November 16, 2009 (FinancialWire) — Echo Therapeutics, Inc. (OTCBB: ECTE) said it has entered into definitive agreements with accredited and institutional investors to raise around $3 million through the sale of around 2.37 million shares of common stock at $1.25 per share through a private placement transaction.

The transaction will include around 2.2 million common stock purchase warrants with an exercise price equal to $2 per share and a term of five years.

Franklin, Massachusetts-based Echo Therapeutics is focused on medical devices and is developing a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospital critical care units.

Echo is also developing its needle-free system for transdermal drug delivery of a range of novel topical reformulations of commonly-used, FDA-approved products.

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