $12 in each of the six month periods ended June 30, 2011 and 2010. This consulting agreement is terminable by either party by providing thirty days’ prior written notice.

Consulting Agreement with Gerald Wagner, Ph.D

In January 2007, Dr. Wagner, Ph.D., a member of the Company’s Board of Directors, transitioned out of his role as the Company’s acting Chief Operating Officer and entered into an amended and restated consulting contract with the Company. Under the terms of the amended contract, Dr. Wagner is paid a monthly retainer of $2.5 and will be paid $2.5 for each additional consulting day. This amended agreement will end at the option of Dr. Wagner or the Company at any time, by providing fifteen days’ prior written notice, or immediately upon the mutual agreement of the Company and Dr. Wagner. The Company incurred consulting costs pursuant to this agreement of $7.5 in each of the three month periods ended June 30, 2011 and 2010 and $15 in each of the six month periods ended June 30, 2011 and 2010.

Consulting Agreement with Anne Egger

In March 2009, the Company entered into a consulting agreement with Anne Egger for certain consulting services primarily focusing on physician advocacy. The agreement was for an initial term of three months, and has subsequently been extended to run through September 2011, and may be terminated by either party with 30 days notice. Under the terms of the agreement, Ms. Egger is entitled to receive a consulting fee of $1.6 per day. Ms. Egger was appointed to the Company’s Board of Directors as of June 10, 2009. The Company incurred consulting costs pursuant to this agreement of $0 and $12 in the three month periods ended June 30, 2011 and June 30, 2010, respectively. The Company incurred consulting costs pursuant to this agreement of $6 and $35 in the six month periods ended June 30, 2011 and June 30, 2010, respectively

10. OTHER INCOME

During April 2005, the Company discontinued all operations associated with its DIFOTI^{^®}product in order to focus its resources and attention on the development and commercialization of MelaFind^®. During December 2006, the Company entered into a sale and exclusive licensing agreement with KaVo Dental GmbH (“KaVo”), a leading dental equipment manufacturer, which provides for KaVo to further develop and commercialize DIFOTI^®. Since July 2008, KaVo has been required to pay to the Company a royalty stream based upon the worldwide aggregate net sales of the licensed product, as defined in the license agreement, or a set minimum. For the three and six months ended June 30, 2011, the Company earned royalty income of $5 and $10, respectively. For the three and six months ended June 30, 2010, the Company was paid royalty income of $5 and $10, respectively.

11. COMPREHENSIVE LOSS

For the three and six month periods ended June 30, 2011 and 2010 respectively, the Company’s comprehensive loss equalled net loss.

12. SUBSEQUENT EVENTS

None

ITEM 2.

MELA SCIENCES, INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This management’s discussion and analysis of financial condition and results of operations is intended to provide information to help you better understand and evaluate our financial condition and results of operations. We recommend that you read this section in conjunction with our unaudited condensed financial statements and accompanying notes included under Part I, Item 1 of this Quarterly Report and our financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2010.

This quarterly report on Form 10-Q, including the following discussion and analysis of financial condition and results of operations, contains forward-looking statements that you should read in conjunction with the financial statements and notes to financial statements that we have included elsewhere in this report. These statements are based on our current expectations, assumptions, estimates and projections about our business and our industry, and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in, or contemplated by, the forward-looking statements. Words such as “believe”, “anticipate”, “assuming”, “expect”, “intend”, “plan”, “will”, “may”, “should”, “estimate”, “predict”, “potential”, “continue”, “contemplate” or the negative of such terms or other similar expressions, identify forward-looking statements. Our actual results and the timing of events may differ significantly from the results discussed in the forward-looking statements, and you should not place undue reliance on these statements. Factors that might cause such a difference include whether the data from our pre-clinical studies and clinical trials is sufficient to support regulatory approval of Melafind^®, whether we are required to provide the FDA with additional data or perform additional testing on MelaFind^® or, even if we do receive regulatory approval, whether any such approval is for the indications we seek. Additional factors include those discussed below under the heading “Risk Factors,” as well as those discussed elsewhere in this quarterly report on Form 10-Q and in our annual report on Form 10-K. We disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the period covered by this report or otherwise.

Overview

We are a medical device company focused on the design, development and commercialization of a non-invasive, point-of-care instrument to aid in the detection of early melanoma. Our flagship product, MelaFind^®, features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. We currently do not have any commercialized products or any significant source of revenue.

We commenced operations in December 1989 as a New York corporation, re-incorporated as a Delaware corporation in September 1997, and changed our name from Electro-Optical Sciences, Inc. to MELA Sciences, Inc. on April 30, 2010. Since our inception, we have generated significant losses. As of June 30, 2011, we had an accumulated deficit of $108.9 million. We expect to continue to spend significant amounts on the development of MelaFind^®.

Upon obtaining approval from the FDA, we plan to launch MelaFind^® commercially in the United States.

Our revenue for the foreseeable future will depend on the approval of MelaFind^® by the FDA and /or European regulatory agencies and the commercialization of MelaFind^®, and may vary substantially from year to year and quarter to quarter.

We believe that period-to-period comparisons of our results of operations may not be meaningful and should not be relied on as indicative of our future performance.

Liquidity and Capital Resources (in thousands)

On June 26, 2008, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $40 million. Management utilized this shelf registration statement in August 2008 by completing a registered direct offering of 2,088,451 shares of the Company’s common stock for aggregate gross proceeds of approximately $11.9 million ($11 million approximate net proceeds to the Company), and in July 2009 by completing a registered direct offering of 2,400,000 shares of the Company’s common stock for aggregate gross proceeds of $15 million ($13.75 million approximate net proceeds to the Company). Approximately $13.1 million remained available under the Company’s 2008 shelf registration statement as of June 30, 2011; however, the shelf registration statement subsequently expired on July 7, 2011.

In May 2009, the Company entered into a committed equity financing facility (“CEFF”) with Kingsbridge Capital Limited (“Kingsbridge”), pursuant to which Kingsbridge committed to purchase from time to time at the Company’s sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Company’s common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements. There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering.

The Company did not sell any stock to Kingsbridge under the CEFF in the six months ended June 30, 2011. Under the CEFF, during the six month period ended June 30, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million.

Most of our expenditures to date have been for research and development activities and general and administrative expenses. Research and development expenses represent costs incurred for product development, clinical trials, activities related to regulatory filings, and manufacturing development efforts. We expense all of our research and development costs as they are incurred.

To date, we have not borrowed (other than by issuing convertible notes, all of which have been converted into equity) or financed our operations through equipment leases, financing loans or other debt instruments.

Our cash and cash equivalents at June 30, 2011 are liquid investments in money market accounts and deposits with commercial banks, which are held in amounts that substantially exceed FDIC limits.

Cash Flows from Operating Activities

Net cash used in operations was $9,547 for the six months ended June 30, 2011. For the corresponding period in 2010, net cash used in operations was $9,054. In both periods, cash used in operations was attributable to net losses after an adjustment for non-cash charges related to depreciation/amortization and share-based compensation, and other changes in operating assets and liabilities.

Cash Flows from Investing Activities

For the six months ended June 30, 2011, there was $31 net cash used in our investing activities for the purchase of fixed assets. For the corresponding period in 2010, $636 net cash was used in our investing activities, for the purchase of fixed assets.

Cash Flows from Financing Activities

For the six months ended June 30, 2011, no net cash was provided by or used in our financing activities. For the six months ended June 30, 2010, net cash provided by our financing activities was $5,331, representing proceeds from the Committed Equity Financing Facility, as well as the exercise of options and warrants.

Operating Capital and Capital Expenditure Requirements

We face certain risks and uncertainties, which are present in many emerging medical device companies. At June 30, 2011, we had an accumulated deficit of $108.9 million. We have not commercialized our principal product, MelaFind^®. We anticipate that we will continue to incur net losses for the foreseeable future as we pursue the regulatory approvals for MelaFind^®, continue to develop the MelaFind^{^®}system, expand our corporate infrastructure, and prepare for the potential commercial launch of MelaFind^®. We do not expect to generate significant product revenue until we are successful in obtaining PMA approval and/or CE Marking for MelaFind^®.

If additional funds are raised through the issuance of debt securities, these securities could have rights senior to those associated with our common stock and could contain covenants that would restrict our operations. If we are unable to obtain additional financing, we may be required to reduce the scope of, delay or eliminate some or all of planned product research and development and commercialization activities, which could harm our business.

Because of the numerous risks and uncertainties associated with the development of medical devices such as MelaFind^®, we are unable to estimate the exact amounts of capital outlays and operating expenditures associated with our current and anticipated clinical trials. Our future funding requirements will depend on many factors, including, but not limited to:

	•		The schedule, costs, and results of our clinical trials;

	•		The success of our research and development efforts;

	•		The costs and timing of regulatory approval;

	•		Reimbursement amounts for the use of MelaFind^{^®}that we are able to obtain from Medicare and third party payers;

	•		The amount of direct payments we are able to obtain from patients and/or physicians utilizing MelaFind^®;

	•		The cost of commercialization activities, including product marketing and building a domestic direct sales force;

	•		The emergence of competing or complementary technological developments;

	•		The costs of filing, prosecuting, defending and enforcing any patent claims and other rights;

	•		The costs involved in defending any patent infringement actions or other litigation claims brought against us by third parties;

	•		The costs of maintaining or potentially building our inventory and other manufacturing expenses; and

	•		Our ability to establish and maintain any collaborative, licensing or other arrangements, and the terms and timing of any such arrangements.

