Completion of Strategic Acquisition Reflected in Q3 Results
FRANKLIN, Mass., Nov. 20 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE) 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.
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:
-- Two transdermal drug penetration technologies, with emphasis on
development and commercialization advanced reformulations of
well-established, FDA-approved products using Echo's AzoneTS dermal
penetration enhancement technology in concert with a 505(b)(2)
regulatory strategy and development of a next generation wireless,
needle-free, continuous transdermal glucose monitor system for the
diabetes home use an
|SOURCE Echo Therapeutics, Inc.|
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