FRANKLIN, Mass., Nov. 20 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. today announced financial results for the third quarter ended September 30, 2007. For the quarter ended September 30, 2007, net loss was $8,677,000 or $.70 per share, compared to $1,390,000 or $.49 per share, for the same period in 2006. For the nine months ended September 30, 2007, net loss was $10,278,000, or $1.05 per share, compared to $4,229,000 or $1.60 per share, for the same period in 2006. Net loss for the three and nine months ended September 30, 2007 included purchased research and development of $6,556,000 in connection with the strategic acquisition of Echo Therapeutics, Inc. as described in more detail below.
Cash and short term investments totaled $2,218,000 at September 30, 2007, compared to $559,000 at December 31, 2006.
Recent Highlights
The quarter was highlighted by the merger of Sontra Medical Corporation with Echo Therapeutics, Inc. and the surviving Company's name change to Echo Therapeutics, Inc. The merger created a dual platform-enabled transdermal therapeutics and diagnostics company focused on multiple large markets for improved formulations of specialty pharmaceuticals and new applications of next generation transdermal diagnostics for diabetes management and hospital intensive care markets. Echo Therapeutics is now marked by the following key attributes and capabilities:
About Echo Therapeutics
Echo Therapeutics is a dual platform-enabled, specialty therapeutics and diagnostics company developing an extensive pipeline of advanced topical reformulations of FDA-approved products and a portfolio of next generation wireless, needle-free continuous transdermal glucose monitor (CTGM) systems for the diabetes home use and hospital intensive and critical care markets. Echo is also developing a broad portfolio of advanced topical reformulations of well-established, FDA-approved products using its proprietary AzoneTS(TM) dermal penetration technology. Echo has submitted a New Drug Application (NDA) to the FDA for the approval of its lead AzoneTS-based product, Durhalieve(TM), for the treatment of corticosteroid responsive dermatoses. Echo's next generation CTGM system leverages its FDA-approved SonoPrep(R) ultrasound-mediated skin permeation technology platform.
SonoPrep is a registered trademark of Echo Therapeutics, Inc.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to risks and uncertainties relating to our ability to develop, market and sell pharmaceutical or diagnostic products based on our AzoneTS and CTGM technologies, including AzoneTS-based Durhalieve for corticosteroid responsive dermatoses and the use of our SonoPrep ultrasound-mediated skin permeation technology platform with our CTGM system for the diabetes home use and hospital intensive and critical care markets; the success of our AzoneTS and CTGM business, research, development, and regulatory approval, marketing and distribution plans and strategies; and, our ability to raise sufficient capital in the future to fund our research and development programs, commercialize our product candidates and achieve profitability. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our respective annual reports on Form 10-KSB for the year ended December 31, 2006, our most recent quarterly reports on Form 10-QSB, and our current reports on Form 8-K. Echo Therapeutics, Inc. does not undertake to update these forward- looking statements.
pmooney@echotx.comwww.echotx.com
CONTACT: Patrick T. Mooney, M.D., CEO of Echo Therapeutics, Inc.,
+1-508-530-0329, pmooney@echotx.com
Web site: http://www.sontra.com/
