MELA Sciences Streamlines Board of Directors

MELA Sciences Inc. is revamping its board.

The melanoma detection technology developer has streamlined its nine-member board to “better support” its go-to market strategy for MelaFind, a U.S. Food and Drug Administration-approved optical diagnostic device that helps dermatologists spot melanoma. The reshuffling has resulted in the resignation of three directors (though profession commitments played a role in the members’ respective departures) — pharmaceutical marketing executive Anne Egger, crisis communications consultant Mark Fabiani and Mindy Meads, the recently-named CEO of specialty retailer Calypso St. Barth. 

Replacing the outgoing directors is healthcare executive Jeffrey F. O’Donnell, managing director of BioStar Ventures, a venture capital firm specializing in early-stage medical devices. MELA Sciences said his healthcare and medical background merges traditional corporate and early-stage experience. In addition to leading four successful startups — two of which went public — O’Donnell has raised more than $400 million in equity and debt capital. More importantly, he gained experience in the dermatology sector during his tenure as president/CEO of PhotoMedex Inc. from 1999 to 2009.

“We are delighted to have someone of Jeff’s talent, insight and experience join our board as we build stronger dermatologist and medical community engagement for MelaFind.” MELA Sciences Board Chairman Robert Coradini said. “Jeff’s first-hand knowledge of medical devices as well as selling capital equipment into the dermatology field will be of great value to MELA Sciences. He also brings global expertise that will broaden our strategic thinking on ways to leverage our technology and grow the company. I want to thank Mindy, Anne, and Mark for their tremendous contributions to MELA and support of management, especially during my tenure as interim CEO. I wish them great success in their other endeavors.”

O’Donnell’s industry experience includes the 2007 formation of medical device firm Embrella Cardiovascular. He became chairman/CEO in 2009, and in 2011, the company was sold to Edwards Lifesciences Corp. From 1995 to 2000 O’Donnell was president, chief operating officer then CEO of interventional cardiology company Cardiovascular Dynamics Inc. He led the firm from its origins, raising $50 million in an initial public offering and creating strategic alliances with Medtronic Inc. and Guidant Corporation. Cardiovascular Dynamics eventually became Radiance Medical Systems, which was purchased by Endologix Inc. in 2000. O’Donnell remained on the Endologix board until 2012.

“I am honored to join MELA Sciences’ board as they begin to leverage their technology and clinical insights,” O’Donnell said. “They have done great work over the past six months. I am excited to leverage my dermatology and medical device experience to help guide the team to success.”

O’Donnell currently is a board member for both CD Diagnostics Inc. and BioSig Technologies Inc., and serves as executive chairman of Trice Orthopedics Inc. He has a B.S. in Business Administration from LaSalle University in Philadelphia, Pa. O’Donnell was a medical advisor to Safeguard Scientifics Inc. In 2011 he was named the Greater Philadelphia Emerging Entrepreneur of The Year by Ernst & Young, and in 2005 was named the PricewaterhouseCoopers Life Sciences CEO of the Year. O’Donnell has been a speaker and panelist on general healthcare and insurance reimbursement issues at dozens of conferences and has lectured at various university M.B.A. classes in entrepreneurial studies.

Besides losing two board members, MELA Sciences also is losing its chief financial officer and senior vice president of Finance. Richard I. Steinhart has held the job since 2006; executives did not reveal a reason for his resignation, saying only that CEO Rose Crane will assume his duties (with the help of the company’s controller) until a replacement is hired. 

Based in Irvington, N.Y., MELA Sciences develops dermatology diagnostics using optical imaging. Its flagship product is MelaFind, which uses a variety of visible to near-infrared light waves to evaluate skin lesions from the surface to 2.5 millimeters beneath the skin. It provides images and data on the relative disorganization of a lesion’s cell structure that provides substantial additional perspective to aid melanoma diagnosis.