Summary of ECHO THERAPEUTICS, INC.

Item 8.01. Other Events

On December 20, 2012, Echo Therapeutics, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Aegis Capital Corp. as representative of the several underwriters listed on Schedule C thereto (the "Underwriters"), with respect to the issuance and sale in an underwritten public offering (the "Offering") by the Company of 3,200,000 shares of the Company's common stock, $0.01 par value (the "Shares"), at a price to the public of $0.95 per Share. Pursuant to the Underwriting Agreement, the Company granted the Underwriters a 45-day option to purchase up to an additional 480,000 Shares. The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the "Securities Act"), other obligations of the parties and termination provisions. Feltl and Company, Inc. is acting as co-manager for the Offering.

The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties. The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 hereto and is incorporated herein by reference. A copy of the opinion of Morgan, Lewis & Bockius LLP relating to the legality of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto.

The gross proceeds to the Company, before expenses, from the sale of the 3,200,000 Shares in the Offering are approximately $3.0 million. The Company expects to use the net proceeds of the Offering for general corporate purposes, including manufacturing 'get ready' and key equipment purchases, planned clinical trial expenses, sales and marketing channel preparations, European operations planning, other research and development expenses and general and administrative expenses.

The Offering is being made pursuant to a preliminary prospectus supplement dated November 27, 2012, a final prospectus supplement dated December 20, 2012 and an accompanying base prospectus dated October 28, 2011 under our existing shelf registration statement on Form S-3 (File No. 333-175938), which was filed with the Securities and Exchange Commission on August 1, 2011, as amended on October 18, 2011 and declared effective on October 28, 2011. The Offering is expected to close on December 27, 2012, subject to the satisfaction of customary closing conditions.

On December 20, 2012, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is attached as Exhibit 99.1 hereto.