PHILADELPHIA, Dec. 20, 2012 /PRNewswire/ -- Echo
Therapeutics, Inc. (Nasdaq: ECTE), a company developing its
needle-free Symphony® tCGM System as a non-invasive,
wireless, transdermal continuous glucose monitoring system, today
announced the pricing of a previously announced underwritten public
offering of 3,200,000 shares of its common stock, offered at a
price to the public of $0.95 per
share. The gross proceeds to Echo from this offering are
expected to be approximately $3.0
million, before deducting the underwriting discount and
other estimated offering expenses payable by Echo. Echo
Therapeutics has granted the underwriters a 45-day option to
purchase up to an aggregate of 480,000 additional shares of its
common stock to cover over-allotments, if any. The offering
is expected to close on or about December
27, 2012, subject to customary closing conditions.
(Logo: http://photos.prnewswire.com/prnh/20120801/NE50071LOGO
)
Aegis Capital Corp. is acting as the sole book-running manager
for the offering.
Feltl and Company is acting as co-manager for the offering.
The offering is being made pursuant to a shelf registration
statement that Echo previously filed with the Securities and
Exchange Commission (the "SEC") and which is effective. A
preliminary prospectus supplement and accompanying base prospectus
relating to the offering were filed with the SEC on November 27, 2012, and a final prospectus
supplement and accompanying base prospectus will be filed with SEC.
Electronic copies of the preliminary prospectus supplement and,
when available, electronic copies of the final prospectus
supplement, as well as accompanying base prospectus, may be
obtained by contacting Aegis Capital Corp., Prospectus Department,
810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010
or email: prospectus@aegiscap.com. Electronic copies of the
final prospectus supplement and accompanying base prospectus will
also be available on the SEC's website located at www.sec.gov.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.
About Echo Therapeutics
Echo Therapeutics is developing the Symphony tCGM System as a
non-invasive, wireless, transdermal continuous glucose monitoring
system. Our target is patients who could benefit from glucose
monitoring in the hospital setting, including critical care.
Significant opportunity also exists for patients with diabetes to
use Symphony in the outpatient setting. Echo is also
developing its needle-free skin preparation component of Symphony,
the Prelude® SkinPrep System, as a platform technology
to enhance drug 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, including
statements regarding Echo's proposed public offering. These
statements 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 general market conditions and the
other risks and uncertainties identified and described in more
detail in Echo's filings with the Securities and Exchange
Commission. 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
(215) 717-4104
colimpio@echotx.com
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SOURCE Echo Therapeutics, Inc.