On November 18, 2016, Echo Therapeutics, Inc. (the “Company”) entered into an amendment (the “License Amendment”) to its License, Development and Commercialization Agreement, dated as of December 10, 2013, with Medical Technologies Innovation Asia, LTD. to the License Amendment, among other things, the definition of “Product” contained in Section 1.1.59 thereof was expanded to include the Company’s Core 2+, Generation 3 and all future generations of our CGM product(s), as further described in the License Amendment. The License Amendment will take effect, and is conditioned upon, the Company’s receipt of an aggregate of $500,000 in bridge loans on or before November 30, 2016.

On November 18, 2016, the Company issued a promissory note (the “Note”) to Network Victory Limited (the “Lender”) in the aggregate principal amount of up to $875,000 in respect of bridge loans to be funded to the Company. To date, the Company has received an aggregate of $575,000 in bridge loans from Lender (including $375,000 of bridge loans being rolled into the new Note) and anticipates receiving an additional $300,000 in funding under the Note on or prior to November 30, 2016. The Note bears interest on the unpaid principal balance outstanding at a rate of eighteen (18%) per annum, compounding monthly, and may, at Lender’s option, be exchanged for securities issued in a subsequent financing by the Company. The Note is due upon the earlier of (i) the consummation of the sale by the Company of equity securities in an offering, with gross proceeds to the Company (before deduction of underwriter’s commissions, offering expenses and the like) of not less than $1,000,000, and (ii) five business days after the date that demand for repayment is made by Lender to the Company in writing, but in no event earlier than December 10, 2016.

The summary set forth above is not intended to be complete and is qualified in its entirety by reference to the License Amendment and the Note, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.

The information set forth in Item 1.01 above with respect to the Note is incorporated by reference into this Item 2.03.

On November 22, 2016, Alan W. Schoenbart, currently the Company’s Chief Financial Officer, was appointed by the board of directors of the Company (the “Board”) to serve as Interim Chief Executive Officer of the Company. Mr. Schoenbart will also continue as Chief Financial Officer. A biography for Mr. Schoenbart is contained in the Company’s definitive proxy statement filed on April 12, 2016 under the section entitled “Executive Compensation.” Also, as previously disclosed, Mr. Schoenbart is party to an employment agreement, dated December 29, 2014, with the Company filed with the Company’s Current Report on Form 8-K on December 30, 2014. All terms of Mr. Schoenbart’s current employment agreement remain the same.

The Board did not appoint Mr. Schoenbart to any arrangement or understanding between Mr. Schoenbart and the Company or any other person or entity, and Mr. Schoenbart does not have any familial relationship with any director or executive officer of the Company. In addition, there are no transactions between Mr. Schoenbart and the Company that are required to be disclosed to item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

About Echo Therapeutics, Inc. (OTCMKTS:ECTE)

Echo Therapeutics, Inc. is a medical device company. The Company is engaged in developing a non-invasive, wireless continuous glucose monitoring (CGM) system with use in the wearable-health consumer market, diabetes outpatient market and in the hospital setting. The Company operates through the development of transdermal skin permeation and diagnostic medical devices segment. The Company has also developed its needle-free skin preparation device as a platform technology that allows for enhanced skin permeation enabling extraction of analytes, such as glucose, enhanced delivery of topical pharmaceuticals and other applications. The CGM System includes a skin preparation device, transdermal glucose sensor, battery and wireless transmitter. The Company has conducted several human feasibility clinical studies with its CGM System in healthy subjects, diabetics and critically ill patients, as well as a clinical study at several hospitals in the United States.

Echo Therapeutics, Inc. (OTCMKTS:ECTE) Recent Trading Information

Echo Therapeutics, Inc. (OTCMKTS:ECTE) closed its last trading session 00.000 at 0.350 with 313,339 shares trading hands.