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

the achievement of other commercial targets.

Handok will pay all product development and regulatory expenses related to Symphony's approval in South Korea.

Operational

  • In November, Echo announced positive results of a clinical study of its Symphony tCGM System in patients with Type 1 and Type 2 Diabetes. The purpose of the study was to test the performance of the new, improved one-piece, cost-effective and easy-to-use biosensor. To date, Echo has conducted six consecutive positive pilot studies demonstrating effective and safe monitoring of glucose levels using Echo's skin permeation platform technology.
  • To date, Echo's medical device patent portfolio consists of 7 U.S. patents and 4 foreign patents, as well as 8 U.S. patent applications and 37 foreign patent applications.
  • During 2009, Echo either converted or repaid approximately $2.4 million of secured and unsecured debt, improving its working capital position.
  • During the second quarter of 2009, Echo entered into an Exchange Agreement with holders of the Company's Series A Convertible Preferred Stock for approximately 2.3 million shares of Common Stock at an exchange price of $.75 per share.
  • In the fourth quarter of 2009, Echo completed private placements of common stock and warrants to purchase common stock for approximately $4.0 million through the sale of approximately 2.3 million shares of common stock at $1.25 per share.

2010 Milestones

"With a strengthened and simplified balance sheet, much of the initial product development work complete, and two strong strategic partnerships in place, Echo is focused on completing several key milestones during 2010 that will enable the company to begin generating revenue," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics. "Our primary focus is the successful completion of a critical care study with a c
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SOURCE Echo Therapeutics, Inc.
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