This begins the actual stock selections of the (hopefully) top 25 stocks for the next 25 years. These companies will play in nascent markets with a huge addressable audience and with great management and vision. They will become the leaders and game changers for the next generation of stocks.

The 25 companies are in no particular order, just random order. Keep in mind that because I am attempting to identify home runs for the more distant future, these names will be smaller capitalization names in general, or the math will not work out for investors.

The top 25 for the NEXT 25 years begins with Electro-Optical Sciences (NASDAQ: MELA).

MELA is $60 million market capitalization (total shares times by the current price) company. MELA trades at $4.50 per share and the average daily volume is about 35,000 shares per day -- not what you would call the most liquid name. But the potential and the market it will serve is massive and worldwide.

MELA is in phase III clinical trials on a device that will assist general practitioner physicians and dermatologists in the detection of melanoma, skin cancer. Typically when a physician suspects that a skin lesion or an abnormality is present, the first course of action is a biopsy. The biopsy is a bit painful and certainly expensive. There are over three million biopsies performed in the United States alone, double that amount worldwide.

MELA's device is a small machine easily used by the physician. It is linked to a central server system via the internet whereby the physician can determine, with extraordinary help and resources, if the mole or lesion should then be biopsied for more analysis. The good news is the vast majority of skin moles and lesions are benign and further treatment is not necessary. The bad news is that melanoma is the deadliest form of skin cancer, but is virtually 100% curable if caught early. Many patients are mis-diagnosed or not diagnosed until too late. With MELA's technology and systems, the occurrence of mis-diagnosis could drop off dramatically.

To date, MELA has conducted tests on over 5,000 skin lesions at 20 different clinical sites. Its efficacy has been superior to any other methodology. MELA anticipates the completion of Phase III clinical trials by the end of the first quarter of 2008. With Food and Drug Administration approval expected before mid-year 2008, when the roll-out process would begin in earnest. Sales and marketing personnel are slowly being added to the company's staff. Training sales reps takes a good six months to accomplish.

MELA could begin to realize significant revenues before 2008 year-end, with a powerful ramp in revenues to $30 million in 2009 and $50 million in 2010. Being a medical device, the eventual operating margins could approach the 30% level. As MELA rolls out to the marketplace over the next couple of decades, this company could grow to a billion dollar revenue base with explosive earnings.

MELA has signed an agreement with L'Oreal, the giant cosmetics manufacturer, as L'Oreal wants to better understand skin types and the appropriate cosmetics to meet this need. No dollar amount has been placed on the partnership with L'Oreal.

Electro-Optical Sciences is headquartered in suburban New York City. For this company to build out its sales and marketing force as well as its manufacturing facility, I would expect it to come back to the public markets to raise more capital. That's normally a very good sign that the business plan is progressing along well.

MELA has life saving implications addressing a massive market with minimal to no competition. It could be a top stock for the NEXT 25 years.

Georges Yared is the CIO of Yared Investment Research where he explores more growth ideas.