Contractual Obligations (in thousands)

The following table summarizes our outstanding contractual obligations as of June 30, 2011, and the effect those obligations are expected to have on our liquidity and cash flows in future periods:


			Less than						More than
	Total		1 year		1-3 years		4-5 years		5 years
Operating leases	$	2,407	$	396	$	872	$	911	$	228

Our long-term obligations represent a non-cancelable operating lease for our laboratory, assembly, and office space. The lease on approximately 20,000 square feet of space expires in December 2016.

Results of Operations (in thousands)

Through the first six months of 2011, the Company actively supported the FDA’s PMA review process, continued to develop procedures and equipment to allow for the efficient manufacture of MelaFind^®, intensified pre-commercialization activities in preparation for product launch and continued its efforts to achieve CE marking of MelaFind^® in Europe.

Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010

Research and Development Expense

Research and development (“R&D”) expenses experienced an overall increase of $68 or 3% in the three months ended June 30, 2011, as compared to the corresponding three month period a year earlier. Within R&D non-cash compensation associated with stock option grants increased $210, with the balance of R&D spending decreasing $142. The decrease was primarily in US research and development expenses with decreases of $113 in consulting and design subcontracting and $27 in product improvement.

General and Administrative Expense

General and Administrative (“G&A”) expenses experienced an overall increase of $160 or 8% for the three months ended June 30, 2011, as compared to the corresponding three month period a year earlier. Non-cash compensation associated with stock option grants increased by $170 in 2011 compared to 2010, with the balance of G&A spending decreasing $10. Decreased costs experienced within G&A include a $92 decrease in salaries and benefits, $66 decrease in marketing consulting costs, a $32 decrease in travel and living expenditures and facility costs which were lower by $63. Corporate consulting and legal fees increased by $257 from the 2010 level reflecting activity associated with the continued review of the MelaFind^® PMA application along with work associated with legal actions brought against certain officers and directors of the Company.

Interest Income

Interest income for the three months ended June 30, 2011 increased to $14 from $3 in the comparable period of 2010. Interest income increased as a reflection of the improvement in interest rates obtained on our cash balances.

Other Income

Other income remained essentially the same in 2011 from a year earlier.

Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010

Research and Development Expense

Research and development expenses experienced an overall decrease of $143 or 3% in the six months ended June 30, 2011, as compared to the corresponding six month period a year earlier. Within R&D, non-cash compensation associated with stock option grants increased $262, with the balance of R&D spending decreasing $405. The decrease was primarily in US research and development with a $280 decrease in consulting and design subcontracting and a $117 decrease in product improvement. Development costs at Askion decreased $109 and overall salaries and benefits within R&D increased by$104.

General and Administrative Expense

General and Administrative (“G&A”) expenses experienced an overall increase of $282 or 7% for the six months ended June 30, 2011, as compared to the corresponding six month period a year earlier. Non-cash compensation associated with stock option grants increased by $106 in 2011 compared to 2010, with the balance of G&A spending increasing $176. Corporate consulting and legal fees increased by $628 from the 2010 level reflecting activity associated with the continued review of the MelaFind^® PMA application along with work associated with legal actions brought against certain officers and directors of the Company. Decreased costs experienced within G&A include a $68 decrease in salaries and benefits, $248 decrease in marketing consulting, a $112 decrease in office supplies, and facility costs which were lower by $29.

Interest Income

Interest income for the six months ended June 30, 2011 increased to $34 from $4 in the comparable period of 2010. Interest income increased as a reflection of the improvement in interest rates obtained on our cash balances.

Other Income

Other income remained essentially the same in 2011 from a year earlier.

Critical Accounting Policies and Significant Judgments and Estimates

Our management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our judgments related to accounting estimates. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe that the following accounting policies and significant judgments and estimates relating to revenue recognition, stock-based compensation charges, and accrued expenses are most critical to aid you in fully understanding and evaluating our reported financial results.

Revenue Recognition

We currently do not have any commercialized products or any source of revenue.

Stock-Based Compensation

The Company records compensation expense associated with stock options and other forms of equity compensation.

The Company grants to certain employees stock options that vest over a requisite service period or with the attainment of performance milestones over which the Company has control of the timing required to satisfy. A compensation charge is recorded over the service period or the probable period estimated to satisfy the performance condition. The probability of vesting is updated at each reporting period and compensation is adjusted prospectively.

The Company also grants to certain employees stock options that vest with the attainment of performance milestones over which the Company has no control of the timing required to satisfy. Upon the attainment of these performance milestones, there will be a significant compensation charge based on the fair value of such options on the date granted.

The Company accounts for non-employee stock-based awards in which goods or services are the consideration received for the equity instruments issued based on the fair value of the equity instruments issued.

Accrued Expenses

As part of the process of preparing financial statements, we are required to estimate accrued expenses. This process involves identifying services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for such service where we have not been invoiced or otherwise notified of the actual cost. Examples of estimated accrued expenses include:

	•		professional service fees;

	•		contract clinical service fees;

	•		fees paid to contract manufacturers in conjunction with the production of clinical components or materials; and

	•		fees paid to third party data collection organizations and investigators in conjunction with clinical trials.

In connection with such service fees, our estimates are most affected by our projections of the timing of services provided relative to the actual level of services incurred by such service providers. The majority of our service providers invoice us monthly in arrears for services performed. In the event that we do not identify certain costs that have begun to be incurred or we are under or over our estimate of the level of services performed or the costs of such services, our actual expenses could differ from such estimates. The date on which certain services commence, the level of services performed on or before a given date, and the cost of such services are often subjective determinations. We make these judgments based upon the facts and circumstances known to us in accordance with GAAP. This is done as of each balance sheet date in our financial statements.

Off-Balance Sheet Arrangements

We do not currently have, nor have we ever had, any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we do not engage in trading activities involving non-exchange traded contracts. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in these relationships.

Recent Accounting Pronouncements

None

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Our exposure to market risk is confined to our cash, cash equivalents, and short-term investments. We invest in high-quality financial instruments, primarily money market funds, with the average effective duration of the portfolio within one year which we believe are subject to limited credit risk. We currently do not hedge interest rate exposure. Due to the short-term nature of our investments, we do not believe that we have any material exposure to interest rate risk arising from our investments. The Company is exposed to credit risks in the event of default by the financial institutions or issuers of investments in excess of FDIC insured limits. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution.

ITEM 4.

Controls and Procedures

Evaluation of disclosure controls and procedures

Based on their evaluation as of June 30, 2011, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, were effective to ensure that the information required to be disclosed by us in this Quarterly Report on Form 10-Q was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and Form l0-Q, and that such information was accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Change in internal control over financial reporting

There were no changes in our internal control over financial reporting during the quarter ended June 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the effectiveness of controls

Our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

in the same District Court, entitled Amy Steigman, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, No. 7:10-cv-09024-JFM; and Martin Slove and Linda Slove, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, No. 1:11-cv-00429-JFM. These three securities class actions were consolidated into one action on February 15, 2011, entitled In re MELA Sciences, Inc. Securities Litigation, No. 10-Civ-8774-JFM (“securities class action”). The securities class action plaintiffs assert violations of the Securities Exchange Act of 1934, alleging, among other things, that defendants made misstatements and omissions regarding the Company’s product, MelaFind^®, and its prospects for FDA approval, on behalf of stockholders who purchased the Company’s common stock during the period from February 13, 2009 through November 16, 2010, and seek unspecified damages. On May 2, 2011, the securities class action plaintiffs filed their amended consolidated complaint, alleging similar claims to their prior complaints. On July 29, 2011, Defendants filed a motion to dismiss the consolidated amended complaint in its entirety. Plaintiff’s opposition to the motion to dismiss is due on September 15, 2011.

Item 1A. Risk Factors

Our business and operations entail a variety of serious risks and uncertainties, including those described in Item 1A of our Form 10-K for the year ended December 31, 2010. In addition, the following risk factors have materially changed during the six months ended June 30, 2011:

We have incurred losses for a number of years, and anticipate that we will incur continued losses for the foreseeable future.

We began operations in December 1989. At that time, we provided research services, mostly to US government agencies, on classified projects. We have financed our operations since 1999 primarily through the sale of our equity securities and have devoted substantially all of our resources to research and development relating to MelaFind^®. Our net loss for the six months ended June 30, 2011 was approximately $9.8 million and as of June 30, 2011, we had an accumulated deficit of approximately $108.9 million. Our research and development expenses may continue to increase in connection with our clinical trials and other development activities related to MelaFind^®. Upon receiving PMA approval for MelaFind^{^®}from the FDA, we expect to incur significant sales, marketing, and manufacturing expenses, which will require additional funding. As a result, we expect to continue to incur significant and increasing operating losses for the foreseeable future. These losses, among other things, have had and will continue to have an adverse effect on our stockholders’ equity.

