March 25, 2008
Echo Secures Debt Financing
By Matthew L. Brown
Echo Therapeutics of Franklin has entered into a $2 million debt financing agreement with Imperium Master Fund Ltd.
Under the agreement, Echo may sell up to $2 million of its existing debt to Imperium. Imperium will have the option to buy up to 634,920 shares of Echo stock at $2 per share.
The company said the arrangement would allow it to "advance our core product development programs in this challenging equity capital market."
Echo is developing non-invasive, wireless glucose monitors for people with diabetes.
Under the agreement, Echo may sell up to $2 million of its existing debt to Imperium. Imperium will have the option to buy up to 634,920 shares of Echo stock at $2 per share.
The company said the arrangement would allow it to "advance our core product development programs in this challenging equity capital market."
Echo is developing non-invasive, wireless glucose monitors for people with diabetes.
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