Platinum Management, a New York investment management firm that is the majority shareholder of Echo Therapeutics, has taken action to increase its voting power with the Philadelphia medical device company in a move aimed at potentially removing three members from Echo’s board of directors.
Last month, Platinum won a proxy contest that saw its candidate, Shepard Goldberg, unseat former acting-CEO Robert F. Doman from Echo’s board of directors. Platinum now has two representatives on the five-member board. Doman’s contract was not renewed when it expired June 30 and he has left Echo.
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