Aegis Capital assists in raising funds for general corporate purposes
By Toni Weeks
San Luis Obispo, Calif., Feb. 6 - Underwriters for Echo Therapeutics, Inc.'s public offering of common stock fully exercised their over-allotment option, lifting total proceeds to $11.76 million, according to a press release.
The company sold a total of 15,678,333 shares at $0.75 each, a 38% discount to the company's $1.21 closing share price on Jan. 30. Of the shares, 2,045,000 comprised the greenshoe.
Aegis Capital Corp. was the bookrunner.
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: | $11,758,750 (including $1,533,750 greenshoe)
|
| Shares: | 15,678,333
|
| Price: | $0.75
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Co-manager: | Feltl and Co.
|
| 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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