Echo Therapeutics Prices 3.2M Share Offering @$0.95/Share
Echo Therapeutics (NASDAQ: ECTE) 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.
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