Echo Therapeutics Announces $3 Million... ( FRANKLIN Mass. Nov. 13 /- Echo Therap...)

Echo Therapeutics Announces $3 Million Financing

Date:11/13/2009

FRANKLIN, Mass., Nov. 13 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE), a company developing its needle-free Symphony(TM) tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude(TM) SkinPrep System for transdermal drug delivery, announced today that it has entered into definitive agreements with accredited and institutional investors to raise approximately $3 million through the sale of approximately 2.37 million shares of common stock at $1.25 per share through a private placement transaction. The transaction will include approximately 2.2 million common stock purchase warrants with an exercise price equal to $2.00 per share and a term of five years. Burnham Hill Partners, LLC acted as placement agent for the transaction.

"We are extremely pleased to have executed on this financing," stated Patrick Mooney, M.D., Echo's Chairman and Chief Executive Officer. "With this additional capital, we will have the finances to advance our Prelude SkinPrep and Symphony tCGM Systems toward commercialization, which we expect to occur next year."

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.

About Echo Therapeutics

Echo Therapeutics is focused on medical devices and is developing the Symphony tCGM System, a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospita
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SOURCE Echo Therapeutics, Inc.
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Echo Therapeutics Announces $3 Million...( FRANKLIN Mass. Nov. 13 /- Echo Therap...),Health