We may be unable to complete the development and commence commercialization of MelaFind^® or other products without additional funding, and we will not be able to achieve significant commercialization without additional funding.

As of June 30, 2011 we had $20.9 million in cash and cash equivalents. Our operations have consumed substantial amounts of cash for each of the last nine years. We expect to continue to spend substantial amounts on research and development. We will need additional funds to fully commercialize MelaFind^®, including development of a direct sales force and expansion of manufacturing capacity. We expect that our cash used by operations will increase significantly in each of the next several years, and should we encounter any material delays or impediments, we may need additional funds to complete the development of MelaFind^® , commence commercialization,and achieve significant commercialization of MelaFind^®. Any additional equity financing may be dilutive to stockholders, or may require us to grant a lender a security interest in our assets. The amount of funding we will need will depend on many factors, including:

• the schedule, costs, and results of our clinical trials;

• the success of our research and development efforts;

• the costs and timing of regulatory approval;

• reimbursement amounts for the use of MelaFind^® that we are able to obtain from Medicare and third party payers;

• the cost of commercialization activities, including product marketing and building a domestic direct sales force;

• the amount of direct payments we are able to obtain from patients and/or physicians utilizing MelaFind^®;

• the emergence of competing or complementary technological developments;

• the costs of filing, prosecuting, defending and enforcing any patent claims and other rights;

• the costs involved in defending any patent infringement actions or other litigation claims brought against us by third parties;

• the costs of maintaining inventory and other manufacturing expenses; and

• our ability to establish and maintain any collaborative, licensing or other arrangements, and the terms and timing of any such arrangements.

Additional financing may not be available to us when we need it, or it may not be available on favorable terms.

If we are unable to obtain adequate financing on a timely basis, we may be required to significantly curtail or cease one or more of our development and marketing programs. We could be required to seek funds through arrangements with collaborators or others that may require us to relinquish rights to some of our technologies, product candidates or products that we would otherwise pursue on our own. We also may have to reduce marketing, customer support and other resources devoted to our products. If we raise additional funds by issuing equity securities, our then-existing stockholders will experience ownership dilution, could experience declines in our share price and the terms of any new equity securities may have preferences over our common stock

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. [Reserved]

Item 5. Other Information

(a) Not applicable

(b) Not applicable

Item 6. Exhibits


Exhibit
Number		Exhibit Title

10.1#		Supply Agreement with Arrow Electronics, Inc., April 8, 2011*

31.1#		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.

31.2#		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.

32.1#		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.1#		Interactive Data File

#		Filed herewith

*		Portions of this exhibit have been omitted pursuant to a request for confidential treatment.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	MELA SCIENCES, INC.
	By:	/s/ Richard I. Steinhart
		Richard I. Steinhart
		Vice President and Chief Financial Officer (Principal Accounting and Financial Officer)

Date: August 5, 2011

EXHIBIT INDEX


Exhibit No.		Description

10.1		Supply Agreement with Arrow Electronics, Inc., April 8, 2011.*

31.1		Certification by the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.

31.2		Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.

32.1		Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.1		Interactive Data File.


*		Portions of this exhibit have been omitted pursuant to a request for confidential treatment.

EX-10.1 2 y90892exv10w1.htm EX-10.1 exv10w1

Exhibit 10.1

ARROW ELECTRONICS, INC.
NORTH AMERICAN COMPONENTS OPERATION
7459 SOUTH LIMA STREET
ENGLEWOOD, CO 80112

April 8, 2011

Mr. Joseph V. Gulfo
President & CEO, MELA Sciences, Inc.
50 South Buckhout Street, Suite 1
Irvington, NY 10533

Re: Letter of Understanding Regarding Proposed Terms of Sale

Dear Mr. Gulfo:

In consideration of the soon to be established credit limit of $75.0K, and re-payment terms of net 30-days, MELA Sciences, Inc. and Arrow Electronics, Inc. agree to the following:

MELA Sciences will deposit $500,000.00 USD into an escrow account, #***, for the benefit of MELA, which will be held in trust, interest free, and be applied to the invoices described herein, and according to the attached payment schedule. This payment is to be made via a wire transfer of funds to Arrow’s bank. That wire address being:

Bank Name: JP Morgan Chase Bank
Bank Address: 10410 Highland Manor Drive, Tampa, FL 33610
ABA Routing #: 021000021
SWIFT #: CHASUS33
Account #: ***
Bank Telephone No: 212-552-5729
Bank Contact Name: Max Toscano

With respect to the Last Time Buy Agreement (LTB), CYII4SM1300AA-QDC, MELA Sciences has with Cypress Semiconductor Corporation (who was recently acquired by On Semiconductor Corporation and who will honor the LTB Agreement between the parties), MELA will provide Arrow with a purchase order for *** Cypress components, specifically part number CYII4SM1300AA-QDC, with a per unit price of $*** USD. The total value of these components is $1,265,039.90 USD. After the trust deposit mentioned above is received, Arrow will acquire, from Cypress, the LTB components mentioned above after a Non-Cancelable, Non-Returnable (NCNR) contract is executed by MELA Sciences.

Arrow will be the facilitator by which components are returned, or credited, if the yield is not 90.0% as stated in section 5.1 of the Cypress Agreement. Pursuant to the LTB Agreement Cypress should replace, or credit, nonconforming goods in excess of the 10% agreed upon rate within 30 days following notice to Cypress from MELA Sciences regarding the same. Cypress will deliver replacement sensors to the MELA/Askion facility and will remit all credits to MELA Sciences through Arrow. Arrow shall credit MELA Sciences immediately following its receipt of any such


***		This material has been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

credit from Cypress.

	4.		MELA Sciences understands that there is a lead-time of approximately 20 weeks for Arrow to acquire the named components from Cypress. Arrow will promptly notify MELA Sciences once these components are available and ready for shipment. If there are unusual delays Arrow will promptly notify MELA Sciences.

	5.		Once the components are available for delivery MELA Sciences agrees to accept twelve (12) consecutive monthly shipments of *** pieces in accordance with the attached schedule, the first shipment to take place immediately.

	6.		Each of the twelve shipments will be booked with net 30-day terms, and each for $105,420.00 USD, plus any applicable tax, freight and handling fees. Arrow will apply $41,666.67 from the funds held in trust to each of the twelve invoices. MELA Sciences agrees to remit eleven (11) on-time payments of $63,753.33 net-30 days, subject to any credit issued, and one (1) final on-time payment of $63,753.23. At the same time MELA Sciences agrees to remit any applicable taxes, freight charges and handling fees with each of the twelve payments. See attached schedule.

	7.		If at any time MELA Sciences is unable to pay its obligation under this arrangement, Arrow reserves the right to use the balance of the trust deposit to satisfy the remaining obligation and to seek after any legal means available to it in order to satisfy the amount still owing. If for any reason Cypress notifies MELA Sciences, or Arrow, that it will no longer be providing the sensors contemplated hereby, or cannot do so within three (3) months of the delivery schedule attached hereto, then upon MELA Science’s request Arrow shall promptly remit the remainder of any funds in the trust account held by it for MELA Sciences and this agreement shall terminate.

Please acknowledge your acceptance of the above by signing below and returning the original executed document to me at the above address.

Sincerely,

ARROW ELECTRONICS INC.

Michael Fassula, Account Finance Manager
303-645-8705 Telephone



/s/ Joseph V. Gulfo				April 8, 2011
Joseph V. Gulfo, President & CEO, MELA Sciences, Inc.				Date


***		This material has been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

MELA Sciences, Inc. Shipment & Payment Schedule


Shipment Schedule							Payment Schedule
	Components Shipped			Parts Remaining To
Month	To MELA			Be Shipped			Payment From Trust		MELA Sciences Pays*
1		0			0		$	—	$	(500.000.00	)
2		0			0		$	—	$	—
3		0			0		$	—	$	—
4		0			0		$	—	$	—
5		*	**		*	**	$	—	$	—
6		*	**		*	**	$	41,666.67	$	63,753.33
7		*	**		*	**	$	41,666.67	$	63,753.33
8		*	**		*	**	$	41,666.67	$	63,753.33
9		*	**		*	**	$	41,666.67	$	63,753.33
10		*	**		*	**	$	41,666.67	$	63,753.33
11		*	**		*	**	$	41,666.67	$	63,753.33
12		*	**		*	**	$	41,666.67	$	63,753.33
13		*	**		*	**	$	41,666.67	$	63,753.33
14		*	**		*	**	$	41,666.67	$	63,753.33
15		*	**		*	**	$	41,666.67	$	63,753.33
16		*	**		0		$	41,666.67	$	63,753.33
17		0			0		$	41,666.67	$	63,753.33


*		Plus Applicable Taxes, Freight & Handling Charges



***		This material has been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

EX-31.1 3 y90892exv31w1.htm EX-31.1 exv31w1

Exhibit 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) or
RULE 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Joseph V. Gulfo, certify that:

1.		I have reviewed this report on Form 10-Q of MELA Sciences, Inc.;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

	a)		all significant deficiencies and material weaknesses in the design or operations of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)		any fraud whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 5, 2011

