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

cho Board of Directors to serve as Interim Chief Financial Officer (CFO) on July 16, 2014.

Second Quarter 2014 Financial ResultsEcho's net loss for the second quarter of 2014 was $3.8 million, or ($0.31) per share, compared to $3.3 million, or ($0.51) per share, for the second quarter of 2013.  Operating loss for the second quarter of 2014 was $3.9 million compared to $6.1 million for the second quarter of 2013.  Research and development expenses were $1.7 million for the second quarter of 2014 compared to $4.0 million in the prior year.  The decrease in research and development expenses is primarily related to decreased development and clinical expenses.  General and administrative expenses were $2.2 million for the second quarter of 2014 versus $2.1 million in the prior year.  A decrease in general and administrative expenses was offset by unanticipated expenses that included costs associated with the proxy contest and annual shareholder meeting and legal expenses.  Echo reported a cash balance of approximately $4.1 million as of June 30, 2014.About Echo TherapeuticsEcho Therapeutics is developing the Symphony CGM System as a non-invasive, wireless continuous glucose monitoring system for use initially in the critical care setting. A significant longer-term opportunity may also exist for Symphony to be used in the hospital beyond the critical care setting, as well as in patients with diabetes in the outpatient setting. Echo has also developed its needle-free skin preparation device as a platform technology to allow for enhanced skin permeation that enables extraction of analytes, such as glucose, and enhanced delivery of topical pharmaceuticals.

Cautionary Statement Regarding Forward Looking StatementsThe statements in this press release that are not historical facts, including the statements about future decreases in expense, corporate objectives, a European product launch and initiation of the FDA pivotal tr
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