SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No.3)*
Echo Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
27876L107
(CUSIP Number)
Christopher P. Davis
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
(212) 986-6000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
April 3, 2014
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Platinum Partners Value Arbitrage Fund L.P. |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| WC |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| Cayman Islands |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 1,605,424 (1) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 1,605,424 (1) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 1,605,424 (1) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 13.4% (1) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| PN |
(1) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Platinum Partners Liquid Opportunity Master Fund L.P. |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| WC |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| Cayman Islands |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 778,452 (1) (2) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 778,452 (1) (2) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 778,452 (1) (2) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 6.4% (2) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| PN |
(1) Includes 100,000 shares of Common Stock underlying currently convertible Series C Preferred Stock and 100,000 shares of Common Stock underlying currently convertible Series D Preferred Stock.
(2) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Platinum-Montaur Life Sciences, LLC |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| WC |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| Delaware |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 700,000 (1) (2) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 700,000 (1) (2) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 700,000 (1) (2) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 4.99% (2) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| OO |
(1) Includes 700,000 shares of Common Stock underlying currently exercisable Warrants. The Warrants contain restrictions on exercise such that the holder may not exercise the Warrants if the number of shares of Common Stock to be issued pursuant to such exercise would result in the holder beneficially owning (as determined in accordance with Section 13(d)) in excess of 4.99% of all of the Common Stock outstanding at such time.
(2) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Platinum Management (NY) LLC |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| AF |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| Delaware |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 1,605,424 (1) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 1,605,424 (1) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 1,605,424 (1) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 13.4% (1) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| OO |
(1) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Platinum Liquid Opportunity Management (NY) LLC |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| AF |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| Delaware |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 778,452 (1) (2) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 778,452 (1) (2) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 778,452 (1) (2) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 6.4% (2) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| PN |
(1) Includes 100,000 shares of Common Stock underlying currently convertible Series C Preferred Stock and 100,000 shares of Common Stock underlying currently convertible Series D Preferred Stock.
(2) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Mark Nordlict |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| AF |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| United States |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 2,383,876 (1) (2) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 2,383,876 (1) (2) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 2,383,876 (1) (2) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 19.9% (2) |
| |
14. | TYPE OF REPORTING PERSON |
| |
| IN |
(1) Includes 100,000 shares of Common Stock underlying currently convertible Series C Preferred Stock and 100,000 shares of Common Stock underlying currently convertible Series D Preferred Stock.
(2) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Uri Landesman |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| AF |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| United States |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 2,383,876 (1) (2) |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 2,383,876 (1) (2) |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 2,383,876 (1) (2) |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 19.9% |
| |
14. | TYPE OF REPORTING PERSON |
| |
| IN |
(1) Includes 100,000 shares of Common Stock underlying currently convertible Series C Preferred Stock and 100,000 shares of Common Stock underlying currently convertible Series D Preferred Stock.
(2) See Item 5(a).
1. | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) |
| |
| Shepard M. Goldberg |
| |
2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| |
| (a) [x] |
| (b) [ ] |
| |
3. | SEC USE ONLY |
| |
4. | SOURCE OF FUNDS |
| |
| AF |
| |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
| |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION |
| |
| United States |
| |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
| |
7. | SOLE VOTING POWER |
| |
| 0 |
| |
8. | SHARED VOTING POWER |
| |
| 0 |
| |
9. | SOLE DISPOSITIVE POWER |
| |
| 0 |
| |
10. | SHARED DISPOSITIVE POWER |
| |
| 0 |
| |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| |
| 0 |
| |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] |
| |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| |
| 0% |
| |
14. | TYPE OF REPORTING PERSON |
| |
| IN |
The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (the “Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D as specifically set forth herein.
ITEM 2. Identity and Background.