/s/ Joseph V. Gulfo, M.D.
Joseph V. Gulfo, M.D.
President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 4 y90892exv31w2.htm EX-31.2 exv31w2

Exhibit 31.2

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) or
RULE 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Richard I. Steinhart, certify that:

1.		I have reviewed this report on Form 10-Q of MELA Sciences, Inc.;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)		all significant deficiencies and material weaknesses in the design or operations of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)		any fraud whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 5, 2011

/s/ Richard I. Steinhart
Richard I. Steinhart
Vice President and Chief Financial Officer
(Principal Accounting and Financial Officer)

EX-32.1 5 y90892exv32w1.htm EX-32.1 exv32w1

Exhibit 32.1

MELA SCIENCES, INC.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned officers of MELA Sciences, Inc. (the “Company”) hereby certifies to his knowledge that the Company’s quarterly report on Form 10-Q for the period ended June 30, 2011 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Joseph V. Gulfo
Joseph V. Gulfo
President and Chief Executive Officer
(Principal Executive Officer)
August 5, 2011

/s/ Richard I. Steinhart
Richard I. Steinhart
Vice President & Chief Financial Officer
(Principal Accounting and Financial Officer)
August 5, 2011


*		A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to MELA Sciences, Inc. and will be retained by MELA Sciences, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. This written statement accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission, and will not be incorporated by reference into any filing of MELA Sciences, Inc. under the Securities Act of 1933 or the Securities Exchange Act of 1934, irrespective of any general incorporation language contained in such filing.

