By Paul Goodwin
My stock suggestion today is in the spirit of adventure. It’s a medical technology company that doesn’t really have revenues, much less earnings, and it doesn’t have a product approved for sale. What it has is a great idea for a hand-held device that will enable dermatologists to scan skin lesions to determine whether they are melanomas.
The company is Electro-Optical Sciences (MELA), and the device-called the MelaFind-uses light at various wave-lengths to scan the suspicious lesion. It then uses its database of melanoma images to calculate a diagnosis.
With a huge age cohort of sun-worshiping Baby Boomers now approaching the danger years, the diagnosis of melanoma, the leading cause of death from skin cancer, is a big deal. The MelaFind is non-invasive, quick, and reportedly has a 95% accuracy rate.
Electro-Optical has submitted a Pre-Market Approval form to the FDA for MelaFind. The FDA has put the decision on a fast track, and the estimated decision date is some time this December.
This is a low-priced, speculative stock, but the potential payoff is huge. If you’re the kind of investor who likes to spin the roulette wheel every once in a while, this may be for you.