Item 2(a)-(c) and (f) are hereby amended and restated to read as follows:
The names of the persons filing this statement on Schedule 13D (collectively, the "Reporting Persons") are:
| · | Platinum Partners Value Arbitrage Fund L.P., a Cayman Islands exempted limited partnership (the “PPVA”); |
| · | Platinum Partners Liquid Opportunity Master Fund L.P., a Cayman Islands exempted limited partnership (“PPLO”); |
| · | Platinum-Montaur Life Sciences, LLC, a Delaware limited liability company (“Platinum-Montaur”); |
| · | Platinum Management (NY) LLC, a Delaware limited liability company (“Platinum Management”), |
| · | Platinum Liquid Opportunity Management (NY) LLC, a Delaware limited liability company (“Platinum Liquid Management”); |
| · | Mark Nordlicht, a United States citizen; |
| · | Uri Landesman, a United States citizen (collectively with PPVA, PPLO, Platinum-Montaur, Platinum Management, Platinum Liquid Management and Mr. Nordlicht, the “Platinum Funds”); and |
| · | Shepard M. Goldberg, a United States citizen. |
Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing and Solicitation Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
Platinum-Montaur is a subsidiary of PPVA. Platinum Management is the investment manager and general partner of PPVA and is the investment manager of Platinum-Montaur. Platinum Liquid Management is the investment manager of PPLO. Platinum Liquid Opportunity GP LLC is the general partner of PPLO. Mr. Nordlicht and Uri Landesman are the controlling persons of Platinum Management, Platinum Liquid Management and Platinum Liquid Opportunity GP LLC and may be deemed to have voting and investment control of the shares of Common Stock held by PPLO, Platinum-Montaur and PPVA. Each of PPLO, Platinum-Montaur and PPVA expressly disclaims beneficial ownership of the shares of Common Stock held by the others.
The principal business address for each of Platinum-Montaur, Platinum Management, Platinum Liquid Management, Mr. Nordlicht and Mr. Landesman is 152 West 57th Street, 4th Floor, New York, New York 10019.
The principal business address for the PPVA and PPLO is c/o Platinum Management, 152 West 57th Street, 4th Floor, New York, New York 10019.
The principal business address of Mr. Goldberg is 1600 Hilary Court, Hewlett, NY 11557.
The principal business of each of PPVA, PPLO and Platinum-Montaur is that of a private investment fund engaged in the purchase and sale of securities for its own account.
The principal business of each of Platinum Management and Platinum Liquid Management is providing investment management services.
Mr. Nordlicht’s principal occupation is serving as Chief Investment Officer of Platinum Management and Platinum Liquid Management.
Mr. Landesman’s principal occupation is serving as president of Platinum Management and manager of Platinum Liquid Management.
Mr. Goldberg is a private investor and consultant.
ITEM 3.Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated to read as follows:
The Platinum Funds acquired the securities reported as beneficially and directly owned by them at an aggregate cost of approximately $18,624,268. The funds used to purchase such securities were obtained from the general working capital of PPVA, Platinum Long Term Growth VII, LLC, PPLO and Platinum-Montaur, which may at any given time include funds borrowed in the ordinary course in their margin accounts.
ITEM 4.Purpose of Transaction.
Item 4 is hereby amended to add the following:
On April 3, 2014, PPVA delivered a letter to the Corporate Secretary of the Issuer nominating Shepard M. Goldberg for election to the Board of Directors of the Issuer (the “Board”) at the 2014 annual meeting of stockholders of the Issuer, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the “Annual Meeting”). Mr. Goldberg has been nominated for the seat on the Board currently occupied by Robert F. Doman.
ITEM 5.Interest in Securities of the Issuer.
Item 5(a) is hereby amended and restated to read as follows:
(a)The aggregate percentage of Common Stock reported owned by each person named herein is based upon 11,967,414 shares of Common Stock outstanding, which is the total number of shares of Common Stock outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2014.
As of the close of business on April 7, 2014, PPVA directly owned 1,605,424 shares of Common Stock, constituting approximately 13.4% of the outstanding shares of Common Stock.
As of the close of business on April 7, 2014, PPVA directly owned 1,398,890 shares of Series E Preferred Stock and 145,454 Warrants, each currently subject to the 19.99% Blocker and 9.99% Blocker. As of the date hereof, PPVA had not requested waiver of the 19.99% Blocker or 9.99% Blocker with respect to the Series E Preferred Stock or Warrants.
Platinum Management, as the Investment Manager of PPVA, and Mark Nordlicht and Uri Landesman, as the Chief Investment Officer and President, respectively, of Platinum Management, may be deemed to beneficially own the securities directly owned by PPVA.
