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Echo Therapeutics Announces 2010 Financial Results
Date:3/21/2011

eutics and Ferndale Pharma Group successfully completed a clinical trial that determined the efficacy of Prelude in enhancing the onset of activity of 4% lidocaine cream.
  • In November 2010, Echo Therapeutics' licensing partner, Ferndale Pharma Group, submitted a 510(k) premarket notification to the United States Food and Drug Administration (FDA) for the Prelude SkinPrep System and 4% lidocaine cream.

  • "We made very tangible progress during 2010 on all of our key programs and we achieved some very important milestones, including the successful submission of a 510(k) premarket notification to the United States Food and Drug Administration (FDA) for our Prelude device to enhance the delivery of 4% topical lidocaine cream with our partner Ferndale Pharma Group," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics. "Additionally, we raised significant capital to fund our operations aggressively through final development."

    Fiscal Year 2010 Financial ResultsFor fiscal year 2010, the Company was principally involved with the product development and clinical studies of its Prelude SkinPrep System. Through licenses with Ferndale and Handok, the company recognized license fee revenue amortization of approximately $226,000 for fiscal 2010.  During fiscal year 2010, the Company received approximately $245,000 in other income related to a federal grant under the Qualified Therapeutic Discovery Projects Grants Program.  The Company's operating expenses for fiscal year 2010 of $5.3 million decreased by approximately $0.5 million compared with fiscal year 2009.  The net loss for fiscal 2010 was $4.1 million, or ($0.15) per share, compared to a net loss of $11.0 million, or ($0.61) per share for fiscal 2009.  The Company reported a cash balance of approximately $5.1 million as of March 18, 2011 as a result of equity financings completed during the period January 2011 to March 18, 2011.2011 Ou
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    SOURCE Echo Therapeutics, Inc.
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