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8-K - FORM 8-K - Echo Therapeutics, Inc. | w76386e8vk.htm |
EX-4.1 - EX-4.1 - Echo Therapeutics, Inc. | w76386exv4w1.htm |
EX-10.1 - EX-10.1 - Echo Therapeutics, Inc. | w76386exv10w1.htm |
Exhibit 99.1
For More Information:
Patrick T. Mooney, M.D.
Chairman and Chief Executive Officer
(508)-530-0329
Patrick T. Mooney, M.D.
Chairman and Chief Executive Officer
(508)-530-0329
Echo Therapeutics Announces $3 Million Financing
Franklin, MA November 13, 2009 Echo Therapeutics, Inc. (OTCBB: ECTE), a company developing
its needle-free Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose
monitoring (tCGM) system and the Prelude SkinPrep System for transdermal drug delivery, announced
today that it has entered into definitive agreements with accredited and institutional investors to
raise approximately $3 million through the sale of approximately 2.37 million shares of common
stock at $1.25 per share through a private placement transaction. The transaction will include
approximately 2.2 million common stock purchase warrants with an exercise price equal to $2.00 per
share and a term of five years. Burnham Hill Partners, LLC acted as placement agent for the
transaction.
We are extremely pleased to have executed on this financing, stated Patrick Mooney, M.D., Echos
Chairman and Chief Executive Officer. With this additional capital, we will have the finances to
advance our Prelude SkinPrep and Symphony tCGM Systems toward commercialization, which we expect to
occur next year.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any
securities. There shall not be any sale of these securities in any jurisdiction in which such
offering would be unlawful. The securities offered and sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or any state securities laws, and may not
be offered or sold in the United States absent registration, or an applicable exemption from
registration, under the Securities Act and applicable state securities laws.
About Echo Therapeutics
Echo Therapeutics is focused on medical devices and is developing the Symphony tCGM System, a
non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes
and for use in hospital critical care units. Echo is also developing its needle-free Prelude
SkinPrep System for transdermal drug delivery of a wide range of novel topical reformulations of
widely-used, FDA-approved products.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking
statements that are based on current expectations and are subject to risks and uncertainties that
could cause actual future results to differ materially from those expressed or implied by such
statements. Those risks and uncertainties include, but are not limited to, risks related to
regulatory approvals and the success of Echos ongoing studies, including the efficacy of Echos
Symphony tCGM and Prelude SkinPrep Systems, the failure of future development and preliminary
marketing efforts related to Echos Symphony tCGM and Prelude SkinPrep Systems, Echos ability to
secure additional commercial partnering arrangements, risks and uncertainties relating to Echos
ability to develop, market and sell diagnostic and transdermal drug delivery products based on its
skin permeation platform technologies, including the Symphony tCGM and Prelude SkinPrep Systems,
the availability of substantial additional equity or debt capital to support its research,
development and product commercialization activities, and the success of its research, development,
regulatory approval, marketing and distribution plans and strategies, including those plans and
strategies related to its Symphony tCGM and Prelude SkinPrep Systems. These and other risks and
uncertainties are identified and described in more detail in Echos filings with the Securities and
Exchange Commission, including, without limitation, its annual report on Form 10-K for the year
ended December 31, 2008, its quarterly reports on Form 10-Q, and its current reports on Form 8-K.
Echo Therapeutics, Inc. undertakes no obligation to publicly update or revise any forward-looking
statements.
10 Forge Parkway
Franklin, MA 02038, USA
Tel: 1+ 877-476-6878
Fax: 1+ 508-553-8760
www.echotx.com
Franklin, MA 02038, USA
Tel: 1+ 877-476-6878
Fax: 1+ 508-553-8760
www.echotx.com
©
2002 - 2009 Echo Therapeutics, Inc. All rights reserved worldwide.
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