As of the close of business on April 7, 2014, PPLO directly owned 578,452 shares of Common Stock and beneficially owned an additional 100,000 shares of Common Stock underlying currently convertible Series C Preferred Stock and 100,000 shares of Common Stock underlying currently convertible Series D Preferred Stock, constituting approximately 6.6% of the outstanding shares of Common Stock.
As of the close of business on April 7, 2014, PPLO directly owned 349,723 shares of Series E Preferred Stock and 36,363 Warrants, each currently subject to the 19.99% Blocker and 9.99% Blocker. As of the date hereof, PPLO had not requested waiver of the 19.99% Blocker or 9.99% Blocker with respect to the Series E Preferred Stock or Warrants.
Platinum Liquid Management, as the Investment Manager of PPLO and Mark Nordlicht and Uri Landesman, as the Chief Investment Officer and President, respectively, of Platinum Liquid Management, may be deemed to beneficially own the securities directly owned by PPLO.
As of the close of business on April 7, 2014, Platinum-Montaur directly owned Warrants exercisable into 700,000 shares of Common Stock (the “Montaur Warrants”) The Montaur Warrants contain restrictions on exercise such that the holder may not exercise the Montaur Warrants if the number of shares of Common Stock to be issued pursuant to such exercise would result in the holder beneficially owning (as determined in accordance with Section 13(d)) in excess of 4.99% of all of the Common Stock outstanding at such time (the “4.99% Blocker” and together with the 19.99% Blocker and the 9.99% Blocker, the “Ownership Limitations”). Pursuant to the terms of the Montaur Warrants, the 4.99% Blocker may be waived and increased up to 9.99% of all Common Stock outstanding upon the holder providing the Issuer with 61 days’ notice that such holder would like to waive the 4.99% Blocker. Platinum-Montaur has not requested such waiver as of the date hereof. Platinum-Montaur disclaims beneficial ownership with respect to the 700,000 shares of Common Stock underlying the Montaur Warrants.
Platinum Management, as the Investment Manager of Platinum-Montaur, and Mark Nordlicht and Uri Landesman, as the Chief Investment Officer and President, respectively, of Platinum Management, may be deemed to beneficially own the shares of Common Stock beneficially owned by Platinum-Montaur.
As of the close of business on April 7, 2014, Mr. Godldberg did not directly own any shares of Common Stock.
Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the securities of the Issuer owned by the other Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
ITEM 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Item 6 is hereby amended to add the following:
On April 8, 2014, each of the Reporting Persons entered into a Joint Filing and Solicitation Agreement pursuant to which, among other things, they agreed to solicit proxies or written consents for the election of Mr. Goldberg to the Board at the Annual Meeting. A copy of this agreement is attached as an exhibit hereto and is incorporated herein by reference.
ITEM 7.Material to be Filed as Exhibits.
Item 7 is hereby amended to add the following Exhibit:
Exhibit A – Joint Filing and Solicitation Agreement
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, the undersigned each certifies that the information with respect to it set forth in this statement is true, complete and correct.
Dated: April 8, 2014
/s/ Mark Nordlicht
Mark Nordlicht
PLATINUM PARTNERS VALUE ARBITRAGE FUND L.P.
By: Platinum Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM PARTNERS LIQUID OPPORTUNITY MASTER FUND L.P.
By: Platinum Liquid Opportunity Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM-MONTAUR LIFE SCIENCES, LLC
By: Platinum Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM MANAGEMENT (NY) LLC
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM LIQUID OPPORTUNITY MANAGEMENT (NY) LLC
By: /s/ Uri Landesman
Uri Landesman,
President
/s/ Uri Landesman
Uri Landesman
/s/ Shepard Mr. Goldberg
Shepard M. Goldberg
Exhibit A
Joint Filing and Solicitation Agreement
WHEREAS, certain of the undersigned are stockholders, direct or beneficial, of Echo Therapeutics, Inc., a Delaware corporation (the “Company”);
WHEREAS, Platinum Management (NY) LLC, a Delaware limited liability company (“Platinum Management”), Platinum Partners Value Arbitrage Fund L.P., Platinum Long Term Growth VII, LLC, Platinum Partners Liquid Opportunity Master Fund L.P., Platinum-Montaur Life Sciences, LLC, Platinum Liquid Opportunity Management (NY) LLC, Mark Nordlicht, Uri Landesman and Shepard M. Goldberg, wish to form a group for the purpose of seeking representation on the Board of Directors of the Company (the “Board”) at the 2014 annual meeting of stockholders of the Company (including any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof, the “Annual Meeting”) and for the purpose of taking all other action necessary to achieve the foregoing.
