New Issue: Echo Therapeutics seals $3.21 million private placement of common stock

By Devika Patel

Knoxville, Tenn., Nov. 18 - Echo Therapeutics, Inc. has received subscriptions for $3.21 million in a private placement of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Burnham Hill Partners, LLC is the agent for the deal, which priced for $3 million on Nov. 13. Of the proceeds, the company has yet to receive $200,000.

The company is selling common shares at $1.25 apiece.

Investors also will receive 2,398,339 five-year warrants, of which 1,598,339 will have an exercise price of $2.00 per share and 800,000 will have an exercise price of $1.60 per share.

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:	$3,211,320
Price:	$1.25
Warrants:	2,398,339
Warrant expiration:	Five years
Warrant strike price:	$2.00 (for 1,598,339 warrants), $1.60 (for 800,000 warrants)
Agent:	Burnham Hill Partners, LLC
Pricing date:	Nov. 13
Settlement date:	Nov. 18 (for $3,011,320)
Stock symbol:	OTCBB: ECTE
Stock price:	$1.30 at close Nov. 12
Market capitalization:	$29 million

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