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<div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. ORGANIZATION AND BASIS OF PRESENTATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">MELA Sciences, Inc., a Delaware corporation (the “Company”), is a medical device company focused on the design, development and commercialization of a non-invasive, point-of-care (in the doctor’s office) instrument to aid in the detection of early melanoma. The Company’s flagship product, MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>, features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. The data are then analyzed utilizing image processing classification algorithms, ‘trained’ on our proprietary database of melanomas and benign lesions, to provide information to assist in the management of the patient’s disease, including information useful in the decision of whether to biopsy the lesion. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The components of the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> system include: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>a <i>hand-held imaging device</i>, which employs high precision optics and multi-spectral illumination (multiple colors of light including near infra-red);</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>a <i>proprietary database </i>of pigmented skin lesions, which we believe to be the largest in the U.S.; and</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td><i>lesion classifiers</i>, which are sophisticated mathematical algorithms that extract lesion feature information and classify lesions.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> Pre-Market Approval (“PMA”) application was submitted in June 2009 and is under review at the U.S. Food and Drug Administration (“FDA”). A pivotal trial conducted to establish the safety and effectiveness of MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> was performed under the auspices of a Protocol Agreement. In addition, the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> PMA has been granted expedited review by the FDA. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On November 18, 2010, the Company’s PMA application for MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> was reviewed by the FDA’s General and Plastic Surgery Devices Panel (“Panel”). The Panel voted favorably on all three questions instructed by the FDA. The FDA advisory Panel vote is non-binding on the FDA. In February 2011, the Company submitted a PMA amendment containing a revised ‘indications for use’ statement limiting MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> to use by dermatologists, based on discussions that ensued during the Panel meeting. Also, on May 12, 2011, the Company submitted a second PMA amendment containing a training program for clinicians, an outline of which was presented at the Panel meeting. The Company has requested a meeting with the FDA to review the Panel outcome as well as the Company’s PMA and PMA amendments. On May 9, 2011, the Company filed a Citizen’s Petition with the FDA requesting the Commissioner of the FDA to enforce the binding Protocol Agreement, as well as FDA laws and regulations, in completing the review of the MelaFind<sup style="font-size: 85%; vertical-align: text-top"><sup style="font-size: 85%; vertical-align: text-top">®</sup> </sup>PMA. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Upon obtaining approval from the FDA, we plan to launch MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> commercially in the United States. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Also, in the first six months of 2011, the Company continued the process, initiated in 2010, toward being able to introduce the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> device commercially in Europe. The Company is actively planning representation, conducting market research activities and working with European regulatory agencies on achieving Conformite Europeenne (“CE”) marking of MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">To date the Company has not generated any revenues from MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company anticipates that it will continue to incur net losses for the foreseeable future in the development and commercialization of the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> device. From inception, the Company financed operations primarily through the sale of convertible preferred stock and subsequently sold common stock as part of an initial public offering in October 2005, two private placements (in November 2006 and August 2007), two registered direct offerings (in August 2008 and July 2009), and pursuant to a Committed Equity Financing Facility (“CEFF”) with Kingsbridge Capital Limited in the second half of 2009 and first quarter of 2010. In addition, the Company received net proceeds of approximately $15.2 million through the sale of common stock pursuant to a public offering which closed July 6, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company faces certain risks and uncertainties which are present in many emerging medical device companies regarding future profitability, ability to obtain future capital, protection of patents and intellectual property rights, competition, rapid technological change, government regulations, changing health care marketplace, recruiting and retaining key personnel, and reliance on third party manufacturing organizations. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30, 2011, the Company’s total of cash and cash equivalents was approximately $20.9 million. Management believes that this cash balance will be sufficient to fund the Company’s anticipated level of operations for at least the next twelve months. However, the Company will require additional funds to achieve significant commercialization of MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>. There can be no assurances that the Company will be able to raise additional financing in the future. Additional funds may not become available on acceptable terms, and there can be no assurance that any additional funding that the Company does obtain will be sufficient to meet the Company’s needs in the long term. In the event that the Company is unable to raise additional funds, the Company has the ability and intent to reduce certain discretionary expenditures. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited condensed financial statements included herein have been prepared from the books and records of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s management is responsible for the financial statements included in this document. The Company’s interim financial statements are unaudited. Interim results may not be indicative of the results that may be expected for the year. However, the Company believes all adjustments considered necessary for a fair presentation of these interim financial statements have been included and are of a normal and recurring nature. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. USE OF ESTIMATES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions by management that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to stock-based compensation arrangements and accrued expenses. Actual results could differ from these estimates. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. RECENT ACCOUNTING PRONOUNCEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">None </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. NET LOSS PER COMMON SHARE</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic net loss per common share excludes dilution for potentially dilutive securities and is computed by dividing loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share gives effect to dilutive options, warrants and other potential common shares outstanding during the period. Diluted net loss per common share is equal to the basic net loss per common share since all potentially dilutive securities are anti-dilutive for each of the periods presented. Potential common stock equivalents excluded consist of stock options and warrants which are summarized as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>June 30,</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Common stock options </div></td> <td> </td> <td> </td> <td align="right">2,107,429</td> <td> </td> <td> </td> <td> </td> <td align="right">2,164,598</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Common stock warrants </div></td> <td> </td> <td> </td> <td align="right">546,781</td> <td> </td> <td> </td> <td> </td> <td align="right">614,906</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td> </td> <td align="right">2,654,210</td> <td> </td> <td> </td> <td> </td> <td align="right">2,779,504</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. STOCK-BASED COMPENSATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has one stock-based compensation plan, the 2005 Stock Incentive Plan (“2005 Plan”), under which the Board of Directors may currently grant incentives to employees, consultants, directors, officers and collaborating scientists in the form of incentive stock options, nonqualified stock options and restricted stock awards. The Company also has one other stock-based compensation plan pursuant to which stock options are outstanding but from which no new grants may be made. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Stock awards under the Company’s stock option plans have been granted at prices which are no less than the market value of the stock on the date of the grant. Options granted under the 2005 Plan are generally time-based or performance-based, and vesting varies accordingly. Options under this plan expire in up to a maximum of ten years from the date of grant. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The compensation expense recognized in the Statement of Operations in the second quarter of 2011 and 2010 for stock options amounted to $564 (of which $13 relates to performance milestones) and $184 (of which $6 relates to performance milestones), respectively. For the six months ended June 30, 2011 and 2010, compensation expense for stock options amounted to $734 (of which $28 relates to performance milestones) and $366 (of which $11 relates to performance milestones), respectively. Cash received from options and warrants exercised under all share-based payment arrangements for the three month periods ended June 30, 2011 and 2010 were $0 and $20, respectively, and for the six month periods ended June 30, 2011 and 2010 were $0 and $1,717 respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="7%"> </td> <td width="5%"> </td> <td width="7%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center"><b>For the Six Months</b></td> <td> </td> <td nowrap="nowrap" align="center"><b>For the Six Months</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Ended June 30, 2011</b></td> <td> </td> <td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Ended June 30, 2010</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life </div></td> <td> </td> <td align="center" valign="bottom">6.5 years</td> <td> </td> <td align="center" valign="bottom">5-10 years</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected volatility </div></td> <td> </td> <td align="center" valign="bottom">70.54-76.32%</td> <td> </td> <td align="center" valign="bottom">61%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td align="center" valign="bottom">2.47-3.34%</td> <td> </td> <td align="center" valign="bottom">2.26-3.56%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Dividend yield </div></td> <td> </td> <td align="center" valign="bottom">0%</td> <td> </td> <td align="center" valign="bottom">0%</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The expected life of the options is based upon the expected time to full-vesting and term of the options. The expected volatility assumptions are determined based upon the historical volatility of the Company’s daily closing stock price. The risk-free interest rate is based on the continuous rates provided by the U.S. Treasury with a term equal to the expected life of the option. The expected dividend yield is zero as the Company has never paid dividends and does not currently anticipate paying any in the foreseeable future. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">At June 30, 2011, stock options to purchase 2,107,429 shares of common stock at exercise prices ranging from $1.00 to $11.11 per share are outstanding and exercisable at various dates through 2021. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the three months and six months ended June 30, 2011, the weighted average fair value of options granted, estimated as of the grant date using the Black-Scholes option valuation model, was $2.18 and $2.20, respectively. For the three month and six month periods ended June 30, 2010, the weighted average fair value of options granted was $4.61 and $4.68, respectively. For the three month and six month periods ended June 30, 2011 no options were exercised and for the three months and six months ended June 30, 2010 the total intrinsic value of options exercised was $11 and $18, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The status of the Company’s stock option plans at June 30, 2011 is summarized in the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Remaining</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Contractual</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Aggregate</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Number of</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Price per</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Term in</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Intrinsic</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Share</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Years</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at December 31, 2010 </div></td> <td> </td> <td> </td> <td align="right">2,132,879</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">5.19</td> <td> </td> <td> </td> <td> </td> <td align="right">5.4</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">439,800</td> <td> </td> <td> </td> <td> </td> <td align="right">3.27</td> <td> </td> <td> </td> <td> </td> <td align="right">9.8</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Exercised </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited or expired </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(465,250</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">6.59</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at June 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">2,107,429</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">4.48</td> <td> </td> <td> </td> <td> </td> <td align="right">6.6</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">66</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Vested and exercisable at June 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">850,791</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">4.53</td> <td> </td> <td> </td> <td> </td> <td align="right">5.6</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">66</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Options Outstanding</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Weighted-</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Options Exercisable</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Weighted-</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Remaining</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Number</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Contractual</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Number</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Range of Exercise Prices</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Outstanding</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Life</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Price</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Exercisable</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Price</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">$.01-$1.00 </div></td> <td> </td> <td> </td> <td align="right">48,952</td> <td> </td> <td> </td> <td colspan="3" align="center">1.4 years</td> <td> </td> <td align="right">$</td> <td align="right">1.00</td> <td> </td> <td> </td> <td> </td> <td align="right">48,952</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">1.00</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">$1.01-$4.50 </div></td> <td> </td> <td> </td> <td align="right">1,578,952</td> <td> </td> <td> </td> <td colspan="3" align="center">7.4 years</td> <td> </td> <td align="right">$</td> <td align="right">3.68</td> <td> </td> <td> </td> <td> </td> <td align="right">591,789</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">3.70</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">$4.51-$11.11 </div></td> <td> </td> <td> </td> <td align="right">479,525</td> <td> </td> <td> </td> <td colspan="3" align="center">4.5 years</td> <td> </td> <td align="right">$</td> <td align="right">7.48</td> <td> </td> <td> </td> <td> </td> <td align="right">210,050</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">7.71</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">$.01-$11.11 </div></td> <td> </td> <td> </td> <td align="right">2,107,429</td> <td> </td> <td> </td> <td colspan="3" align="center">6.6 years</td> <td> </td> <td align="right">$</td> <td align="right">4.48</td> <td> </td> <td> </td> <td> </td> <td align="right">850,791</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">4.53</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30, 2011, of the total 2,107,429 options outstanding, 1,256,638 have not vested. Of this total unvested amount, 931,813 options will vest upon the attainment of certain milestones, and the balance will vest over the requisite service period. The weighted average vesting period for the non-milestone, non-vested awards not yet recognized is 1.9 years </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30, 2011, of the $3,186 total unrecognized compensation cost related to unvested options, $2,708 is to be recognized over a period to be determined by performance-based milestones, and $478 is to be recognized over the requisite service period through 2015. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30 2011, there were 1,648,639 shares available for future grants under the Company’s 2005 Plan. