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Print Edition StoriesFriday, November 13, 2009
Echo Therapeutics gets $3M from private placement
By Mass High Tech staff
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Franklin-based medical technology company Echo Therapeutics Inc. has brought in $3 million in new funding from a private stock and warrants sale to unnamed accredited and institutional investors.
According to Echo officials, the company sold about 2.4 million shares of common stock at $1.25 per share. The transaction includes approximately 2.2 million common stock purchase warrants with an exercise price equal to $2 per share and a term of five years.
Echo’s chairman and CEO Patrick Mooney said that the additional funding will allow the company to advance its Prelude SkinPrep and Symphony tCGM Systems toward commercialization, which he says should occur next year. The Symphony tCGM System is a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system, and the Prelude SkinPrep System is an ultrasound-based system for transdermal drug delivery
In July, Echo, which trades on the Over the Counter board as “ECTE,” landed a $2 million equity financing round from an unnamed single investor. Echo, originally known as Sontra Medical Corp., is led by Mooney, who joined Echo in September 2007 as a result of the merger of Sontra and then privately-held Echo Therapeutics Inc. of North Carolina. Its board includes MIT professor and entrepreneur Robert S. Langer.
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