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Echo Therapeutics Announces First Quarter 2012 Financial Results
Date:5/11/2012

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First Quarter 2012 Financial ResultsEcho's net loss for the first quarter of 2012 was $3.0 million, or ($0.08) per share, compared to $6.6 million, or ($0.20) per share, for the first quarter of 2011.  Operating loss for the first quarter of 2012 was $3.2 million compared to $1.6 million for the first quarter of 2011.  Research and development expenses were $1.4 million for the first quarter of 2012 compared to $0.9 million in the prior year.  The increase in research and development expenses are primarily related to increased manufacturing, development and clinical expenses, as well as personnel costs.  General and administration expenses were $1.9 million for the first quarter of 2012 versus $0.9 million in the prior year.  The increase in general and administrative expenses was primarily due to increased personnel and facility costs, as well as legal and other Nasdaq and public company expenses. The Company reported a cash balance of approximately $5.9 million as of March 31, 2012.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 ongoing studies, including the safety and 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 sk
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SOURCE Echo Therapeutics, Inc.
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