Platinum urges the Board to quickly work through the proposal and stands ready to assist in any way it can. It believes that the Company has a potentially transformative product in the CGM Technology that needs to be developed without further waste of time and money. The Board must show the market that it is no longer business as usual at Echo. As the letter to the Board makes clear, Platinum's proposal expires at 5 PM on Wednesday, September 4, 2013 unless accepted by the Board before then. If the Board once again lets another prime opportunity go by, Platinum reserves all it rights to take further action.
Letter to the Board
August 30, 2013
Board of DirectorsEcho Therapeutics, Inc.8 Penn Center1628 JFK Boulevard, Suite 300 Philadelphia, PA 19103Gentlemen: I write to you on behalf of Platinum-Montaur Life Sciences, LLC and our affiliated funds, beneficial holders of approximately 20% percent of the common stock of Echo Therapeutics, Inc. (the "Company" or "Echo"). For many months now we have attempted to have a constructive dialog with the Board of Directors of Echo (the "Board") and its former CEO who was recently and summarily terminated. Not once in our numerous discussions has a director or executive of Echo acknowledged the Company's free-fall and their role in it. Do the people in Echo's c-suite and Board room not recognize the judgment that the investing public is rendering on their leadership and oversight when the stock price plummets approximately 95% in the past two years while the NASDAQ has increased approximately 40%? To this day we are still waiting for the Company's leadership to assuage the market's deepest concerns and publicly announce a plausible and immediate strategy for turning Echo around and unlocking its awesome potential.