MELA Sciences named best idea at Stephens Stephens made MELA Sciences its best idea after channel checks indicated early launch of the company's MelaFind technology is progressing very well. Stephens believes MELA shares are pricing in little chance of commercial success and sees minimal downside at current levels. The firm keeps an Overweight rating on the stock with a $10 price target.
MELA Sciences acquires XTRAC, VTRAC business from PhotoMedex for $42.5M MELA Sciences announced that it has signed and completed the purchase of the XTRAC and VTRAC Dermatology business from PhotoMedex, Inc. for $42.5M in cash and the assumption of certain business-related liabilities. The purchase price includes all of the accounts receivable, inventory and fixed and intangible assets of the businesses. To fund the purchase price of the transaction, the company has issued senior secured notes and convertible debentures equal to the transaction purchase price to certain investors. The XTRAC and VTRAC businesses generated $30.6M in revenues in 2014.