By Devika Patel
Knoxville, Tenn., Feb. 10 - Echo Therapeutics, Inc. raised $2.04 million in a private placement of stock, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Boenning & Scattergood, Inc. and Burnham Hill Partners LLC were the agents.
The company sold common shares at $1.50 apiece.
Investors also received 678,657 warrants, which are each exercisable at $2.25 until Feb. 9, 2015.
Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled, specialty therapeutics and diagnostics company.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Common shares
|
| Amount: | $2,036,000
|
| Price: | $1.50
|
| Warrants: | 678,657
|
| Warrant expiration: | Feb. 9, 2015
|
| Warrant strike price: | $2.25
|
| Agent: | Boenning & Scattergood, Inc. and Burnham Hill Partners LLC
|
| Pricing date: | Feb. 4
|
| Stock symbol: | OTCBB: ECTE
|
| Stock price: | $1.86 at close Feb. 4
|
| Market capitalization: | $46.8 million
|
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