IRVINGTON, N.Y., Nov. 19, 2014 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (Nasdaq:MELA), developer of the MelaFind® system, a non-invasive software-driven image analysis device approved for use in the U.S. and the European Union to assist dermatologists in melanoma diagnosis, today announced that its Board of Directors has named Michael R. Stewart, 57, as the company's next President and Chief Executive Officer, effective December 15. Mr. Stewart, who joined the MELA Sciences Board of Directors in August 2014, will remain a member of the board.
Jeffrey O'Donnell, Chairman of the Board of MELA Sciences, stated, "I have worked closely with Mike in the past and have witnessed his skillful ability to build a business in the dermatology market, including executing a successful reimbursement program for PhotoMedex' XTRAC® laser. Michael's leadership will be a tremendous benefit to the company, particularly as we navigate the course for obtaining insurance reimbursement for physicians' use of the system and more broadly as we seek to expand the use of the MelaFind system both domestically and internationally."
Mr. Stewart replaces Rose Crane, who has resigned as President and CEO and member of the Board of Directors, effective immediately.
Mr. Stewart served as president, chief executive officer and board member of NASDAQ-traded Surgical Laser Technologies, Inc. from 1999 until its sale in 2002 to global medical device and skin health company PhotoMedex. Post-acquisition and during his tenure with PhotoMedex, Mr. Stewart held the positions of chief operating officer and executive vice president and led the domestic and international sales organizations, marketing, product development and engineering, manufacturing and service operations. He successfully developed and executed a reimbursement strategy for the company's flagship dermatology product that resulted in the issuance of new Current Procedural Terminology (CPT®) codes and reimbursement by the Centers for Medicare and Medicaid Services as well as coverage policies with virtually all major insurance companies.
"I am honored to have the opportunity to lead the MELA team as we execute the strategies that are designed to make the MelaFind system the standard of care for the early detection and diagnosis of melanoma," stated Mr. Stewart. "I look forward to carrying out the strategic initiatives that the company has articulated to date and bringing my knowledge and experience to bear on such an important technological development in the field of dermatology."
Mr. Stewart will resign his position at PhotoMedex effective December 14. Mr. O'Donnell will serve as Executive Chairman during the interim period.
About MelaFind www.melafind.com
MelaFind is the first and only medical device with FDA Pre-Market Approval (PMA) for the U.S. and Conformité Européenne (CE) Marking certification for the European Union designed to assist dermatologists in the evaluation and diagnosis of melanoma at its most curable and cost-effective stage. The MelaFind system utilizes innovative software-driven technology and state-of-the-art 3-D optical imaging to non-invasively extract data 2.5 mm below the skin surface from patient's pigmented ambiguous moles and objectively analyzes them with proprietary algorithms. MelaFind provides important additional perspective to physicians via 3-D spectral images and 100% objective data analysis to help them better understand the structural disorganization of a patient's pigmented ambiguous moles (before cutting the skin) during the evaluation and diagnosis process for melanoma.
About MELA Sciences, Inc. www.melasciences.com
MELA Sciences is a medical technology company dedicated to designing and developing innovative software-driven technology for physician clinical use for the early detection of skin cancer. MELA Sciences conducted the largest, positive prospective study ever done on the melanoma disease, and is the first and only medical technology company to receive both FDA Pre-Market Approval (PMA) for the U.S. and CE Marking certification for the European Union for their flagship product MelaFind.
Safe Harbor
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to our plans, objectives, expectations and intentions and may contain words such as "seeks," "look forward," and "there seems" that suggest future events or trends. These statements, including our expectations regarding our ability to expand our markets and obtain appropriate reimbursement for our MelaFind system, are based on our current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from our expectations due to financial, economic, business, competitive, market, regulatory and political factors or conditions affecting the company and the medical device industry in general, as well as more specific risks and uncertainties set forth in the company's SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all of these forward-looking statements may prove to be incorrect or unreliable. MELA Sciences assumes no duty to update its forward-looking statements and urges investors to carefully review its SEC disclosures available at www.sec.gov and www.melasciences.com.
CONTACT: Media
Diana Garcia Redruello
MELA Sciences, Inc.
914-373-6960
Investors
Andrew McDonald
LifeSci Advisors, LLC
646-597-6987
