MELA Sciences announces pending one-for-ten reverse stock split MELA Sciences announced that its board has approved a one-for-ten reverse stock split of the company's common stock to become effective at 5 p.m., Eastern Time, July 9. The company will file an amendment to its Certificate of Incorporation on that date as authorized by the stockholders at the company's annual meeting held on May 15. The company's common stock is expected to commence trading on a post-reverse stock split basis on July 10. The common stock will continue to trade under the symbol "MELA." The reverse stock split is intended to increase the per share trading price of the company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market.
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.