PHILADELPHIA, May 10, 2013 /PRNewswire/ -- Echo Therapeutics, Inc. (Nasdaq: ECTE), a company developing its needle-free Symphony® CGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system, today announced financial results for the quarter ended March 31, 2013. Echo's Quarterly Report on Form 10-Q, as filed with the SEC, will be available by visiting the Investors section of Echo's website at www.echotx.com.
Recent Corporate Highlights
"Design freeze of our Symphony CGM System and the ISO 13485 certification of our quality management system in the first quarter validated the progress we made in 2012. We are on track to conduct our multi-center CE Mark pivotal trial and to submit our CE Technical File in the near term," commented Patrick T. Mooney , M.D., Chairman and Chief Executive Officer of Echo Therapeutics. "With several important milestones still ahead, we look forward to increased shareholder value and commercializing Symphony in Europe later this year."
First Quarter 2013 Financial Results Echo's net loss for the first quarter of 2013 was $7.0 million, or ($0.13) per share, compared to $3.0 million, or ($0.08) per share, for the first quarter of 2012. Operating loss for the first quarter of 2013 was $5.5 million compared to $3.2 million for the first quarter of 2012. Research and development expenses were $3.2 million for the first quarter of 2013 compared to $1.4 million in the prior year. Research and development expenses increased primarily as a result of greater engineering and design expenses incurred with outside contractors and personnel. General and administration expenses were $2.3 million for the first quarter of 2013 versus $1.9 million in the prior year. The Company reported a cash balance of approximately $5.2 million as of March 31, 2013.Conference Call Management will host a conference call today starting at 9:00 AM EDT. To listen in and/or participate in the call, please dial (877) 317-6789 and reference the conference number 10028680. The archived audiocast will be available for fourteen days following the call by visiting the Events section of Echo's website at www.echotx.com.
About Echo Therapeutics Echo Therapeutics is developing the Symphony CGM System as a non-invasive, wireless, transdermal continuous glucose monitoring system. Our target is patients who could benefit from glucose monitoring in the hospital setting, including critical care. Significant opportunity also exists for patients with diabetes to use Symphony in the outpatient setting. Echo is also developing its needle-free skin preparation component of Symphony, the Prelude® SkinPrep System, as a platform technology to enhance drug 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 ongoing studies, including the safety and efficacy of Echo's Symphony CGM System, the failure of future development and preliminary marketing efforts related to Echo's Symphony CGM System, 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 the Symphony CGM System, 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 CGM System. 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, 2012, 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:
Christine H. Olimpio
Director, Investor Relations and Corporate Communications
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Condensed Consolidated Balance Sheets March 31,2013December 31,2012ASSETSCurrent Assets:Cash and cash equivalents
3,747,210Cash restricted pursuant to letters of credit
657,463407,463Deferred financing costs, current portion
968,004968,004Prepaid expenses and other current assets
231,17175,626Total current assets
7,026,8895,198,303Net property and equipment (including assets under capitalized leases)
1,678,4641,638,395Intangible assets, net of accumulated amortization
9,625,0009,625,000Deferred financing costs, net of current portion
3,307,3273,549,328Restricted cash, deposits and other assets
20,021,592LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable
2,319,219Deferred revenue from licensing arrangements
67,67190,228Capital lease obligations, current portion
2,5912,527Derivative warrant liability
3,904,1555,585,141Accrued expenses and other liabilities
1,759,5371,581,448Total current liabilities
7,233,2489,578,563Deferred revenue, note payable and capital lease obligation, net of current portion
7,324,1659,790,986CommitmentsStockholders' Equity:Convertible preferred stock, Series C & D
602,449443,737Additional paid-in capital
(100,890,340)(93,902,015)Total stockholders' equity
14,324,08110,230,606Total liabilities and stockholders' equity
20,021,592Condensed Consolidated Statements of OperationsThree Months Ended March 31,20132012Licensing revenue
22,55730,927Operating Expenses:Research and development
3,219,7231,391,645Selling, general and administrative
2,299,4471,859,404Total operating expenses
5,519,1703,251,049Loss from operations
(5,496,613)(3,220,122)Other Income (Expense):Interest income (expense), net
(3,172,698)2,809Gain on revaluation of derivative warrant liability
1,680,986231,543Other income (expense), net
(6,988,325)(2,985,770)Net loss per common share, basic and diluted
(0.08)Basic and diluted weighted average common shares outstanding
|SOURCE Echo Therapeutics, Inc.|
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