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Echo Therapeutics, Inc. Announces 2011 Financial Results
Date:3/16/2012

e and potential for the monitoring of glucose levels," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics.  "Additionally, we raised significant capital through a series of private financings and warrant exercises that brought our year-end cash position to nearly $9 million.  With a strengthened and simplified balance sheet, and an experienced management team, Echo is focused on the continued, accelerated pace of product development finalization and clinical validation necessary for regulatory clearance of the Symphony tCGM System in both Europe and the U.S."

Fiscal Year 2011 Financial ResultsFor fiscal year 2011, the Company was principally involved with the product development and clinical studies of its Symphony tCGM System. Echo reported approximately $447,000 in total revenues during 2011 compared to $428,000 during 2010.  Operating expenses for 2011 of $8.7 million increased by approximately $3.4 million compared to 2010 reflecting our increased investment in product development and corporate structure.  The net loss for 2011 was $16.7 million, or ($0.49) per share, compared to a net loss of $4.3 million, or ($0.15) per share for 2010.  The Company reported a cash balance of approximately $9.0 million as of December 31, 2011.

2012 Development Outlook"We believe that the significant accomplishments and progress made in 2011 has set the stage for an exciting and productive 2012.  Building on the positive momentum of the previous two Symphony studies, we anticipate positive results from our current critical care study in the near term," Dr. Mooney concluded. "This year we are focused on completing several key milestones that we believe will clear the path toward commercialization of Symphony and will significantly increase shareholder value."

Cautionary Statement Regarding Forward Looking StatementsThe statements in this press release that are not historical fac
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SOURCE Echo Therapeutics, Inc.
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