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. COMMITMENTS, CONTINGENCIES AND LITIGATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is obligated under a non-cancelable operating lease for office, lab, and assembly space expiring December 2016. The lease is subject to escalations for increases in operating expenses. The approximate aggregate minimum future payments due under this lease at June 30, 2011 are as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2011 Remaining six months </div></td> <td> </td> <td align="left">$</td> <td align="right">191</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2012 </div></td> <td> </td> <td> </td> <td align="right">410</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2013 </div></td> <td> </td> <td> </td> <td align="right">439</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2014 </div></td> <td> </td> <td> </td> <td align="right">456</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">2015 </div></td> <td> </td> <td> </td> <td align="right">455</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">2016 </div></td> <td> </td> <td> </td> <td align="right">456</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">2,407</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Rental payments are recognized as rent expense on a straight-line basis over the term of the lease. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">ASKION GmbH (“ASKION”), located in Gera Germany, which specializes in precision optics, is an integral member of the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> development team and the Company expects to continue to work with ASKION for the foreseeable future. ASKION produced the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> hand-held imaging devices used in our pivotal clinical trials and is currently building additional units and performing other additional developmental activities under production and R&D contracts. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company, primarily through ASKION, engages Carl Zeiss Jena GmbH (“Zeiss”) to build the lenses and assemblies, as well as provide certain technical consulting, for the MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> units used in the Company’s pivotal clinical trials and additional units being manufactured. This work is expected to continue for MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> units through 2012. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In April, 2011, the Company entered into a “Last Time Buy” supply agreement with Arrow Electronics, Inc. (“Arrow”), a distributor for ON Semiconductors (“ON”), pursuant to which the Company agreed to purchase complementary metal—oxide—semiconductor (“CMOS”) sensors. The CMOS sensor is a critical part of the Company’s MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup> system. A downpayment of $500 was made on this purchase during the three months ended June 30, 2011. The Company believes that these CMOS sensors will be sufficient to meet the Company’s needs until an alternative is found. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has an employment agreement with its President and Chief Executive Officer, Dr. Gulfo, which provides for an annual base salary, stock options and discretionary performance bonuses. The agreement, which provides for automatic one-year renewal terms, currently runs through the end of 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On November 19, 2010, a purported securities class action complaint was filed in the U.S. District Court for the Southern District of New York, naming as defendants the Company and certain of its officers and directors, entitled <i>Randall J. Pederson, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, </i>No. 7:10-cv-08774-JFM. Two similar complaints were also filed, one on December 2, 2010 and the other on January 20, 2011, in the same District Court, entitled <i>Amy Steigman, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman</i>, No. 7:10-cv-09024-JFM; and <i>Martin Slove and Linda Slove, Individually and on Behalf of All Others Similarly Situated v. MELA Sciences, Inc., Joseph V. Gulfo, Richard I. Steinhart, and Breaux Castleman, </i>No. 1:11-cv-00429-JFM. These three securities class actions were consolidated into one action on February 15, 2011, entitled <i>In re MELA Sciences, Inc. Securities Litigation</i>, No. 10-Civ-8774-JFM (“securities class action”). The securities class action plaintiffs assert violations of the Securities Exchange Act of 1934, alleging, among other things, that defendants made misstatements and omissions regarding the Company’s product, MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>, and its prospects for FDA approval, on behalf of stockholders who purchased the Company’s common stock during the period from February 13, 2009 through November 16, 2010, and seek unspecified damages. On May 2, 2011, the securities class action plaintiffs filed their amended consolidated complaint, alleging similar claims to their prior complaints. On July 29, 2011, Defendants filed a motion to dismiss the consolidated amended complaint in its entirety. Plaintiff’s opposition to the motion to dismiss is due on September 15, 2011. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes that it has meritorious defenses and intends to vigorously defend against the securities class action; however, as with any litigation, we cannot predict with certainty the eventual outcome of this litigation. An adverse outcome could have a material adverse effect on our business and our business could be materially harmed. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">From time to time, we may be a party to certain legal proceedings, incidental to the normal course of our business. These may include controversies relating to contract claims and employment related matters, some of which claims may be material, in which case, we will make separate disclosure as required. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. STOCKHOLDERS’ EQUITY</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On October 31, 2006, the Company entered into securities purchase agreements and a registration rights agreement with certain accredited investors for the private placement of 2,312,384 shares of the Company’s common stock and warrants to purchase up to 346,857 shares of the Company’s common stock for aggregate gross proceeds of approximately $13.2 million and net proceeds of approximately $12.5 million. Pursuant to the securities purchase agreements, for a purchase price of $5.70 each investor received one share of the Company’s common stock and a warrant to purchase 0.15 of a share of the Company’s common stock. The warrants are five-year warrants with an exercise price of $6.70 per share. In accordance with the terms of this warrant, on January 5, 2010 the Company required the holders to exercise their warrants within 30 days. As a result, warrants to purchase 173,963 shares of the Company’s common stock, representing all of the outstanding 2006 warrants, were exercised resulting in gross proceeds to the Company of $1.165 million. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On July 31, 2007, the Company entered into a securities purchase agreement and a registration rights agreement with certain accredited investors for the private placement of 2,000,178 shares of the Company’s common stock and warrants to purchase up to 500,041 shares of the Company’s common stock for aggregate gross proceeds of approximately $11.5 million and net proceeds of approximately $10.7 million. The private placement closed August 3, 2007. Pursuant to the securities purchase agreement, for a purchase price of $5.75 each investor received one share of the Company’s common stock and a warrant to purchase 0.25 of a share of common stock. The warrants are five-year warrants with an exercise price of $8.00 per share. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the terms of the registration rights agreements, the Company filed resale registration statements covering the shares in both private placements, including the shares issuable upon exercise of the warrants, with the SEC. In the event that the Company fails to maintain the effectiveness of these registration statements for the periods described in the registration rights agreements, the holders would be entitled to certain monetary damages. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">However, the Company is not obligated to make payments in excess of 10% of the aggregate purchase price of the common shares. The Company has concluded that it is unlikely that the Company would be required to remit any payments to its investors for failing to maintain its effectiveness. The Company’s resale registration statements on Form S-3 were declared effective by the SEC on February 12, 2007 and September 11, 2007, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June 2008, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $40 million. Management utilized this shelf registration statement in August 2008 by completing a registered direct offering of 2,088,451 shares of the Company’s common stock for aggregate gross proceeds of $11.9 million ($11 million approximate net proceeds to the Company). In addition, in July 2009, management completed a registered direct offering of 2,400,000 shares of the Company’s common stock for aggregate gross proceeds of $15 million ($13.75 million approximate net proceeds to the Company). Approximately $13.1 million remained available under the Company’s 2008 shelf registration statement as of June 30, 2011; however, the shelf registration statement subsequently expired on July 7, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2009, the Company entered into a committed equity financing facility (“CEFF”) with Kingsbridge Capital Limited, pursuant to which Kingsbridge committed to purchase from time to time at the Company’s sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Company’s common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company did not sell any stock to Kingsbridge Capital Limited under the CEFF in the six months ended June 30, 2011. Under the CEFF, during the six month period ending June 30, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30, 2011, 1,095,315 shares of common stock remain available for sale under the CEFF, exclusive of the 200,000 outstanding warrants held by Kingsbridge. Legal, accounting, and other costs associated with this agreement approximating $62 have been deferred and will be charged to equity as a reduction of future proceeds from the CEFF or operations should management decide to abandon the CEFF. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2010, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $75 million. The registration statement was declared effective by the SEC on June 1, 2010. On June 30, 2010, the Company entered into an underwriting agreement, relating to the public offering of 2,200,000 shares of the Company’s common stock, at a price to the public of $7.50 per share less underwriting discounts and commissions. The common stock was offered and sold pursuant to the Company’s Prospectus dated June 1, 2010 and the Company’s Prospectus Supplement filed with the SEC on June 30, 2010, in connection with a takedown from the Company’s effective shelf registration statement that closed on July 6, 2010. The gross proceeds to the Company from the sale of the common stock totaled $16.5 million. After deducting the underwriters’ discounts and commissions and other offering expenses, net proceeds were approximately $15.2 million. Approximately $58.5 million remains available under the Company’s 2010 shelf registration statement as of June 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 30, 2011, the Company had 45,000,000 shares of $0.001 par value common stock authorized and 25,262,538 shares issued and outstanding; and 10,000,000 shares of $0.10 par value preferred stock authorized with no preferred shares issued and outstanding. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. WARRANTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The status of the Company’s warrants at June 30, 2011 is summarized as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="64%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2007</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Total</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at December 31, 2010 </div></td> <td> </td> <td> </td> <td align="right">346,781</td> <td> </td> <td> </td> <td> </td> <td align="right">200,000</td> <td> </td> <td> </td> <td> </td> <td align="right">546,781</td> <td> </td> </tr> <tr> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Exercised </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expired </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at June 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">346,781</td> <td> </td> <td> </td> <td> </td> <td align="right">200,000</td> <td> </td> <td> </td> <td> </td> <td align="right">546,781</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As previously discussed in connection with the Company’s private placement in August 2007 the Company issued warrants to purchase up to 500,041 shares of the Company’s common stock. At June 30, 2011, 346,781 of the 2007 warrants were outstanding. The 2007 outstanding warrants are exercisable for five years at a price of $8.00 per share. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In addition, in connection with the May 7, 2009 CEFF with Kingsbridge Capital, the Company issued a 5 year warrant to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share. This 200,000 share warrant is outstanding at June 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">No warrants were exercised during the three and six month periods ended June 30, 2011 and the three month period ended June 30, 2010. During the six months ended June 30, 2010, warrants for the purchase of 263,549 shares of the Company’s common stock were exercised for total proceeds of approximately $1.7 million. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>9. RELATED PARTY CONSULTING AGREEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has in place the following consulting agreements with related parties: </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Consulting Agreement with Breaux Castleman</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June 2003, the Company entered into a consulting agreement with Breaux Castleman, the Chairman of the Company’s Board of Directors, for consulting services related to the FDA approval of MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>, and the Company’s business and financial strategy. Under this agreement, Mr. Castleman receives compensation for each month of services rendered. The Company incurred and paid, pursuant to this consulting agreement, $6 in each of the three month periods ended June 30, 2011 and 2010 and $12 in each of the six month periods ended June 30, 2011 and 2010. This consulting agreement is terminable by either party by providing thirty days’ prior written notice. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Consulting Agreement with Gerald Wagner, Ph.D</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2007, Dr. Wagner, Ph.D., a member of the Company’s Board of Directors, transitioned out of his role as the Company’s acting Chief Operating Officer and entered into an amended and restated consulting contract with the Company. Under the terms of the amended contract, Dr. Wagner is paid a monthly retainer of $2.5 and will be paid $2.5 for each additional consulting day. This amended agreement will end at the option of Dr. Wagner or the Company at any time, by providing fifteen days’ prior written notice, or immediately upon the mutual agreement of the Company and Dr. Wagner. The Company incurred consulting costs pursuant to this agreement of $7.5 in each of the three month periods ended June 30, 2011 and 2010 and $15 in each of the six month periods ended June 30, 2011 and 2010. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Consulting Agreement with Anne Egger</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In March 2009, the Company entered into a consulting agreement with Anne Egger for certain consulting services primarily focusing on physician advocacy. The agreement was for an initial term of three months, and has subsequently been extended to run through September 2011, and may be terminated by either party with 30 days notice. Under the terms of the agreement, Ms. Egger is entitled to receive a consulting fee of $1.6 per day. Ms. Egger was appointed to the Company’s Board of Directors as of June 10, 2009. The Company incurred consulting costs pursuant to this agreement of $0 and $12 in the three month periods ended June 30, 2011 and June 30, 2010, respectively. The Company incurred consulting costs pursuant to this agreement of $6 and $35 in the six month periods ended June 30, 2011 and June 30, 2010, respectively </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>10. OTHER INCOME</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During April 2005, the Company discontinued all operations associated with its DIFOTI<sup style="font-size: 85%; vertical-align: text-top"><sup style="font-size: 85%; vertical-align: text-top">®</sup> </sup>product in order to focus its resources and attention on the development and commercialization of MelaFind<sup style="font-size: 85%; vertical-align: text-top">®</sup>. During December 2006, the Company entered into a sale and exclusive licensing agreement with KaVo Dental GmbH (“KaVo”), a leading dental equipment manufacturer, which provides for KaVo to further develop and commercialize DIFOTI<sup style="font-size: 85%; vertical-align: text-top">®</sup>. Since July 2008, KaVo has been required to pay to the Company a royalty stream based upon the worldwide aggregate net sales of the licensed product, as defined in the license agreement, or a set minimum. For the three and six months ended June 30, 2011, the Company earned royalty income of $5 and $10, respectively. For the three and six months ended June 30, 2010, the Company was paid royalty income of $5 and $10, respectively. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>11. COMPREHENSIVE LOSS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For the three and six month periods ended June 30, 2011 and 2010 respectively, the Company’s comprehensive loss equalled net loss. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>12. SUBSEQUENT EVENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><b>None</b> </div> </div>

