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

piggy-back registration rights.  As a result of the investment in the Company of $10 million, Echo will withdraw the registration statement on Form S-1 filed by the Company on December 2, 2013. The Company had filed the Form S-1 as a potential back-up financial alternative in the event that negotiations with MTIA were not successful.

"We are excited to be working with MTIA in this new relationship to meet the growing glucose monitoring needs in China. We believe MTIA's expertise and relationships in China will enhance Echo's success in this region and our overall value proposition," said Robert F. Doman, Executive Chairman and Interim CEO of Echo Therapeutics, Inc. "In addition to strengthening the balance sheet, this $10 million cash infusion, following the recent positive clinical results for use of our Symphony CGM System, represents an important achievement for Echo as we progress toward regulatory clearance."

"Platinum's decision to invest in Echo at this time reflects our view of the Company's opportunity for future growth and confidence in the technology and we congratulate the new management and the Board of Directors for working diligently to close this deal which we are confident will create shareholder value and help deliver against the Company's strategic goals. As a result of the MTIA collaboration, we believe that Echo can leverage MTIA's manufacturing and clinical development skills and capitalize on the significant Chinese market," said Michael M. Goldberg M.D., Principal of Platinum-Montaur Life Sciences, LLC. "This investment reinforces Platinum's long-term commitment to Echo."

"The Company is pleased to finally have the opportunity to arrange this constructive financing with Platinum and to partner with MTIA, who was introduced to us by Platinum, after extensive due diligence and product development analyses. Alth
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SOURCE Echo Therapeutics, Inc.
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