PHILADELPHIA, Nov. 8, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing the Symphony® tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude® SkinPrep System for transdermal drug delivery, announced results for the third quarter and nine months ended September 30, 2011. Echo’s Quarterly Report on Form 10-Q is available through Echo’s website at www.echotx.com.
Recent Corporate Highlights:
- Echo added key executives to its management team as part of the company’s plan to accelerate development of the Symphony tCGM System and other new products. In August 2011, Marshall (“Mac”) Deweese joined Echo as Senior Vice President of Operations and in October 2011, Samir Farah joined the company as Vice President of Product Development.
- Echo received registered trademarks for SYMPHONY and PRELUDE, as used with Echo’s tCGM system and mechanical skin ablator, respectively. Echo also received two issued patents covering its Symphony tCGM System. These new patents join eleven U.S. patents and twenty-eight foreign patents already held by Echo.
- Echo initiated a clinical trial of the Symphony tCGM System in September 2011. The Company announced positive data from this trial indicating that Symphony successfully monitors patient glucose levels and continues to demonstrate improvements in clinical performance.
“As anticipated, much of the third quarter has been focused on the aggressive product development and testing of the Symphony system as exemplified by the favorable clinical trial results and the addition of experienced senior management in operations and product development. Additionally, the receipt of new patents and registered trademarks for Symphony and Prelude are key components of our intellectual property portfolio,” commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics. “We continue to remain focused on bringing the Symphony System closer to commercialization as we head toward major catalysts this quarter and early next year.”
Financial Results for the Nine Months Ended September 30, 2011
For the nine months ended September 30, 2011, Echo reported approximately $344,000 in total revenues compared to $325,000 in total revenues in the first nine months of 2010. Operating expenses increased by 32% to $6.0 million, compared to $4.5 million during the first nine months of 2010. This increase included a 22% increase in research and development expense and a 41% increase in selling, general and administrative expense. The net loss for the first nine months of 2011 was approximately $7.9 million, or ($0.30) per common share, compared to a net loss of $3.0 million, or ($0.11) per common share, for the same period in the prior year. The Company completed the quarter with cash of approximately $2.3 million.
About Echo Therapeutics
Echo Therapeutics is developing the Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospital critical care units. Echo is also developing its needle-free Prelude SkinPrep System as a platform technology for enhanced skin permeation for delivery of topical pharmaceuticals.
