Platinum Seeks Return Of $5 Million Investment In Echo Therapeutics
Believes Echo Entered Into December 2013 Agreement in Bad Faith and With No Intention of Performing Its Obligations
NEW YORK, Sept. 17, 2014 /PRNewswire/ -- Platinum Management (NY) LLC ("Platinum"), the largest stockholder of Echo Therapeutics, Inc. ("Echo" or the "Company") (NASDAQ: ECTE) together with its affiliates owning approximately 30% of Echo's outstanding Common Stock on a fully converted basis, today delivered a letter to the members of the Echo Board of Directors disclosing its intention to seek the return of their $5 million investment in Echo in connection with the December 10, 2013 Securities Purchase Agreement. Platinum believes that Echo entered into the contract in bad faith with no intention of performing its obligations or using the funds for the intended purposes. Investors wishing to read the full letter are welcome to review Platinum's 13D, which attaches the full letter as an exhibit. Platinum's 13D may be found here: http://www.sec.gov/Archives/edgar/data/1031927/000101359414000594/echo13da-091714.htm
Media:
Platinum Management (NY) LLC
Uri Landesman, President
212-582-2222
SOURCE Platinum Management (NY) LLC
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