MELA was always a speculative play but they got screwed by the FDA. I think they still have a good chance to eventually succeed but it will take very strong results before they can shake the cloud that was brought over their company by the misguided FDA investigator who misunderstood the product and disregarded prior and binding negotiated agreements between MELA and the FDA.
I made some money early on with options but after repeated delays ended up giving that all back. It was always a modest side bet for me for the same reasons I am not jumping into CRDC. I haven't personally had any exposure to MELA since some Jan 2011 options I had expired. The FDA's actions were just too unpredictable. Now that their product has been approved and they can get on with their launch, things look much more promising for them
How long have you had MELA? I think if you hold it another 6 months you will not be sorry.
Just thought I would document the share price of each of these we have discussed so we can see what happens from here. I expect that a year from now all three of these will have smartly outperformed the S&P500 but if I had to choose one of the three it would be NVDQ.