Aegis Capital assists in raising funds for general corporate purposes
By Angela McDaniels
Tacoma, Wash., Jan. 31 - Echo Therapeutics, Inc. priced a $10 million public offering of common stock with a $1.5 million over-allotment option.
Aegis Capital Corp. is the bookrunner, according to a company news release.
The 13,333,333 shares sold for $0.75 each, which is a 38% discount to the company's $1.21 closing share price on Jan. 30.
Proceeds will be used for general corporate purposes, including manufacturing preparations and key tooling and equipment purchases, planned clinical studies, usability and validation testing, sales and marketing channel preparations, promotional and training materials, European operations planning, preparations for ISO certification, implementation of document management software, other research and development expenses, potential repayment of debt and general and administrative expenses.
Echo Therapeutics is a transdermal medical device company based in Philadelphia.
| Issuer: | Echo Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $10 million
|
| Greenshoe: | $1.5 million
|
| Shares: | 13,333,333
|
| Price: | $0.75
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 6
|
| Stock symbol: | Nasdaq: ECTE
|
| Stock price: | $1.21 at close Jan. 30
|
| Market capitalization: | $46.63 million
|
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