MELA Sciences (NASDAQ:MELA) Soars on MelaFind Panel Vote

Shares of MELA Sciences (NASDAQ:MELA) on news the Plastic Surgery Devices panel voted positive on three aspects of MelaFind.

Needham said, "At the end of a nearly 12 hour meeting, the General and Plastic Surgery Devices panel voted on three aspects of the MelaFind. By a 10 to 6 margin they found it Safe. By an 8 to 6 margin, with 2 abstentions, they found it Effective. By and 8 to 7 margin, with 1 abstention, they found that the Benefits of the device outweigh its Risks...We interpret the panel’s vote, and the discussion that occurred immediately after, as a recommendation for approval, but with a label that tightly restricts who can use the device. The panel’s decision is not binding on the FDA, and in its summary remarks, the Agency’s recommendation was that another prospective study should be done."

MELA Sciences closed Friday at $4.9825, rising by $2.4525, or 96.94 percent. Needham has a price target on them of $14.