Navigation Links
Echo Therapeutics Announces Warrant Exercise by Its Largest Shareholder

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 Platinum has shown the leadership that is necessary for Echo to achieve long term shareholder value."

About Echo Therapeutics

Echo Therapeutics is developing the Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospital critical care units.  Echo is also developing its needle-free Prelude SkinPrep System as a platform technology for enhanced skin permeation for delivery of topical pharmaceuticals.

Cautionary Statement Regarding Forward Looking Statements

The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo's and its partners' ongoing studies, including the safety and efficacy of Echo's Symphony tCGM and Prelude SkinPrep Systems, the failure of future development and preliminary marketing efforts related to Echo's Symphony tCGM and Prelude SkinPrep Systems, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's and its partners' ability to develop, market and sell diagnostic and transdermal drug delivery products based on its skin permeation platform technologies, including the Symphony tCGM and Prelude SkinPrep Systems, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its Symphony tCGM and Prelude SkinPrep Systems. These and other risks and uncertainties are identified and described in more detail in Echo's filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the year ended December 31, 2010, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.

For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
(215) 717-4104

Connect With Us:
- Visit our website at
- Follow us on Twitter at
- Join us on Facebook at

SOURCE Echo Therapeutics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Telik Announces Ezatiostat (Telintra®) Preclinical Presentation at the 2011 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics
2. Pearl Therapeutics Presents New Scientific Evidence Supporting Versatility of Its Novel Cosuspension MDI Platform
3. Halozyme Therapeutics Announces Positive Results From Enzyme-Augmented Insulin Pump Trial
4. Pneumonia Therapeutics - Pipeline Assessment and Market Forecasts to 2018
5. Epilepsy Therapeutics - Pipeline Assessment and Market Forecasts to 2018
6. Osteoarthritis Therapeutics - Pipeline Assessment and Market Forecasts to 2018
7. Osteoporosis Therapeutics - Pipeline Assessment and Market Forecasts to 2018
8. Central Nervous System Disorders Therapeutics Market to 2017 - Multiple Sclerosis, Major Depressive Disorder and Schizophrenia Accounted for Half the Market Value in 2010
9. Cell Therapeutics Resubmits Pixantrone NDA to FDA for Consideration of Accelerated Approval
10. Halozyme Therapeutics to Present Data on PEGPH20 at the Upcoming 2011 EORTC-NCI-ASCO Annual Meeting
11. Cell Therapeutics, Inc. (CTI) to Present at 10th Annual BIO Investor Forum
Post Your Comments:
(Date:11/29/2015)... 29, 2015   Royal Philips  (NYSE: PHG, AEX: ... at the 2015 Radiological Society of North America Annual ... Place in Chicago . Visitors to ... company,s broad portfolio of integrated Diagnostic Imaging, Clinical Informatics, ... clinical performance, improve workflow and create a superior patient ...
(Date:11/29/2015)... , Nov. 29, 2015   National Decision Support ... its client base, including notable statewide implementations. As ... flagship solution, ACR Select, more than 1 million ... entry workflow. ACR Select provides real-time feedback on ... condition and has been implemented at over 100 ...
(Date:11/27/2015)... , Nov. 27, 2015  Lannett Company, Inc. ... has completed the acquisition of Kremers Urban Pharmaceuticals ... of global biopharmaceuticals company UCB S.A. (Euronext: UCB). ... Lannett has acquired KU from UCB for total ... adjustments, including a customary working capital adjustment, a ...
Breaking Medicine Technology:
(Date:11/27/2015)... ... November 28, 2015 , ... There is only one major question ... from last year? , This question has not been an easy question to answer. ... retirement age and the younger workforce don’t share the same discipline around working long ...
(Date:11/27/2015)... ... 2015 , ... A team of Swiss doctors has released a report on ... just posted the findings on the website. Click here to read the details ... mesothelioma patients who were treated with chemotherapy followed by EPP surgery. Among the 106 ...
(Date:11/27/2015)... ... November 27, 2015 , ... ProSidebar: Fashion is a set ... With ProSidebar: Fasion, video editors can easily add an informative sidebar to any ... opener. Utilize presets featuring self-animating drop zones, lines, bars, and text with the ...
(Date:11/27/2015)... ... 27, 2015 , ... The moment you stop improving is ... fulfilling the needs of advisers and clients but going above and beyond to ... customer service. However, there's always room for improvement, which is why the entire ...
(Date:11/27/2015)... ... November 27, 2015 , ... Avid collector, Andrew Hawley from ... boxing style concert posters. This is one of Joplin's most famous and beautiful concert ... the University of Michigan in Ann Arbor. The According to Hawley, "It is hard ...
Breaking Medicine News(10 mins):