By Devika Patel
Knoxville, Tenn., Nov. 13 - Echo Therapeutics, Inc. said it will raise about $3 million in a private placement of stock. Burnham Hill Partners, LLC is the agent.
The company will sell roughly 2.37 million common shares at $1.25 apiece.
Investors also will receive about 2.2 million warrants, which are each exercisable at $2.00 for five years.
Proceeds will be used to advance the Prelude SkinPrep and Symphony tCGM Systems toward commercialization.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled, specialty therapeutics and diagnostics company.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Common shares
|
| Amount: | $3 million (approximate)
|
| Shares: | 2.37 million (approximate)
|
| Price: | $1.25
|
| Warrants: | About 2.2 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.00
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| Agent: | Burnham Hill Partners, LLC
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| Pricing date: | Nov. 13
|
| Stock symbol: | OTCBB: ECTE
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| Stock price: | $1.30 at close Nov. 12
|
| Market capitalization: | $29.7 million
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