Echo Therapeutics Investor Platinum Management Wants Their Money Back

Platinum Management said this week it has informed the board of Echo Therapeutics that it intends to seek the return of its $5 million investment in the Philadelphia medical device company, under the terms of its December 2010 securities purchase agreement.

In its letter, Platinum Management — a New York-based investment management firm and Echo’s largest stockholder — states it believes Echo “entered into the contract in bad faith with no intention of performing its obligations or using the funds for the intended purposes.”

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