Kevin Kotler’s Broadfin Capital’s and MELA Sciences (MELA)

A new filing with the SEC revealed, Kevin Kotler and his hedge fund Broadfin Capital revealed a trimmed stake in MELA Sciences, Inc (NASDAQ:MELA). In MELA Sciences, Kevin Kotler currently owns a total of 9.1 million shares, which make the stake equal to 9.99% of the common stock. The fund disclosed a position in the company at the beginning of last month reporting stake of 16.09% of the company’s common stock.

 Kevin Kotler

In its 8-K filing with the SEC, MELA Sciences revealed to have terminated an agreement signed with Broadfin Capital on January 31, 2014. The agreement granted Broadfin Capital the right to delegate one director to the Board of the company, as long as it held 30% of the company’s investment in the Preferred Stock or held the warrants.

MELA Sciences, Inc, designs, develops and commercializes non-invasive medical devices to provide information for dermatologists dealing with melanoma skin examinations. For the fourth quarter 2013, the company recorded an increase of 14.8% on the year in revenues to $140,000. For the year 2013, the company recorded $536,000 in revenues, an increase of 92.8% year on.

In February, it completed a private placement of $11.54 million, with two major healthcare institutional investors and its directors. The company sold non-redeemable preferred stock, which, if exercised, would result in net proceeds of approximately $9.8 million. Additionally, it also sold around 200,000 shares of its common stock to its directors.

Last month, MELA Sciences appointed Samuel Navarro, a medical device investment banker, as Director, bringing the Board to eight members. Prior to this, Mr. Navarro was Managing Director of Cowen & Co. in New York City and head of their Medical Technology Investment Banking initiatives.

One of the largest stockholders of MELA Sciences is Hal Mintz’s Sabby Capital, which held 4.3 million shares at the end of the fourth quarter of 2013. It is followed by billionaire Ken Griffin’s Citadel Investment Group, with approximately 18,400 shares.

Broadfin Capital is located in New York City. The fund has an equity portfolio of $758.2 million, concentrated in the Healthcare sector. Kevin Kotler, the founder of the fund has worked with The Galleon Group, ABN AMRO, and ING Barings.

Broadfin Capital has been active in the recent couple of months, reporting new stakes. Last month, the fund initiated position in Pernix Therapeutics (NASDAQ:PTX), with 3.5 million shares. In January, the fund disclosed holding a 6.9% stake in Retrophin Inc (NASDAQ:RTRX), which contains 1.61 million shares.

According to the fund’s latest 13F, top holdings of Broadfin Capital, as at the end of last year, were Depomed Inc (NASDAQ:DEPO), with a stake valued in excess of $50.2 million, followed by Lannett Company, Inc. (NYSE:LCI), of which it held around 1.3 million shares worth $44.4 million, and Angiodynamics Inc (NASDAQ:ANGO), in which it owned 2.5 million shares valued at more than $42.8 million.

Disclosure: none

Recommended Reading:

Kevin Kotler’s Broadfin Capital Initiates Stake in Eleven Biotherapeutics (EBIO) Following Its IPO

Broadfin Capital Ups Position in Rigel Pharmaceuticals, Inc. (RIGL)

Kevin Kotler, Broadfin Capital Raise Holding in Derma Sciences Inc (DSCI)

 

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