NOW, IT IS AGREED, this 8th day of April, 2014 by the parties hereto:
1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), each of the undersigned (collectively, the “Group”) agrees to the joint filing on behalf of each of them of statements on Schedule 13D, and any amendments thereto, with respect to the securities of the Company to the extent required by law. Each member of the Group shall be responsible for the accuracy and completeness of his/its own disclosure therein, and is not responsible for the accuracy and completeness of the information concerning the other members, unless such member knows or has reason to know that such information is inaccurate.
2.So long as this agreement is in effect, each of the undersigned shall provide written notice to Kleinberg, Kaplan, Wolff & Cohen, P.C. (“Kleinberg”) of (i) any of their purchases or sales of securities of the Company; or (ii) any securities of the Company over which they acquire or dispose of beneficial ownership. Notice shall be given no later than 24 hours after each such transaction.
3.Each of the undersigned agrees to form the Group for the purpose of (i) soliciting proxies or written consents for the election of Shepard M. Goldberg to the Board at the Annual Meeting, (ii) taking such other actions as the parties deem advisable in connection with the Annual Meeting and (iii) taking all other action necessary or advisable to achieve the foregoing.
4.Each of the undersigned agrees that all expenses incurred in connection with the Group’s activities set forth in Section 3 must be approved by Platinum Management. All such expenses shall be paid by Platinum Management.
5.Each of the undersigned agrees that any SEC filing, press release or stockholder communication proposed to be made or issued by the Group or any member of the Group in connection with the Group’s activities set forth in Section 3 shall be first approved by Platinum Management.
6.The relationship of the parties hereto shall be limited to carrying on the business of the Group in accordance with the terms of this Agreement. Such relationship shall be construed and deemed to be for the sole and limited purpose of carrying on such business as described herein. Nothing herein shall be construed to authorize any party to act as an agent for any other party, or to create a joint venture or partnership, or to constitute an indemnification. Nothing herein shall restrict any party’s right to purchase or sell securities of the Company, as he/it deems appropriate, in his/its sole discretion, provided that all such purchases and sales are made in compliance with all applicable securities laws.
7.This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute but one and the same instrument, which may be sufficiently evidenced by one counterpart.
8.Any legal action or proceeding arising out of the provisions of this Agreement or the parties’ investment in the Company shall be brought and determined in the United States District Court for the Southern District of New York located in the Borough of Manhattan or the courts of the State of New York located in the County of New York.
9.Any party hereto may terminate his/its obligations under this Agreement on 24 hours’ prior written notice to all other parties, with a copy by fax to Christopher P. Davis, Esq. at Kleinberg, Fax No. 212.986.8866.
10.Each party acknowledges that Kleinberg shall act as counsel for both the Group and Platinum Management and its affiliates relating to their investment in the Company.
11.Each party hereby agrees that this Agreement shall be filed as an exhibit to a Schedule 13D required to be filed under applicable law pursuant to Rule 13d-1(k)(1)(iii) under the Exchange Act.
/s/ Mark Nordlicht
Mark Nordlicht
PLATINUM PARTNERS VALUE ARBITRAGE FUND L.P.
By: Platinum Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM PARTNERS LIQUID OPPORTUNITY MASTER FUND L.P.
By: Platinum Liquid Opportunity Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM-MONTAUR LIFE SCIENCES, LLC
By: Platinum Management (NY) LLC, as Investment Manager
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM MANAGEMENT (NY) LLC
By: /s/ Uri Landesman
Uri Landesman,
President
PLATINUM LIQUID OPPORTUNITY MANAGEMENT (NY) LLC
By: /s/ Uri Landesman
Uri Landesman,
President
/s/ Uri Landesman
Uri Landesman
/s/ Shepard Mr. Goldberg
Shepard M. Goldberg