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Echo Therapeutics Announces Warrant Exercise by Its Largest Shareholder
Date:11/2/2011

PHILADELPHIA, Nov. 2, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing the Symphony® tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude® SkinPrep System for transdermal drug delivery, announced that the Company entered into an agreement with its largest shareholder, Platinum Partners, in which Platinum exercised warrants with an exercise price of $1.7 million. In lieu of delivering cash for the warrant exercises, Platinum surrendered all of the outstanding Series B Perpetual Preferred Stock as full payment for the warrant exercise.  

After this transaction, the Company no longer has any Series B redemption obligation and has no outstanding Series B stock.

The terms of the Series B stock required the Company to use proceeds from certain licensing and financing transactions to redeem outstanding Series B stock.  As the sole holder of the Series B stock, Platinum on several occasions waived the redemption requirement in order to allow the Company to conserve cash from its financing activities and continue to advance its product development.

"This transaction is a very positive event for the Company and its shareholders.  We have now accomplished two additional major goals of our capital structure clean up efforts.  First, we have eliminated numerous warrants which represented both complexity and overhang.  Second, a major driver in our decision to eliminate the Series B stock at this time was to extinguish the requirement that proceeds from financing transactions be used to pay down preferred stock obligations," said Patrick T. Mooney, M.D., Chairman and CEO of Echo Therapeutics.  "This transaction affords us greater financial control and flexibility to invest future cash flows solely to support our growth. We are very pleased that
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SOURCE Echo Therapeutics, Inc.
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