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Home » Echo Therapeutics raises $2 million to stave off default

Echo Therapeutics raises $2 million to stave off default

June 8, 2009 By MassDevice staff

Echo Therapeutics Inc. raised nearly $2 million from its largest institutional investor to pay off a loan threatening to go into default.

The Franklin-based non-invasive glucose monitoring system developer said it raised just shy of $2 million in short-term financing from Platinum-Montaur Life Sciences LLC, one of its largest institutional investors. The senior secured notes carry a 10 percent interest rate and come due June 29. Echo said it plans to convert that loan into equity prior to its maturity date.

Echo Therapeutics raised the funds in order to pay off about $2.2 million in notes held by Imperium Master Fund Ltd., which entered into a financing agreement with Echo in March 2008. Most of the four notes held by Imperium were extended from the original due date in March of this year. Officials at Echo said they notified Imperium of the company’s intent to pay off the debt.

But it appears that officials at Imperium didn’t get the notice. According to officials at Echo, the company received a default notice from Imperium June 2, declaring it in breach of its obligations and demanding 110 percent of the principal and interest due.

Officials at Echo contend the company is not in default and sent a letter disputing the claim. In a regulatory filing, the company warned that the March 2008 debt financing had become restrictive and was hampering its ability to borrow. And defaulting on the loans could result in dire circumstances, the officials warned.

“We may lose all or a portion of our assets, be forced to materially reduce our business activities, or cease operations entirely,” according to the filing.

Echo Therapeutics posted a net loss of nearly $1.3 million for the three-month period ended March 31.

Filed Under: Business/Financial News, Diagnostics

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