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Echo Therapeutics Announces Closing of Approximately $2.3 Million Private Financing
Date:2/12/2008

FRANKLIN, Mass., Feb. 12 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE), a specialty pharmaceuticals and diagnostics company, announced today that it had completed an approximately $2.3 million private financing with Montaur Capital through Platinum Long Term Growth VII, LLC and certain other select institutional and strategic investors of senior unsecured convertible notes and warrants.

The $2,292,459 in aggregate principal amount of Senior Convertible Notes to be issued in the financing will bear interest annually at a rate of 8.0% per annum and will provide investors with the right to convert principal into shares of Echo Therapeutics common stock at $1.35 per share. The conversion price is subject to weighted average anti-dilution protection, excluding certain customary exceptions. The notes have a three-year term and Echo may elect to make payments of interest in cash, additional notes, or stock.

Additionally, the investors received warrants to purchase 849,058 shares of common stock at an exercise price of $1.69 per share for a term of five years. The warrants provide for full anti-dilution protection to the holders and allow for cashless exercise.

In connection with the financing, certain holders of Echo's Senior Promissory Bridge Notes, dated as of September 14, 2007, exchanged their Bridge Notes at 120% of the outstanding principal and interest of the Bridge Note as payment toward the purchase price of the Senior Convertible Notes purchased by such holders. Accordingly, Echo issued notes in the financing in the aggregate principal balance of $1,592,459 to the former holders of the Bridge Notes upon their surrender of the Bridge Notes, and Echo received gross cash proceeds in the amount of $700,000 in connection with the financing.

Echo expects to use the net proceeds from the offering for product development, working capital and general corporate purposes.

The securities issued in the f
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SOURCE Echo Therapeutics, Inc.
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