Echo Therapeutics prices underwritten public offering of 3,200,000 shares of common stock
Published on December 20, 2012 at 11:41 PM
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.