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Echo Therapeutics Provides Business Update
Date:12/29/2009

FRANKLIN, Mass., Dec. 29 /PRNewswire-FirstCall/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE), a company developing its needle-free Symphony(TM) tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and its Prelude(TM) SkinPrep System for transdermal drug delivery, today provided a business update, and management reiterated its expectation that 2010 will be a transformative year as Echo completes the development and regulatory review of its lead products and anticipates generating initial revenues.

2009 Business Review

Licensing

  • Echo entered into a $15 million license agreement with Ferndale Pharma Group, Inc. which granted to Ferndale the right to develop, market and sell Echo's Prelude SkinPrep System for enhanced delivery of Ferndale's topical lidocaine product, LMX4, in North America and the United Kingdom. In exchange, Echo received:
    • An initial licensing fee of $750,000 and an additional $750,000 fee upon FDA approval;
    • $12.5 million in milestones and guaranteed minimum royalty payments; and
    • Royalties on net sales of disposable Prelude components.

Ferndale will pay all product development and regulatory fees and expenses necessary to obtain product approval in North American and the United Kingdom.

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