Derived from the audited balance sheet as of December 31, 2010

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Condensed Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Current Liabilities:
Accrued expenses due to related parties	$ 34,000
Stockholders' Equity
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	25,262,538	25,262,538
Common stock, shares outstanding	25,262,538	25,262,538

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Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating expenses:
Research and development	$ 2,620,554	$ 2,552,689	$ 5,196,682	$ 5,339,759
General and administrative	2,208,059	2,048,157	4,601,179	4,319,322
Operating loss	(4,828,613)	(4,600,846)	(9,797,861)	(9,659,081)
Interest income	13,934	3,009	34,465	3,961
Other income, net	5,022	4,999	11,670	12,497
Gain on sale of fixed assets		1,500		27
Net loss	$ (4,809,657)	$ (4,591,338)	$ (9,751,726)	$ (9,642,596)
Basic and diluted net loss per common share	$ (0.19)	$ (0.20)	$ (0.39)	$ (0.42)
Basic and diluted weighted average number of common shares outstanding	25,262,538	23,028,854	25,262,538	22,886,964

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Document and Entity Information (USD $)	6 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2011	Jul. 29, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	MELA SCIENCES, INC. /NY
Entity Central Index Key	0001051514
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 163,015,258
Entity Common Stock, Shares Outstanding		25,262,538

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Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2011
Stockholders' Equity/Comprehensive Loss [Abstract]
STOCKHOLDERS' EQUITY	7. STOCKHOLDERS’ EQUITY On October 31, 2006, the Company entered into securities purchase agreements and a registration rights agreement with certain accredited investors for the private placement of 2,312,384 shares of the Company’s common stock and warrants to purchase up to 346,857 shares of the Company’s common stock for aggregate gross proceeds of approximately $13.2 million and net proceeds of approximately $12.5 million. Pursuant to the securities purchase agreements, for a purchase price of $5.70 each investor received one share of the Company’s common stock and a warrant to purchase 0.15 of a share of the Company’s common stock. The warrants are five-year warrants with an exercise price of $6.70 per share. In accordance with the terms of this warrant, on January 5, 2010 the Company required the holders to exercise their warrants within 30 days. As a result, warrants to purchase 173,963 shares of the Company’s common stock, representing all of the outstanding 2006 warrants, were exercised resulting in gross proceeds to the Company of $1.165 million. On July 31, 2007, the Company entered into a securities purchase agreement and a registration rights agreement with certain accredited investors for the private placement of 2,000,178 shares of the Company’s common stock and warrants to purchase up to 500,041 shares of the Company’s common stock for aggregate gross proceeds of approximately $11.5 million and net proceeds of approximately $10.7 million. The private placement closed August 3, 2007. Pursuant to the securities purchase agreement, for a purchase price of $5.75 each investor received one share of the Company’s common stock and a warrant to purchase 0.25 of a share of common stock. The warrants are five-year warrants with an exercise price of $8.00 per share. Pursuant to the terms of the registration rights agreements, the Company filed resale registration statements covering the shares in both private placements, including the shares issuable upon exercise of the warrants, with the SEC. In the event that the Company fails to maintain the effectiveness of these registration statements for the periods described in the registration rights agreements, the holders would be entitled to certain monetary damages. However, the Company is not obligated to make payments in excess of 10% of the aggregate purchase price of the common shares. The Company has concluded that it is unlikely that the Company would be required to remit any payments to its investors for failing to maintain its effectiveness. The Company’s resale registration statements on Form S-3 were declared effective by the SEC on February 12, 2007 and September 11, 2007, respectively. In June 2008, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $40 million. Management utilized this shelf registration statement in August 2008 by completing a registered direct offering of 2,088,451 shares of the Company’s common stock for aggregate gross proceeds of $11.9 million ($11 million approximate net proceeds to the Company). In addition, in July 2009, management completed a registered direct offering of 2,400,000 shares of the Company’s common stock for aggregate gross proceeds of $15 million ($13.75 million approximate net proceeds to the Company). Approximately $13.1 million remained available under the Company’s 2008 shelf registration statement as of June 30, 2011; however, the shelf registration statement subsequently expired on July 7, 2011. In May 2009, the Company entered into a committed equity financing facility (“CEFF”) with Kingsbridge Capital Limited, pursuant to which Kingsbridge committed to purchase from time to time at the Company’s sole discretion, up to the lesser of $45 million or 3,327,000 shares of the Company’s common stock, prior to May 7, 2012 subject to various conditions for individual sales, including dollar, timing, and trading volume limitations, a minimum market per share price, and other contractual and regulatory requirements. There is no assurance that the Company will satisfy all the various conditions for individual sales enabling it to use all of the CEFF. In connection with this CEFF, the Company issued a 5 year warrant, exercisable as of November 7, 2009, to Kingsbridge to purchase up to 200,000 shares of the Company’s common stock at an exercise price of $11.35 per share with a Black Scholes Fair Value of $678. The issuance of this warrant was deemed to be a cost of the offering. The Company did not sell any stock to Kingsbridge Capital Limited under the CEFF in the six months ended June 30, 2011. Under the CEFF, during the six month period ending June 30, 2010, the Company sold 406,744 shares of common stock to Kingsbridge Capital Limited, at an average per share price of approximately $9.22, for gross proceeds of approximately $3.75 million. A proportionate share of the CEFF originating expenses was allocated to these sales from deferred offering costs. Net of expenses, proceeds from the 2010 sales were approximately $3.727 million. As of June 30, 2011, 1,095,315 shares of common stock remain available for sale under the CEFF, exclusive of the 200,000 outstanding warrants held by Kingsbridge. Legal, accounting, and other costs associated with this agreement approximating $62 have been deferred and will be charged to equity as a reduction of future proceeds from the CEFF or operations should management decide to abandon the CEFF. In May 2010, the Company filed a Form S-3 shelf registration statement for an indeterminate number of shares of common stock, warrants to purchase shares of common stock and units consisting of a combination thereof having an aggregate initial offering price not to exceed $75 million. The registration statement was declared effective by the SEC on June 1, 2010. On June 30, 2010, the Company entered into an underwriting agreement, relating to the public offering of 2,200,000 shares of the Company’s common stock, at a price to the public of $7.50 per share less underwriting discounts and commissions. The common stock was offered and sold pursuant to the Company’s Prospectus dated June 1, 2010 and the Company’s Prospectus Supplement filed with the SEC on June 30, 2010, in connection with a takedown from the Company’s effective shelf registration statement that closed on July 6, 2010. The gross proceeds to the Company from the sale of the common stock totaled $16.5 million. After deducting the underwriters’ discounts and commissions and other offering expenses, net proceeds were approximately $15.2 million. Approximately $58.5 million remains available under the Company’s 2010 shelf registration statement as of June 30, 2011. As of June 30, 2011, the Company had 45,000,000 shares of $0.001 par value common stock authorized and 25,262,538 shares issued and outstanding; and 10,000,000 shares of $0.10 par value preferred stock authorized with no preferred shares issued and outstanding.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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-Section 04
-Article 3

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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

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-Name Accounting Standards Codification
-Topic 310
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-Name Statement of Financial Accounting Standard (FAS)
-Number 129
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-Number 210
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-Number 210
-Article 4
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-Paragraph d

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-Number Topic 4
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-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
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-Name Accounting Principles Board Opinion (APB)
-Number 12
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Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2011
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS None

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Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2011
Recent Accounting Pronouncements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS None

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References+ Details

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Related Party Consulting Agreements	6 Months Ended
Related Party Consulting Agreements	Jun. 30, 2011
Related Party Consulting Agreements [Abstract]
RELATED PARTY CONSULTING AGREEMENTS	9. RELATED PARTY CONSULTING AGREEMENTS The Company has in place the following consulting agreements with related parties: Consulting Agreement with Breaux Castleman In June 2003, the Company entered into a consulting agreement with Breaux Castleman, the Chairman of the Company’s Board of Directors, for consulting services related to the FDA approval of MelaFind^®, and the Company’s business and financial strategy. Under this agreement, Mr. Castleman receives compensation for each month of services rendered. The Company incurred and paid, pursuant to this consulting agreement, $6 in each of the three month periods ended June 30, 2011 and 2010 and $12 in each of the six month periods ended June 30, 2011 and 2010. This consulting agreement is terminable by either party by providing thirty days’ prior written notice. Consulting Agreement with Gerald Wagner, Ph.D In January 2007, Dr. Wagner, Ph.D., a member of the Company’s Board of Directors, transitioned out of his role as the Company’s acting Chief Operating Officer and entered into an amended and restated consulting contract with the Company. Under the terms of the amended contract, Dr. Wagner is paid a monthly retainer of $2.5 and will be paid $2.5 for each additional consulting day. This amended agreement will end at the option of Dr. Wagner or the Company at any time, by providing fifteen days’ prior written notice, or immediately upon the mutual agreement of the Company and Dr. Wagner. The Company incurred consulting costs pursuant to this agreement of $7.5 in each of the three month periods ended June 30, 2011 and 2010 and $15 in each of the six month periods ended June 30, 2011 and 2010. Consulting Agreement with Anne Egger In March 2009, the Company entered into a consulting agreement with Anne Egger for certain consulting services primarily focusing on physician advocacy. The agreement was for an initial term of three months, and has subsequently been extended to run through September 2011, and may be terminated by either party with 30 days notice. Under the terms of the agreement, Ms. Egger is entitled to receive a consulting fee of $1.6 per day. Ms. Egger was appointed to the Company’s Board of Directors as of June 10, 2009. The Company incurred consulting costs pursuant to this agreement of $0 and $12 in the three month periods ended June 30, 2011 and June 30, 2010, respectively. The Company incurred consulting costs pursuant to this agreement of $6 and $35 in the six month periods ended June 30, 2011 and June 30, 2010, respectively

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Subparagraph (SX 210.4-08.(k))
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-Number 210
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-Paragraph k

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Other Income	6 Months Ended
Other Income	Jun. 30, 2011
Other Income [Abstract]
OTHER INCOME	10. OTHER INCOME During April 2005, the Company discontinued all operations associated with its DIFOTI^{^®}product in order to focus its resources and attention on the development and commercialization of MelaFind^®. During December 2006, the Company entered into a sale and exclusive licensing agreement with KaVo Dental GmbH (“KaVo”), a leading dental equipment manufacturer, which provides for KaVo to further develop and commercialize DIFOTI^®. Since July 2008, KaVo has been required to pay to the Company a royalty stream based upon the worldwide aggregate net sales of the licensed product, as defined in the license agreement, or a set minimum. For the three and six months ended June 30, 2011, the Company earned royalty income of $5 and $10, respectively. For the three and six months ended June 30, 2010, the Company was paid royalty income of $5 and $10, respectively.

