ISELIN, N.J., April 14, 2016 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company focused on non-invasive continuous glucose monitoring (CGM) and associated technologies, announced that at the Special Meeting of Stockholders, held today, shareholders approved the issuance of shares of its common stock to comply with NASDAQ listing rules, in connection with the Securities Purchase Agreement, dated January 29, 2016, and other transactions, including the amendment to Company's Certificate of Designations governing the terms of its Series F Convertible Preferred Stock. Shareholder approval at the special meeting was required for the $3,358,000 second closing of the previously announced $5,145,000 private placement financing transaction. As previously announced, the initial closing of $1,787,000 occurred on January 29, 2016.
The proposal received the approval of more than 90% of the votes cast by Echo's shareholders at the special meeting. In addition, the transaction received support from more than a majority of all outstanding common shares.
"We sincerely appreciate the support of our shareholders. Once we close the second tranche of funding, we will be able to move into high gear with three major focuses. The first objective is the sequential achievement of our published milestones, which are currently on track. The second is the continuation of our business development efforts. Our ability to provide potential partners with working samples from China will accelerate this process. The third is an aggressive effort to provide a clear understanding of Echo Therapeutics' new strategic plan and to continually communicate to existing and new investors the progress made on our revolutionary technology," commented Scott W. Hollander, Echo's President and CEO. "I plan to hold a conference call in the next two weeks to provide investors with an update on China and the company's upcoming milestones."
About Echo Therapeutics
Echo Therapeutics is developing its non-invasive, wireless, continuous glucose monitoring (CGM) system. A significant opportunity exists for the Company's CGM to be used in the outpatient diabetes market and in the fitness, weight loss and personal lifestyle wearable-health space. A longer-term opportunity also exists in the hospital settings. Echo developed its needle-free skin preparation device as a platform technology that allows for enhanced skin permeation enabling extraction of analytes, such as glucose, and enhanced delivery of topical pharmaceuticals.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo's clinical studies, the safety and efficacy of Echo's CGM System, the failure of future development and preliminary marketing efforts related to Echo's CGM System, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's and its partners' ability to develop, market and sell Echo's CGM System, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its CGM System. These and other risks and uncertainties are identified and described in more detail in Echo's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2015, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
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SOURCE Echo Therapeutics, Inc.