Echo Therapeutics seals $316,500 placement of convertible preferreds

Investors also get five-year warrants with series F preferred stock

By Devika Patel

Knoxville, Tenn., Sept. 30 – Echo Therapeutics, Inc. completed a $150,000 private placement of series F convertible preferred stock with Platinum Partners, a $150,000 private placement of series F preferreds with Beijing Yi Tang Bio Science & Technology, Ltd. and a $16,500 private placement of series F preferreds with RPSMSS, LLC on Sept. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company sold 211,000 preferreds at $1.50 apiece.

The three investors also received 211,000 warrants. Each warrant is exercisable at $3.00 for five years. The strike price is a 91.08% premium to the Sept. 23 closing price of $1.57.

Franklin, Mass.-based Echo Therapeutics is a dual platform-enabled specialty therapeutics and diagnostics company.

Issuer:	Echo Therapeutics, Inc.
Issue:	Series F convertible preferred stock
Amount:	$316,500
Preferreds:	211,000
Price:	$1.50
Warrants:	211,000
Warrant expiration:	Five years
Warrant strike price:	$3.00
Investors:	Platinum Partners (for $150,000), Beijing Yi Tang Bio Science & Technology, Ltd. (for $150,000) and RPSMSS, LLC (for $16,500)
Settlement dates:	Sept. 24
Stock symbol:	Nasdaq: ECTE
Stock price:	$1.57 at close Sept. 23
Market capitalization:	$18.14 million

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