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Echo Therapeutics Announces First Quarter 2013 Financial Results
Date:5/10/2013

Robert F. Doman to its Board of Directors in March.  Mr. Doman brings over 30 years of executive level, international and domestic management, business development, sales and marketing, product development and strategic planning experience with specific concentrations in medical devices and pharmaceuticals.
  • Echo announced that the U.S. Patent and Trademark Office (USPTO) issued U.S. Patent 8,386,027, "Skin Permeation Device for Analyte Sensing or Transdermal Drug Delivery," for the skin permeation component of the Symphony CGM System.  Echo currently holds 8 U.S. patents and at least 70 foreign patents, and has at least 25 patent applications pending in the U.S. and foreign countries.
  • "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 a
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    SOURCE Echo Therapeutics, Inc.
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