By Devika Patel
Knoxville, Tenn., Feb. 12 - Echo Therapeutics, Inc. said it raised $2.29 million from a private placement of senior convertible notes with Montaur Capital through Platinum Long Term Growth VII, LLC and other investors.
The notes mature in three years and carry an 8% coupon, compounded monthly and payable in stock or cash. The notes may be converted into common shares at $1.35 per share.
The investors also received warrants for 849,058 common shares, exercisable at $1.69 for five years.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled, specialty therapeutics and diagnostics company.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $2,292,459
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.35
|
| Warrants: | For 849,058 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.69
|
| Agent: | Montaur Capital
|
| Investor: | Platinum Long Term Growth VII, LLC
|
| Pricing date: | Feb. 12
|
| Stock symbol: | OTCBB: ECTE
|
| Stock price: | $1.16 at close Feb. 12
|
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