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Echo Therapeutics Announces Strategic Partnership with Medical Technologies Innovation Asia (MTIA)
Date:12/10/2013

of blood glucose meters and test strips which provide single blood glucose values. Symphony has the potential to offer a non-invasive, continuous glucose monitoring solution for use in the emerging hospital market. This strategic partnership offers Echo both the potential to accelerate Symphony's commercialization in China and to access to the Chinese market, where MTIA has established sales channels in more than 1,000 hospitals spanning the country's provinces.

"This collaboration addresses a specific market need in China and we believe that, with our medical device expertise and extensive sales channels, the Symphony CGM System has the potential to revolutionize the standard of care for glucose monitoring in China," said Bai Ge, Managing Director of MTIA. "We are exceptionally pleased to work together with Echo and look forward to a long and productive partnership."

As partial consideration for the Agreement, MTIA and its affiliate purchased 1,818,182 shares of Echo's common stock, par value $0.01 per share, at $2.75 per share, a premium to NASDAQ's closing market price of Echo's common stock on December 9, 2013. MTIA will also receive 181,818 warrants, having a five-year term and an exercise price of $2.75 per warrant.  The warrants are exercisable commencing on June 9, 2014.  Additionally, Platinum Partners and certain of its affiliates, increased their position in Echo by purchasing 69,569 shares of Echo's common stock at $2.75 per share, a premium to NASDAQ's closing market price on December 9, 2013. Platinum is also purchasing 1,748,613 shares of Series E Convertible Preferred Shares at a purchase price of $2.75 per share which are convertible into shares of Echo's common stock on a one-for-one basis.  Platinum will also receive 181,818 warrants on the same terms and conditions as the warrants issued to MTIA.  The securities are subject to certain
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SOURCE Echo Therapeutics, Inc.
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