June 21, 2010 / 8:49 PM / 8 years ago

MELA shares could soar on device approval-Barron's

(Corrects to show that Aug. 26 event is a panel meeting, not deadline)

NEW YORK, June 20 (Reuters) - MELA Sciences Inc MELA.O shares are poised to soar if its experimental device for early detection of melanoma skin cancers gets U.S. approval, Barron’s said on Sunday.

On March 24, the U.S. Food and Drug Administration announced a six-month delay in its review process, sending the shares plummeting 22 percent.

The stock has gained about 20 percent since MELA said in May that the FDA had set a panel of experts to issue a verdict on Aug. 26, Barron’s said. It added that some analysts believe it could double from its current level if the device is approved.

Most analysts blame the delay on the FDA process, rather than concerns with the device, according to Barron’s. (Reporting by Martinne Geller, editing by Maureen Bavdek)

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