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Echo Therapeutics calls on $5.5M in new funding

Thu, 01/06/2011 - 4:36am
Mass High Tech: The Journal of New England Technology

Echo Therapeutics Inc., a medical technology company making a needle-free monitoring and drug delivery system, has taken in $5.5 million in a set of new financing deals led by its majority shareholder Platinum Montaur Life Sciences LLC.

Franklin-based Echo Therapeutics (OTC Bulletin Board: ECTE) said it will use the new funds to boost product development, advance clinical studies and apply to “working capital and general corporate purposes.” The deal has two parts – a series of private stock placements that nets approximately $2.5 million for the company and a binding commitment for an additional $3 million. In addition to Montaur, other backers included current investors and unnamed institutional and accredited investors, according to the company.

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