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Echo Therapeutics, Inc. Announces Second Quarter 2014 Financial Results and Provides Business Update
Date:8/14/2014

PHILADELPHIA, Aug. 14, 2014 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a medical device company developing its Symphony® CGM System as a non-invasive, wireless continuous glucose monitoring system, today announced its financial results for the quarter ended June 30, 2014 and provided a business update.  Echo's Quarterly Report on Form 10-Q, as filed with the SEC, is available by visiting the Investors section of Echo's website at www.echotx.com.

Echo also announced today that it has taken steps to substantially reduce operating costs and preserve cash while further focusing its development efforts and resources on implementing key product performance enhancements to its Symphony CGM System. The Company has implemented significant cost reductions across all aspects of its operations in both external spend and workforce, including reductions in general and administrative expenditures, manufacturing, clinical and product development expenditures. At the same time, the Company is exploring a variety of funding alternatives which it believes, together with the cost reduction initiatives, is necessary to permit the Company to ultimately achieve its clinical trial and regulatory approval objectives. In the absence of a financing or strategic transaction, Echo's ability to achieve its previously stated product development timelines will be negatively impacted by the Company's effort to preserve cash and reduce expenses.

Cost reduction measures that were successfully implemented in September 2013 resulted in a 36% decrease in second quarter of 2014 operating expenses compared to the second quarter of 2013. The Company anticipates an additional meaningful decrease in expenses as a result of the most recent cost reduction efforts. As a result of these new initiatives, that include a
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SOURCE Echo Therapeutics, Inc.
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