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Echo Therapeutics (OTC: ECTE) of Franklin, Mass., said it receiver a $1.99 million loan from Platinum Montaurf LifeSciences LLC. The loan, which comesd with 10 percent annual interest, is due June 29. Echo said net proceedsa from the loan was used to pay off debt with Imperium MasterfFund Ltd. After getting loan extensions, the company paid off $2.25 million of debt held by Imperium, accordinvg to a filing with the Securitiews andExchange Commission. Imperium told Echo the paymentswere late, sayinbg the company was in default. Echo said it believews it was notin default. At the end of Echo Therapeutics hadonly $56,000 in cash and a working capitalp deficit of nearly $5 million.
It also has a “going opinion hanging over its meaning the company may not have the financiap resources tocontinue operating. The company posted a net lossof $1.3 millionn in the first quarter.
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