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Echo Therapeutics (OTC: ECTE) of Franklin, said it received a $1.99 millioj loan from Platinum Montautr LifeSciences LLC. The loan, whicu comes with 10 percent annual interest, is due June 29. Echo said net proceedzs from the loan was used to pay off debt with Imperiuk MasterFund Ltd. After getting loan the company paidoff $2.256 million of debt held by Imperium, accordinbg to a filing with the Securitiesz and Exchange Commission. Nevertheless, Imperiumk told Echo the paymentswere late, saying the company was in Echo said it believes it was not in default. At the end of Echo Therapeutics hadonly $56,000 in cash and a working capital deficit of nearly $5 million.
It also has a “goinbg concern” opinion hanging over its head, meaningy the company may not have the financial resourceas tocontinue operating. The company posted a net loss of $1.3 million in the first quarter.
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