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Warrants

6 Months Ended

Jun. 30, 2011

Warrants [Abstract]

WARRANTS

8. WARRANTS

The status of the Company’s warrants at June 30, 2011 is summarized as follows:


	2007		2009		Total
Outstanding at December 31, 2010		346,781		200,000		546,781

Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—

Outstanding at June 30, 2011		346,781		200,000		546,781

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Organization and Basis Of Presentation

6 Months Ended

Jun. 30, 2011

Organization and Basis of Presentation [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

1. ORGANIZATION AND BASIS OF PRESENTATION

The components of the MelaFind^® system include:

	•		a hand-held imaging device, which employs high precision optics and multi-spectral illumination (multiple colors of light including near infra-red);

	•		a proprietary database of pigmented skin lesions, which we believe to be the largest in the U.S.; and

	•		lesion classifiers, which are sophisticated mathematical algorithms that extract lesion feature information and classify lesions.

Upon obtaining approval from the FDA, we plan to launch MelaFind^® commercially in the United States.

To date the Company has not generated any revenues from MelaFind^®.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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-Paragraph 2-6
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 205
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-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

+ Details

XML 22 R9.htm IDEA: XBRL DOCUMENT

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2011

Net Loss Per Common Share [Abstract]

NET LOSS PER COMMON SHARE

4. NET LOSS PER COMMON SHARE

Basic net loss per common share excludes dilution for potentially dilutive securities and is computed by dividing loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share gives effect to dilutive options, warrants and other potential common shares outstanding during the period. Diluted net loss per common share is equal to the basic net loss per common share since all potentially dilutive securities are anti-dilutive for each of the periods presented. Potential common stock equivalents excluded consist of stock options and warrants which are summarized as follows:


	June 30,
	2011		2010
Common stock options		2,107,429		2,164,598
Common stock warrants		546,781		614,906

Total		2,654,210		2,779,504

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 23 R10.htm IDEA: XBRL DOCUMENT

Stock-based Compensation

6 Months Ended

Jun. 30, 2011

Stock-based Compensation [Abstract]

STOCK-BASED COMPENSATION

5. STOCK-BASED COMPENSATION

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table:


	For the Six Months	For the Six Months
	Ended June 30, 2011	Ended June 30, 2010
Expected life	6.5 years	5-10 years
Expected volatility	70.54-76.32%	61%
Risk-free interest rate	2.47-3.34%	2.26-3.56%
Dividend yield	0%	0%

At June 30, 2011, stock options to purchase 2,107,429 shares of common stock at exercise prices ranging from $1.00 to $11.11 per share are outstanding and exercisable at various dates through 2021.

The status of the Company’s stock option plans at June 30, 2011 is summarized in the following:


						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contractual		Aggregate
	Number of			Price per		Term in		Intrinsic
	Shares			Share		Years		Value
Outstanding at December 31, 2010		2,132,879		$	5.19		5.4
Granted		439,800			3.27		9.8
Exercised		—
Forfeited or expired		(465,250	)		6.59		—

Outstanding at June 30, 2011		2,107,429		$	4.48		6.6	$	66

Vested and exercisable at June 30, 2011		850,791		$	4.53		5.6	$	66


			Options Outstanding
			Weighted-			Options Exercisable
			Average	Weighted				Weighted-
			Remaining	Average				Average
	Number		Contractual	Exercise		Number		Exercise
Range of Exercise Prices	Outstanding		Life	Price		Exercisable		Price
$.01-$1.00		48,952	1.4 years	$	1.00		48,952	$	1.00
$1.01-$4.50		1,578,952	7.4 years	$	3.68		591,789	$	3.70
$4.51-$11.11		479,525	4.5 years	$	7.48		210,050	$	7.71

$.01-$11.11		2,107,429	6.6 years	$	4.48		850,791	$	4.53

As of June 30 2011, there were 1,648,639 shares available for future grants under the Company’s 2005 Plan.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

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Commitments, Contingencies And Litigation

6 Months Ended

Jun. 30, 2011

Commitments, Contingencies and Litigation [Abstract]

COMMITMENTS, CONTINGENCIES AND LITIGATION

6. COMMITMENTS, CONTINGENCIES AND LITIGATION


2011 Remaining six months	$	191
2012		410
2013		439
2014		456
2015		455
2016		456

	$	2,407

Rental payments are recognized as rent expense on a straight-line basis over the term of the lease.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

XML 26 R5.htm IDEA: XBRL DOCUMENT

Condensed Statements of Cash Flows (Unaudited) (USD $)

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Cash flows from operating activities:

Net loss

$ (9,751,726)

$ (9,642,596)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

283,785

253,492

Noncash compensation

734,222

366,382

Changes in operating assets and liabilities:

(Increase) decrease in prepaid expenses and other current assets

(410,357)

322,685

Decrease in accounts payable and accrued expenses

(419,525)

(124,669)

Increase in other assets

(273,220)

Increase in deferred rent

16,956

52,152

Decrease in other current liabilities

(647)

(8,484)

Net cash used in operating activities

(9,547,292)

(9,054,258)

Cash flows from investing activities:

Purchases of property and equipment

(30,811)

(637,014)

Proceeds from sale of fixed assets

1,473

Net cash used in investing activities

(30,811)

(635,541)

Cash flows from financing activities:

Proceeds from exercise of stock options

26,070

Proceeds from exercise of stock warrants

1,691,633

Expenses related to public offering

(130,086)

Proceeds from Committed Equity Financing Facility

3,750,000

(6,717)

Net cash provided by financing activities

5,330,900

Net decrease in cash and cash equivalents

(9,578,103)

(4,358,899)

Cash and cash equivalents at beginning of period

30,520,812

^[1]

29,673,420

Cash and cash equivalents at end of period

20,942,709

25,314,521

Supplemental Schedule of Non-cash Investing and Financing Activities

Deferred financing costs charged to additional paid-in capital

$ 23,179

[1]	Derived from the audited balance sheet as of December 31, 2010

XML 27 R7.htm IDEA: XBRL DOCUMENT

Use of Estimates	6 Months Ended
Use of Estimates	Jun. 30, 2011
Use of Estimates [Abstract]
USE OF ESTIMATES	2. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions by management that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to stock-based compensation arrangements and accrued expenses. Actual results could differ from these estimates.

XML 28 R16.htm IDEA: XBRL DOCUMENT

Comprehensive Loss	6 Months Ended
Comprehensive Loss	Jun. 30, 2011
Stockholders' Equity/Comprehensive Loss [Abstract]
COMPREHENSIVE LOSS	11. COMPREHENSIVE LOSS For the three and six month periods ended June 30, 2011 and 2010 respectively, the Company’s comprehensive loss equalled net loss.

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

+ Details

XML 29 R2.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (USD $)

Jun. 30, 2011

Dec. 31, 2010

Current Assets:

Cash and cash equivalents

$ 20,942,709

$ 30,520,812

^[1]

Prepaid expenses and other current assets

934,029

523,672

^[1]

Total Current Assets

21,876,738

31,044,484

^[1]

Property and equipment, net

1,826,578

2,073,602

^[1]

Patents and trademarks, net

65,158

71,108

^[1]

Deferred financing costs

62,391

^[1]

Other assets

337,705

^[1]

Total Assets

24,168,570

33,589,290

^[1]

Current Liabilities:

Accounts payable

645,643

1,096,505

^[1]

Accrued expenses (includes related parties of $34,000 as of June 30, 2011)

591,312

559,975

^[1]

Other current liabilities

28,891

29,538

^[1]

Total Current Liabilities

1,265,846

1,686,018

^[1]

Long Term Liabilities:

Deferred rent

121,260

104,304

^[1]

Total Long Term Liabilities

121,260

104,304

^[1]

Total Liabilities

1,387,106

1,790,322

^[1]

COMMITMENTS, CONTINGENCIES and LITIGATION (Note 6)

^[1]

Stockholders' Equity

Preferred stock - $.10 par value; authorized 10,000,000 shares; issued and outstanding: none

^[1]

Common stock - $.001 par value; authorized 45,000,000 shares; issued and outstanding 25,262,538 shares at June 30, 2011 and December 31, 2010

25,263

^[1]

Additional paid-in capital

131,650,548

130,916,326

^[1]

Accumulated deficit

(108,894,347)

(99,142,621)

^[1]

Total Stockholders' Equity

22,781,464

31,798,968

^[1]

Total Liabilities and Stockholders' Equity

$ 24,168,570

$ 33,589,290

^[1]

[1]	Derived from the audited balance sheet as of December 31, 2010

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