Echo Therapeutics Announces $2 Million Warrant Exercise Commitment
PHILADELPHIA, Nov. 15, 2011 /PRNewswire/ – Echo Therapeutics, Inc. (Nasdaq: ECTE) today announced that it has received a commitment by its largest shareholder, Platinum Partners, for a warrant exercise of $2 million. This warrant exercise will be in addition to the previously announced $1.7 million warrant exercise by Platinum.
“We are very pleased with this warrant exercise as it will allow us to continue the accelerated pace of product development finalization and clinical validation necessary for FDA clearance of the SymphonyÃ‚® tCGM System,” said Patrick T. Mooney, M.D., Chairman and CEO of Echo Therapeutics. “The exercise of these warrants by our lead investor will demonstrate Platinum’s confidence in Echo’s strategy and product potential. We are grateful for the ongoing support that Platinum has exhibited.”
About Echo Therapeutics
Echo Therapeutics is developing the Symphony tCGM System as 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 PreludeÃ‚® SkinPrep System as a platform technology for enhanced skin permeation for delivery of topical pharmaceuticals.
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 Echo’s and its partners’ ongoing studies, including the safety and efficacy of Echo’s Symphony tCGM and Prelude SkinPrep Systems, the failure of future development and preliminary marketing efforts related to Echo’s Symphony tCGM and Prelude SkinPrep Systems, Echo’s ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo’s and its partners’ 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 Echo’s filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the year ended December 31, 2010, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
SOURCE Echo Therapeutics, Inc.