Franklin Device Firm In $3M Financing Arrangement
Franklin-based medical device firm Echo Therapeutics Inc. plans to raise about $3 million through the sale of more than 2 million shares of common stock.
The stock is priced at $1.25 per share and will be sold through a private placement. The transaction will also include about 2.2 million common stock purchase warrants with an exercise price of $2 per share over five years.
The financing arrangement allows Echo to bring its Prelude SkinPrep and Symphony tCGM systems toward commercialization next year.
SkinPrep is a drug delivery system and Symphony is a needle-free glucose monitoring system.
The company has not yet reported its third quarter financial results. For the second quarter, it reported a $6.8 million loss compared to a $2.3 million loss in the previous quarter.
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