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news.Echo Therapeutics has completed an approximately $2.3 million private financing with Montaur Capital through Platinum Long Term Growth VII and certain other select institutional and strategic investors of senior unsecured convertible notes and warrants.
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The $2.30 million in aggregate principal amount of senior convertible notes to be issued in the financing will bear interest annually at a rate of eight percent per annum and will provide investors with the right to convert principal into shares of Echo Therapeutics common stock at $1.35 per share. Additionally, the investors received warrants to purchase 849,058 shares of common stock at an exercise price of $1.69 per share for a term of five years.
Echo expects to use the net proceeds from the offering for product development, working capital and general corporate purposes.