This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Platinum Management (NY) LLC Issues Letter To Stockholders Of Echo Therapeutics, Inc.

NEW YORK, April 21, 2014 /PRNewswire/ -- Platinum Management (NY) LLC and certain affiliates, the largest stockholder of Echo Therapeutics, Inc. (NasdaqCM: ECTE) owning approximately 19.9% of the common stock, issued a letter to fellow stockholders of Echo urging them not to vote the Company's white proxy card and to wait to receive Platinum's proxy statement and GOLD proxy card before voting at the Annual Meeting. When stockholders vote the GOLD proxy card, they will have the opportunity to vote for Platinum's nominee and ALL of the Company's nominees OTHER THAN current director and interim CEO Robert F. Doman, who Platinum opposes.

Echo stockholders are reminded that only the latest dated proxy card counts. Even if they voted the Company's white proxy card, a later dated and signed GOLD proxy card will revoke that vote.

The complete text of the letter to stockholders follows:

AN IMPORTANT MESSAGE FROM PLATINUM MANAGEMENT (NY) LLC TO FELLOW STOCKHOLDERS OF ECHO THERAPEUTICS, INC.

Platinum Urges All Echo Stockholders to Look for the GOLD Proxy Card For The 2014 Annual Meeting

April 21, 2014

Dear Fellow Echo Therapeutics, Inc. Stockholder:

Platinum Management (NY) LLC and our affiliates are the single largest stockholder of Echo Therapeutics, Inc. ("Echo") owning approximately 19.9% of the common stock. We have nominated a highly qualified independent director to the Echo Board at Echo's upcoming Annual Meeting of Stockholders, scheduled for May 20, 2014.

You will soon be receiving our proxy material and a GOLD proxy card or GOLD voting instruction form. We urge you to refrain from voting in connection with the Annual Meeting until you have had the opportunity to receive and review our proxy material.

You may have already received a proxy statement from Echo in connection with the Annual Meeting. In these materials, Echo discloses that Echo and its representatives are seeking your vote for the re-election of current director and interim CEO Robert F. Doman and the election of Michael M. Goldberg M.D. to Echo's Board. What Echo fails to disclose, however, is that We have nominated a highly qualified alternative candidate to the Board. We find Echo's failure to disclose this fact to be highly misleading and an egregious affront to stockholder rights.

In reality, this year stockholders have the ability to reject the status quo by electing our highly qualified independent director to the Echo Board.

As a result, we are sending this urgent letter to inform you that Platinum soon will be soliciting your proxy to elect our highly qualified candidate – Shepard M. Goldberg – to the Echo Board. When you vote on our GOLD proxy card, you will have the opportunity to vote for our nominee and ALL of the Company's nominees OTHER THAN current director and interim CEO Robert F. Doman, who we oppose.

We strongly urge you to wait for Platinum's proxy materials and GOLD proxy card. Please DO NOT vote any white proxy card sent to you by the Company, and please DO NOT allow Echo's proxy solicitor to take your vote over a recorded telephone line. Even if you have already returned a white proxy card to Echo, you can revoke that vote by returning a later dated and signed GOLD proxy card.

Platinum is the Company's largest stockholder, having invested approximately $18.6 million in Echo. As such, our ONLY interest, which is directly aligned with the interests of all stockholders, is in building stockholder value that benefits ALL stockholders.

That is why we can no longer sit idly by while stockholders continue to suffer under the direction of the current Board. Due to our continued frustration with the performance of Echo, we have nominated Shepard M. Goldberg to be elected to Echo's Board. Mr. Goldberg, has extensive experience in the biotechnology industry, having served on the Board of Directors of Cordex Pharma, Inc., a developer of cardiovascular medicines, for over five years and as its Chief Executive Officer from January 2010 until March 2012. Previously he spent nearly a decade at Emisphere Technologies, Inc., a biopharmaceutical company charting new frontiers in drug delivery, in various capacities including as Senior Vice President, Operations from 2001 until December 2007. We believe his extensive experience in the biotechnology industry, his executive level and board experience and his financial and operational expertise will allow him to provide valuable insight to the Board.

You deserve a real choice. Please wait until you receive Platinum's proxy materials and GOLD proxy card before you cast your vote in connection with the Annual Meeting.

Even if you have voted on Echo's white proxy card, a later dated GOLD proxy card will revoke that vote.

Thank you for your support.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs