Small Medical Device company slowly moving up as it was in news since December 2010. Mela Sciences Inc (NASDAQ: MELA) has developed a device to detect skin cancer melanoma in early stages by imaging a lesion on skin called Melafind.
In June 2009, it had filed for approval of the device in the United States. In November, an advisory panel to the U.S. Food and Drug Administration narrowly supported the approval of MelaFind, the device to detect melanoma. Agency staff had raised concerns of the device being harmful when used widely, especially by non dermatologists The stock was beaten from $ 9 to $ 2.5 due to the rick of the failure of its device from USFDA.
It slowly started moving up from $ 2.5 to $3.5 due to amended PMA application of MelaFind and from last couple of weeks there is a consolidating phase while frequent spikes in volumes and price detected. There may be a positive development on its way as per the movement of stock. One can keep eye on stock to get a at least 25 % to 50 % upside if it gets approved from USFDA.On March 3, 2011 the Company said it was working towards getting the device approved by European regulatory authorities, and hopes to get the nod in the second half of this year.
In June 2009, it had filed for approval of the device in the United States. In November, an advisory panel to the U.S. Food and Drug Administration narrowly supported the approval of MelaFind, the device to detect melanoma. Agency staff had raised concerns of the device being harmful when used widely, especially by non dermatologists The stock was beaten from $ 9 to $ 2.5 due to the rick of the failure of its device from USFDA.
After that, MELA Sciences, Inc. ( NASDAQ: MELA) announced that the Company has filed an amendment to the MelaFind(R) pre-market approval (PMA) application with the U.S. Food and Drug Administration (FDA), limiting the indication for use to dermatologists. The company also announced that it was recently issued a patent protecting its methods associated with the quantitative and objective analysis of the traditional "ABCD" skin characteristics. Asymmetry, Border irregularity, Color and Diameter are four characteristics used to identify lesions that require further evaluation by physicians to rule out melanoma.
It slowly started moving up from $ 2.5 to $3.5 due to amended PMA application of MelaFind and from last couple of weeks there is a consolidating phase while frequent spikes in volumes and price detected. There may be a positive development on its way as per the movement of stock. One can keep eye on stock to get a at least 25 % to 50 % upside if it gets approved from USFDA.On March 3, 2011 the Company said it was working towards getting the device approved by European regulatory authorities, and hopes to get the nod in the second half of this year.
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