Electro-Optical Sciences Announces $11.8 Million Registered Direct Offering

IRVINGTON, NY, Jul 31 (MARKET WIRE) --
Electro-Optical Sciences, Inc. ("EOS") (NASDAQ: MELA), a medical device
company focused on the design and development of MelaFind(R), a
non-invasive, point-of-care instrument to assist in the early diagnosis
of melanoma, today announced that it has entered into agreements with a
select group of accredited investors to sell 2,088,451 shares of common
stock at a purchase price of $5.68 per share in a registered direct
offering, which represents a discount of 8.50% from the closing price of
$6.21 per share on July 30, 2008. The transaction is expected to close on
or about August 5, 2008, subject to customary closing conditions.

The offering will result in gross proceeds of approximately $11.8 million
to EOS, before deducting placement agent fees and estimated offering
expenses. EOS intends to use the net proceeds from the sale of the shares
to fund continued development of MelaFind, to fund pre-commercialization
activities for MelaFind, and for general corporate purposes, including
working capital.

All of the shares of common stock are being offered pursuant to an
effective shelf registration statement previously filed with the
Securities and Exchange Commission (the "SEC") on July 7, 2008.

Needham & Company, LLC acted as the sole placement agent for the offering.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in this offering. There
shall not be any sale of these securities in any jurisdiction in which
such offering would be unlawful. The shares of common stock may only be
offered by means of a prospectus. Copies of the final prospectus and
accompanying base prospectus can be obtained at the SEC's website at
http://www.sec.gov or from EOS by writing or calling EOS at 3 West Main
Street, Suite 201, Irvington, NY 10533, (914) 591-3783.

About Electro-Optical Sciences

EOS is a medical device company focused on designing and developing a
non-invasive, point-of-care instrument to assist in the early diagnosis of
melanoma. MelaFind features a hand-held imaging device that emits light of
multiple wavelengths to capture images of suspicious pigmented skin
lesions and extract data. Using sophisticated algorithms, the data are
then analyzed against a proprietary database of melanomas and benign
lesions in order to provide information to the physician and produce a
recommendation of whether the lesion should be biopsied.

Melanoma is the deadliest of skin cancers, responsible for approximately
80% of all skin cancer deaths. Unless melanoma is detected early and
excised with proper margins, the patient survival rate is poor, as there
is currently no cure for advanced stage melanoma.

For more information on EOS, visit www.eosciences.com.

For further information contact:

David Carey
Lazar Partners Ltd.
212-867-1768
Email Contact

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