FRANKLIN, Mass., Feb. 15, 2011 /PRNewswire/ -- Echo Therapeutics, Inc. (OTC Bulletin Board: ECTE), a company developing the Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and the Prelude™ SkinPrep System for transdermal drug delivery, today announced the appointment of William F. Grieco and James F. Smith to its Board of Directors. Echo's Board now has a majority of independent directors which is necessary to obtain a listing on a national exchange.
Mr. Grieco and Mr. Smith collectively bring to Echo Therapeutics over 60 years of extensive executive level industry, capital markets, regulatory and commercial experience with specific concentrations in healthcare and biotechnology.
"With the continued positive momentum that we have built at Echo and the anticipated near-term commercialization of our products setting the pace for an exciting future, we are pleased to have Bill and Jim join our Board of Directors," commented Patrick T. Mooney, M.D., Chairman and Chief Executive Officer of Echo Therapeutics. "Bill and Jim have lifelong commercial industry experience and we look forward to benefiting from their substantial knowledge as the company moves from development to commercialization. Importantly, both directors are independent which is necessary to obtain a national exchange listing."
Since 2008, Mr. Grieco has served as the Managing Director of Arcadia Strategies, LLC, a business and legal consulting organization servicing healthcare, science and technology companies. He brings approximately 30 years of healthcare industry experience. From 2003 to 2008 he served as Senior Vice President and General Counsel of American Science and Engineering, Inc., an x-ray inspection technology company, and prior to that he served as Senior Vice President and General Counsel of IDX Systems Corporation, a healthcare information technology company. From 1995 to 1999, he was Senior Vice President and General Counsel for Fresenius Medical Care North America. Mr. Grieco received a B.S. from Boston College, an M.S. in Health Policy and Management from Harvard University and a J.D. from Boston College Law School.
Currently, Mr. Smith is Vice President and Chief Financial Officer of Orchid Cellmark, Inc., a leading international provider of DNA testing services, where he leads all aspects of finance, including control, financial reporting, tax, treasury, and M&A. He brings over 30 years of financial management experience, including over 20 years, with Wyeth and American Cyanamid Company, most recently as Vice President of Finance. During his time at Wyeth and Cyanamid, he obtained extensive commercial international business experience and was involved in numerous new product commercialization projects. Mr. Smith started his accounting career at PricewaterhouseCoopers. He is licensed as a certified public accountant.
About Echo TherapeuticsEcho Therapeutics is developing the Symphony tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system for patients with diabetes and for use in hospital critical care units. Echo is also developing its needle-free Prelude SkinPrep System as a platform technology for enhanced skin permeation for delivery of topical pharmaceuticals.
Cautionary Statement Regarding Forward Looking StatementsThe statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of Echo's and its partners' ongoing studies, including the efficacy of Echo's Symphony tCGM and Prelude SkinPrep Systems, the failure of future development and preliminary marketing efforts related to Echo's Symphony tCGM and Prelude SkinPrep Systems, Echo's ability to secure additional commercial partnering arrangements, risks and uncertainties relating to Echo's and its partners' ability to develop, market and sell diagnostic and transdermal drug delivery products based on its skin permeation platform technologies, including the Symphony tCGM and Prelude SkinPrep Systems, the availability of substantial additional equity or debt capital to support its research, development and product commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to its Symphony tCGM and Prelude SkinPrep Systems. These and other risks and uncertainties are identified and described in more detail in Echo's filings with the Securities and Exchange Commission, including, without limitation, its annual report on Form 10-K for the year ended December 31, 2009, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Echo undertakes no obligation to publicly update or revise any forward-looking statements.For More Information:Patrick T. Mooney, M.D.
Media: Richard SternChairman and Chief Executive Officer
Stern & Co.(508) 530-0329
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