Medical device maker Electro-Optical has postponed its $22 million IPO indefinitely. One factor probably looming large in the decision: the company has yet to receive FDA approval for its MelaFind system, which uses computer optics to capture images of the skin. Moreover, a similar system used to detect tooth decay was discontinued by the company in April, so there are apparently a few kinks to work out before the product is ready for primetime. Crain's New York notes that the company has cut the price range for its IPO twice this month. That's not a good sign, especially when Wall Street analysts have already "raised concerns" about the firm's profitability.

As might be expected, officials at Electro-Optical (based in Irvington, NY) weren't in a good mood after the IPO delay. Spokespersons for the company did not provide any reason for postponing the IPO and offered no guidance as to a future date for the IPO.