Echo Therapeutics Prices 13.33M Share Offering @ $0.75/Share
Echo Therapeutics (NASDAQ: ECTE) announced Thursday, the pricing of a previously announced underwritten public offering of 13,333,333 shares of its common stock, offered at a price to the public of $0.75 per share. The gross proceeds to Echo from this offering are expected to be approximately $10.0 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 2,000,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about February 6, 2013, subject to customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running 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, and a final prospectus supplement and accompanying base prospectus will be filed with the